It’s the Summer doldrums
Chinese gross domestic product came in at +6.9% year over year, above expectations, while industrial production and retail sales came in at +7.6% and 11.0%, respectively. (LPL Research)
It’s the Summer doldrums. Trading volume has been very light lately. It was the second-lowest volume day of the year in the U.S. on Monday, as just 5 billion shares traded on the NYSE and Nasdaq. (LPL Research)
Housing starts jumped 8.3% to an annual rate of 1.22 million units, the highest level since February. Single-family homes, which accounts for the largest share of the residential housing market, surged 6.3%. Starts for multi-family housing increased 13.3%. Building permits surged 7.4%. (Reuters).
Cascades Company from Canada has opened a $64 million factory in Scappoose. The facility employs 70 persons in the manufacturing of toilet paper and paper towels. (OregonLive)
Summit Bank with a branch in Bend and HQ in Eugene reported a 40% jump in Q2 profits of $960,000. The Summit loan portfolio grew by almost 24%. Deposits rose by $44.9 million, or 19% year-over-year. (Eug Reg Grd)
The S&P 500 is up 3 and the NASDAQ is up 13. The MSCI international index is higher.
Oil is up 28 cents at $47.40 a barrel.
Gold is down $5 at $1237 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.