28 June 2023 – On Wall Street, the bulls take over again after strong US economic data. US manufacturing orders are up in May. Consumer confidence rises to its highest level since the beginning of 2022, and spending on leisure and entertainment increases again, as evidenced by fuller casinos in Macau.
The bulls are taking over Wall Street again
After a challenging period on the stock markets, the bulls are taking back control on Wall Street. A series of positive economic data shows that the US economy is picking up. Tech stocks in particular were therefore in demand among investors.
Strong economic data lifts Wall Street into positive territory
Surprisingly strong economic data lifted Wall Street into positive territory on Tuesday. The Dow Jones industrial average closed 0.6 per cent higher at 33,926 points. The technology-heavy Nasdaq advanced 1.7 per cent to 13,555 points. The broad-based S&P 500 gained 1.1 per cent to 4378 points.
US industry records rise in orders in May
The US industry surprisingly recorded an increase in orders in May. Business with new single-family homes also picked up strongly in the United States. Sales of condominiums and cooperative flats rose by 4.7%. But also the European house price index EUROPACE, had recently stabilised again and, according to Deutsche Bank, real estate prices could rise moderately again due to scarce housing space and rising real wages.
US consumer confidence at highest level since early 2022
US consumer confidence data also came in at the highest level since early 2022. According to analysts, investors interpreted the figures as an indication that the US Federal Reserve is moving closer to its goal of using interest rate hikes to curb inflation without choking off the economy.
More spending on entertainment and leisure
In Asia, casino operators in Macau report further increases in visitor numbers after the Dragon Boat Festival. This is a good indicator that consumers are again willing to spend more on services, entertainment and leisure, but also to take more risks. This is a good indicator for the economic development in Asia.
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