A bit late distributing this today due to being generally pretty busy...and earnings season has only just started!! So a few quick summary thoughts from the last 24 hours or so:
1. Greece voted yes on the below...
Now the question is whether this spills over into a more overt economic schism between Europe and the US (IMF)...watch this space.
2. China - China's economy grew 7 per cent in the 12 months to June 30, in line with the year-on-year pace at the end of March, but above economists' forecasts for 6.8 per cent.
However stronger-than-expected growth in the June quarter is due to a surge in brokerage activity, which was rising as the equity market reached a peak in early June. This feeds directly into the service sector component of GDP.
Hmm...this last comment has played out in the data...so a weaker Q3 and hence further loosening?
From an underlying economic perspective I thought this graph from Wednesday's Financial Times potentially gives a better view of growth reality...
3. Fascinating insights from the Swedish capital goods bellweather stock SKF yesterday I thought (which you can read in full here).
4. IMF on #Germany "constrained by the still weak international environment and fast approaching adverse demographic developments". Hmm!
5. Otherwise busy with the earnings season.
Listened to #Burberry conf call. Conclusion: despite firm-ish valuation, quality branded biz, buy initial position <16 then each new £1 down
Thoughts on Yum! Brands, Mead Johnson and various others to follow...