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Hey All,
With markets closed yesterday there isn’t much to write about so instead I wanted to share with you some of the premium insights from the last few days to show you what you might be missing.
When deciding to launch premium over 60% of you said that you would pay $9.99/month for additional insights. So far only 10% of you have actually subscribed. Despite this 100%, literally 100% of people who have purchased premium say it’s the best value-for-money subscription they have. So here is a taste of what many of you are missing:
Google is under fire from major brands like American Express, Disney+, Samsung, and Johnson & Johnson for violating its own ad standards. Research firm Adalytics claims that Google improperly placed video ads on other websites 80% of the time, including on low-quality sites filled with clickbait or misinformation and in small, muted, auto-play videos off to the side of the main content. This revelation has prompted some advertisers to demand refunds.
US Consumer sentiment is at its highest since January 2022. The perception of current conditions has ascended to its highest point in almost two years, and the six-month forecast has also seen a boost. Although inflation expectations have dropped to their lowest since 2020, 69% of consumers still anticipate a possible recession in the coming 12 months.
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Tesla recently released its vehicle production and deliveries report, showcasing notable figures for the second quarter. During this period, the company produced 479,700 electric vehicles (EVs) and delivered 466,140 vehicles. The delivery figure set a new record for quarterly deliveries and surpassed analysts' expectations, which had estimated deliveries to be around 448,350 vehicles. Interestingly, this marks the fifth consecutive quarter in which the number of EVs produced by Tesla has exceeded the number of cars delivered.
Goldman Sachs has decided to exit the consumer-lending business, including its partnership with Apple to offer consumer savings accounts. The bank is now looking to offload this business and similar ventures to American Express. If the exit from the Apple partnership proceeds, it would signify the end of Goldman's involvement in the consumer business, except for its original product in this sector, Marcus.
U.S. corporate defaults have reached 41 this year, over double the number from the same period last year. Despite this, low-rated firms continue to secure borrowing avenues. Notably, 62% of junk bonds issued by companies this year have been secured or fully collateralized, marking the highest percentage since at least 2005. Increasing instability and higher rates are escalating costs for small banks to retain depositors. Consequently, Treasury Secretary Janet Yellen anticipates further consolidation in the banking sector, suggesting a potential uptick in bank mergers this year, predominantly among smaller entities. The trigger could be the upcoming bank earnings, projected to be weak, especially for banks with substantial exposure to office building loans.
U.S. business activity expanded at the slowest rate in three months this June. According to S&P Global’s flash purchasing managers index, the services sector remained robust, while manufacturing saw a further contraction, dropping to its lowest point of the year. Worldwide surveys mirror this trend, with factory activity diminishing due to central banks’ tightening measures slowing economic growth. This week you should watch out for the Consumer Confidence figures being released today and the Consumer Sentiment survey on Friday to see how demand in the economy will trend in the short term.
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