Macro Briefing: 9 July 2024

* US consumers’ near-term inflation expectations fell again in June: NY Fed survey
* Slump in US housing market sales continues into a third year
* Air travel demand is surging but airline profits are not
* China electric vehicle giant BYD plans to build $1 billion plant in Turkey
* US small business sentiment ticks up in June but remains near multi-year low:

US stock market is hot, but Japanese equities are hotter. Japan’s Nikkei index, which reached a new record high on Tuesday, has been outperforming the S&P 500 Index for most of the 2024 to date. Japanese shares are up 22.5% this year, well above the S&P 500’s 16.8% rise.

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