Real estate investment trusts (REITs) in the US continued to rebound in May, posting the strongest gain for the major asset classes last month.
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US allies respond to Trump’s trade tariffs: Reuters
N. Korean leader meets with Russia’s foreign minister: AP
Italy’s populist parties receive OK to form government: NY Times
China PMI: modest manufacturing growth continued in May: MarketWatch
US Chamber of Commerce: US trade policy threatens 2.6 million jobs: CNN Money
US consumer spending accelerated to 5-month high in April: Reuters
Jobless claims in US remain low, slipping to 221,000: MarketWatch
US job cuts fell 4.8% in May from year ago: Challenger Gray & Christmas
US pending home sales fell in Apr, extend annual slide to fourth month: Builder
Annual smartphone growth was flat in 2017: Kleiner Perkins 

US companies continued to add workers at a moderately healthy pace in May, according to yesterday’s update of the ADP Employment Report. Private employment increased 178,000 last month, slightly above the 163,000 gain in April. Meanwhile, the one-year gain held at roughly 1.8% — a pace that’s been endured so far in 2018.
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Secretary of State Pompeo dines with top N. Korean official in NY: CBS
Trump set to impose steel, aluminum tariffs on Europe on Thursday: Reuters
Federal Reserve takes steps to loosen Volcker rule on big banks: The Hill
US Q1 GDP growth revised down to 2.2% from 2.3%: MarketWatch
Higher energy prices trigger sharp rise in Eurozone inflation in May: AP
Fed’s Beige Book: US economy grew moderately as manufacturing picks up: WSJ
Economists raise expectations for US Q2 GDP growth: Bloomberg
US trade deficit narrowed in April to six-month low: Bloomberg
ADP: US private-sector job growth picks up to 178,000 gain in May: USA Today

Italy’s political crisis triggered a risk-off event yesterday that sharply cut US Treasury yields. The 2-year rate fell to 2.32%, the lowest in more than a month as the benchmark 10-year yield fell to a two-month low of 2.77%.
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Italy’s political crisis poses risks for the global economy: NY Times
Asian stocks extend losses after sharp drop in US equities: Reuters
Trump announces US moving ahead with trade tariffs on China: New York Mag
China says it will respond to ‘reckless’ US trade threats: Reuters
US home prices rose a solid 6.8% in March from year-earlier level: USA Today
Texas factory activity increased in May, reaching a 12-year high: Bond Buyer
US Consumer Confidence Index up in May, close to 18-year high: MarketWatch

The US stock market has been on a roller coaster for much of 2018, but the surge in volatility hasn’t derailed momentum’s leadership for US equity factors, based on a set of proxy ETFs.
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N. Korea sends top aide to US for pre-summit talks: Bloomberg
Trump presses aides to move ahead with US-N. Korea summit: CNN
Russia says reports of US troops in Poland could bring “counteraction”: Newsweek
Italy’s political crisis triggers heavy selling in European markets: Reuters
OECD chief: global growth still needs fiscal-policy support: CNBC
NY Fed’s nowcast for Q2 GDP growth ticks down to still-solid 3.01% rise: NY Fed
Oil prices set for longest run of losses since February: Bloomberg
German 10-year government bond yield falls to new 2018 low:

It’s Memorial Day in the US — a day to honor the men and women in the military who paid the ultimate price to serve and defend their country. It’s also the perfect day for Americans to honor the wounded vets who made it home. Please consider a donation to your favorite charity that supports veterans or:

Disabled American Veterans
Paralyzed Veterans of America

To all the American Vets… thank you for your service!

Real estate investment trusts (REITs) posted the strongest gain for the major asset classes last week, based on a set of exchange-traded products.
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