Weaker-than-expected US economic data saw fears of rapid US interest rate hikes fade further and saw utilities and other bond proxies lift the benchmark equity indices to record highs - Dow gained +85-points or +0.39% to notch its third consecutive record closing high and the broader S&P500 +0.47% (setting both fresh record intra-day and closing highs). The NASDAQ outperformed with a +0.65% rise. It was an indifferent start to the US second-quarter corporate earnings season, with all of JPMorgan (down -0.91%), Citigroup (-0.4%) and Wells Fargo (-1.1%) delivering better-than-expected second-quarter profits albeit there was some disappointment around the accompanying guidance commentary. Bank of America, Goldman Sachs and Morgan Stanley are among heavyweight financial names due to report results this week. For the week, the Dow gained +1.04%, the S&P500 +1.4% and Nasdaq +2.59% (it biggest percentage weekly gain so far this year).
