Since the 2008 financial crisis, the global financial system has rested on shaky ground. Now, after the onset of the COVID-19 pandemic, greater uncertainty seems to be the new norm. In this environment, corporate leaders are searching for security for their treasury holdings outside of conventional asset classes.
Divergent PMI readings between the U.S. and Europe indicate a stark contrast forming between the two continents. While Europe was hit with a wake-up call today, it looks like the American dream has yet again bought itself more time.
Today, initial jobless claims have dropped below 1 million to 963,000, seasonally adjusted for the week ending August 8. This is the first time that initial jobless claims fell below the one million level since the beginning of the pandemic in March.