WHAT MOVED THE MARKET THE BIGGEST STORIES THAT MATTERED FOR THE MARKET LAST MONTH...
July 13 Central banks getting their heads together again. European Central Bank (ECB) President Mario Draghi confirms he'll attend the Federal Reserve's Jackson Hole Conference in August for the first time in three years. The ECB is scheduled to release a policy update less than two weeks later. Higher rates, of course, are a negative for companies growing via borrowing... and a positive for financials and banks. We'll see whether Draghi talks up eurozone growth like we saw at the ECB's annual forum last month in Portugal.
July 28 Obamacare "skinny repeal" fails.
This political setback was a positive for health care stocks. Maintaining the status quo is a welcomed outcome for investors... If Obamacare repeal happened, the necessary compliance changes to the business models for managed care, HMOs, hospitals, Big Pharma, and medical-device companies would have turned the industry upside down. Investors would have bolted for the exits. There has also been noise around drug- pricing policy, but that is on hold. Health care lobbyists are high-fiving. July 28 Second-quarter U.S. GDP reported. As we told you to expect last month, the 2.6% GDP growth number was right in the middle of our 2.3%-2.8% range. (Thanks to American Consequences reader David Hiers for asking us to follow up on our predictions. As he wrote: "Games don't matter if you don't keep score.")
John Gillin Greg Diamond
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22 | August 2017
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