The International Monetary Fund (IMF) raised its global economic growth forecast for 2023 to 3% from 2.8%. The improved outlook
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2023-07-26 | Sign Up | View Online | Advertise
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Markets & Economy
IMF upgrades forecasts for the global economy (2 min read)

The International Monetary Fund (IMF) raised its global economic growth forecast for 2023 to 3% from 2.8%. The improved outlook was due to global inflation starting to recede and IMF believes it has entered the final stage of the inflationary cycle. Central banks worldwide are still fighting high inflation, which has weighed on economic activities. However, the IMF expects major economies are less likely to need further substantial rate increases to combat inflation.
Americans haven't felt this good about the economy in 2 years (3 min read)

US consumer confidence reached its highest level since July 2021 despite being in a high interest-rate environment. The Consumer Confidence Index rose to 117 in July, beating economists’ expectations of 112. A strong labor market and cooling inflation contributed to Americans' positive outlook on the economy. Although some consumers still fear a downturn, overall sentiment remains optimistic, with more believing a “soft landing” is possible.
Why India Is the ‘Dream Emerging Market’ (2 min read)

India is shaping to be the "dream emerging market" due to its massive and youthful population, fast-growing e-commerce market, and digital-first economy. With 600 million people in Generation Z, India's population lead is set to widen. China, on the other hand, has faced disappointment as investors had unrealistic expectations after its reopening. However, China’s economy is steadily recovering with room for stimulus. Although both India and China show promises as emerging markets, India is taking the lead with more growth prospects.
Business & Stocks
Spotify added millions of users but its stock is getting hammered (3 min read)

Spotify's stock plummeted 14% despite adding 10 million subscribers and showing strong user growth in Q2. Revenue increased, but the company reported a net loss due to restructuring efforts. Spotify is currently under major transformation with price hikes and cost-cutting efforts, which led to a weaker Q3 forecast as a result. Similar to Netflix last week, Spotify's stock price was affected by investors reacted negatively to guidance that did not meet their expectations.
Visa posts higher quarterly profit on spending boost (2 min read)

Visa reported a strong quarterly earnings and revenue on Tuesday. The company saw a 9% increase in payments volume and a 10% increase in processed transactions during the quarter. Cross-border volume also rose significantly, fueled by travel growth due to the ongoing recovery and summer tourism. Visa's positive results indicate resilient consumer spending trends and align with American Express' recent report of healthy consumer activity.
Wall Street Analyst Admits 'We Were Wrong' (2 min read)

Morgan Stanley's chief US equity strategist, Mike Wilson, predicted a stock market decline in 2023, but the S&P 500 performed much better, rising about 18%. Wilson admitted his mistake in a note to clients, attributing the rally this year to higher valuations, falling inflation, and cost-cutting. Despite the mea culpa, Wilson remains bearish on 2023 earnings, believing lower inflation might impact companies' pricing power and lead to earnings decline. How the current earnings season plays out will likely determine if his pessimistic outlook is right or wrong.
Funds & ETFs
India ETF EPI Hits $1 Billion in AUM (2 min read)

Interest in India ETFs has grown as the Indian stock market hit record highs, and the country's positive economic outlook attracts investors. For those looking for exposure in this market, this article highlights the WisdomTree India Earnings Fund (EPI). It stands out from the other India ETFs by using an earnings-weighted approach rather than market cap. EPI has also been outperforming its competitors this year and recently reached over $1 billion in AUM.
Home ETFs Could Struggle as US Home Sales Fall (3 min read)

Sales of pre-owned homes in the US continue to fall in June due to an ongoing shortage of available homes, causing higher housing prices. Mortgage rates in the 6-7% range further impact affordability while the wealthier buyers dominate the higher-end market. For investors looking to diversify in this sector through homebuilding activities, which have remained high, this article highlighted two ETF options: the iShares U.S. Home Construction ETF (ITB) and the Invesco Dynamic Building & Construction ETF (PKB).
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