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NWQWM Morning Financial Report

Fears of stagflation continue to surface as multiple entities caution about rocky upcoming months or even years ahead. The latest warning came from the World Bank, which downgraded its estimate for 2022 global growth to 2.9%, from a forecast of 4.1% back in January.

 

Retail earnings have been incredibly scattershot in May and June, with winners and losers seeing wildly differing share reactions and revealing important insights on specific subsectors. One of the biggest losers has been Target , whose share price has tumbled 30% since reporting Q1 results on May 18. Earnings came in far from the bullseye after higher costs whacked profitability, but the company had another surprise in store for investors after slashing guidance again yesterday.

 

Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop. Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand hit the lowest level in 22 years.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.40%

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