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2021-08-03

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Demand is not the economy's problem: Morning Brief<blockquote>需求不是经济的问题：早间简报</blockquote>

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This data shows the manufacturing sector grew last month, albeit it at a slower pace.<blockquote>美国供应管理协会周一公布的7月份制造业采购经理人指数(PMI)为59.5，低于6月份的60.6。该数据显示，上个月制造业有所增长，尽管增速较慢。</blockquote> Any reading over 50 indicates the sector is growing while readings under 50 represent contraction. This report also marked the third straight month the ISM's manufacturing PMI has dropped, after peaking at 64.7 in March.<blockquote>任何超过50的读数都表明该行业正在增长，而低于50的读数则表示收缩。这份报告也标志着ISM制造业PMI在3月份达到64.7的峰值后连续第三个月下降。</blockquote> But the headline index overlooks what the internals of this data make clear, which is that demand continues to overwhelm the supply side of the economy.<blockquote>但总体指数忽略了这一数据的内在特征，即需求继续压倒经济的供给侧。</blockquote> \"The ISM Manufacturing PMI was very solid under the details,\" said Neil Dutta, head of economics at Renaissance Macro Research. \"Anyone that says anything to the contrary does not know what they are doing.\"<blockquote>Renaissance Macro Research经济主管Neil Dutta表示：“ISM制造业PMI在细节下非常稳健。”“任何说相反的话的人都不知道自己在做什么。”</blockquote> In other words, debating whether or not the economy is at, approaching, or past its moment of \"peak growth\" for this economic recovery doesn't help us understand what this data tells us. Firms cannot produce enough to fulfill customer orders, and inventories are being drawn down to fill the gap.<blockquote>换句话说，争论经济是否处于、接近或已经过了这次经济复苏的“峰值增长”时刻，并不能帮助我们理解这些数据告诉我们什么。企业无法生产足够的产品来满足客户订单，库存正在减少以填补缺口。</blockquote> \"Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels,\" said Timothy Fiore, chair of the ISM's manufacturing business survey committee.<blockquote>ISM制造业商业调查委员会主席蒂莫西·菲奥雷(Timothy Fiore)表示：“商业调查委员会小组成员报告称，他们的公司和供应商继续难以满足不断增长的需求水平。”</blockquote> \"As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic materials, rising commodities prices and difficulties in transporting products,\" Fiore added.<blockquote>菲奥雷补充道：“随着我们进入第三季度，制造业经济的所有领域都受到接近创纪录的原材料交货时间、关键基础材料持续短缺、大宗商品价格上涨以及产品运输困难的影响。”</blockquote> \"Worker absenteeism, short-term shutdowns due to parts shortages and difficulties in filling open positions continue to be issues limiting manufacturing-growth potential,\" he wrote.<blockquote>他写道：“工人旷工、零部件短缺导致的短期停工以及填补空缺职位的困难仍然是限制制造业增长潜力的问题。”</blockquote> As one business contact told the ISM: \"Business levels continue to exhibit strong demand, with no signs of backing down.\" Additionally,data from IHS Markit published Mondayindicates manufacturing activity increased at a faster pace in the U.S. last month, with this index hitting a record high.<blockquote>正如一位商业联系人告诉ISM的那样：“商业水平继续表现出强劲的需求，没有退缩的迹象。”此外，IHS Markit周一公布的数据显示，上个月美国制造业活动增速加快，该指数创下历史新高。</blockquote> Michael Pearce, senior U.S. economist at Capital Economics, said Monday the ISM's report details \"suggest that supply constraints, while still severe, are now beginning to ease.\"<blockquote>凯投宏观(Capital Economics)美国高级经济学家迈克尔·皮尔斯(Michael Pearce)周一表示，ISM的报告细节“表明供应限制虽然仍然严重，但现在开始缓解”。</blockquote> \"While the comments section once again reflected widespread supply problems and cost increases, the supplier deliveries time index actually edged down to 72.5, from 75.1,\" Pearce wrote, \"and the prices paid index declined to 85.7, from 92.1, with the latter also reflecting recent declines in commodity prices\" (June's prices paid index, it is worth noting, served as a record for the ISM series).<blockquote>皮尔斯写道：“虽然评论部分再次反映了普遍的供应问题和成本增加，但供应商交货时间指数实际上从75.1小幅下降至72.5，支付价格指数从92.1下降至85.7，后者也反映了近期大宗商品价格的下跌”（值得注意的是，6月份的支付价格指数创下了ISM系列的纪录）。</blockquote> So while an overall peak in the data might appear to be emerging from headline data or sub-indexes declining slightly, there is little doubt that ademand-driven recoverythat's overwhelmed global suppliers continues apace.<blockquote>因此，尽管总体数据或分类指数略有下降，但毫无疑问，需求驱动的复苏仍在快速继续，这让全球供应商不堪重负。</blockquote> And as this recovery progresses, economic data reveals time and again that the 'on/off' switch we'd hoped to flip in the spring as COVID vaccines rolled out and economic restrictions were lifted doesn't work quite so easily.<blockquote>随着复苏的进展，经济数据一次又一次地显示，随着新冠疫苗的推出和经济限制的解除，我们希望在春季打开的“开/关”开关并不那么容易起作用。</blockquote> What to watch today<blockquote>今天看什么</blockquote> Economy<blockquote>经济</blockquote> <ul> <li>10:00 a.m. ET:Factory orders,June (1.0% expected, 1.7% in May)<blockquote><ul><li>美国东部时间上午10:00：工厂订单，6月（预期1.0%，5月1.7%）</li></ul></blockquote></li> <li>10:00 a.m. ET:Durable goods orders,June final (0.8% expected, 0.8% in prior print)<blockquote><li>美国东部时间上午10:00：耐用品订单,6月最终版本（预期为0.8%，之前版本为0.8%）</li></blockquote></li> <li>10:00 a.m. ET:Non-defense capital goods orders excluding aircraft,June final (0.5% in prior print)<blockquote><li>美国东部时间上午10:00：不包括飞机的非国防资本货物订单，六月最终版（上次印刷的0.5%）</li></blockquote></li> <li>10:00 a.m. ET:Non-defense capital shipments excluding aircraft,June final (0.6% in prior print)<blockquote><li>美国东部时间上午10:00：不包括飞机的非国防资本出货量，六月最终版（上一版为0.6%）</li></blockquote></li> </ul> Earnings<blockquote>收入</blockquote> Pre-market<blockquote>上市前</blockquote> <ul> <li>6:25 a.m. ET:Eli Lilly (LLY)is expected to report adjusted earnings of $1.89 per share on revenue of $6.61 billion<blockquote><ul><li>美国东部时间上午6:25：礼来公司(LLY)预计调整后每股收益为1.89美元，营收为66.1亿美元</li></ul></blockquote></li> <li>6:30 a.m. ET:Clorox (CLX)is expected to report adjusted earnings of $1.32 per share on revenue of $1.91 billion<blockquote><li>美国东部时间上午6:30：高乐氏(CLX)预计调整后每股收益为1.32美元，营收为19.1亿美元</li></blockquote></li> <li>6:50 a.m. ET:KKR &amp; Co. (KKR)is expected to report adjusted earnings of 86 cents per share on revenue of $1.47 billion<blockquote><li>美国东部时间上午6:50：KKR公司(KKR)预计调整后每股收益为86美分，营收为14.7亿美元</li></blockquote></li> <li>6:55 a.m. ET:Under Armour (UAA)is expected to report adjusted earnings of 6 cents per share on revenue of $1.22 billion<blockquote><li>美国东部时间上午6:55：安德玛(UAA)预计调整后每股收益为6美分，营收为12.2亿美元</li></blockquote></li> <li>7:00 a.m. ET:ConocoPhillips (COP)is expected to report adjusted earnings of $1.13 per share on revenue of $10.24 billion<blockquote><li>美国东部时间上午7:00：康菲石油公司(COP)预计调整后每股收益为1.13美元，营收为102.4亿美元</li></blockquote></li> <li>7:00 a.m. ET:Marriott International (MAR)is expected to report adjusted earnings of 47 cents per share on revenue of $3.16 billion<blockquote><li>美国东部时间上午7:00：万豪国际酒店(MAR)预计调整后每股收益为47美分，营收为31.6亿美元</li></blockquote></li> <li>7:00 a.m. ET:Discovery (DISCA)is expected to report adjusted earnings of 85 cents per share on revenue of $2.98 billion<blockquote><li>美国东部时间上午7:00：发现(DISCA)预计调整后每股收益为85美分，营收为29.8亿美元</li></blockquote></li> <li>7:30 a.m. ET:Warner Music Group (WMG)is expected to report adjusted earnings of 15 cents per share on revenue of $1.19 billion<blockquote><li>美国东部时间上午7:30：华纳音乐集团(WMG)预计调整后每股收益为15美分，营收为11.9亿美元</li></blockquote></li> <li>8:00 a.m. ET:Ralph Lauren (RL)is expected to report adjusted earnings of 87 cents per share on revenue of $1.22 billion<blockquote><li>美国东部时间上午8:00：拉尔夫·劳伦(RL)预计调整后每股收益为87美分，营收为12.2亿美元</li></blockquote></li> <li>8:00 a.m. ET:SolarWinds Corp. (SWI)is expected to report adjusted earnings of 21 cents per share on revenue of $258 million<blockquote><li>美国东部时间上午8:00：SolarWinds公司(SWI)预计调整后每股收益为21美分，营收为2.58亿美元</li></blockquote></li> <li>8:30 a.m. ET:Nikola (NKLA)is expected to report adjusted losses of 30 cents per share on revenue of $100,000<blockquote><li>美国东部时间上午8:30：尼古拉(NKLA)预计调整后每股亏损30美分，营收为10万美元</li></blockquote></li> </ul> Post-market<blockquote>上市后</blockquote> <ul> <li>4:00 p.m. ET:Devon Energy Corp (DVN)is expected to report adjusted earnings of 52 cents per share on revenue of $2.24 billion<blockquote><ul><li>下午4:00 ET：德文能源公司(DVN)预计调整后每股收益为52美分，营收为22.4亿美元</li></ul></blockquote></li> <li>4:00 p.m. ET:Caesars Entertainment (CZR)is expected to report adjusted losses of 4 cents per share on revenue of $2.39 billion<blockquote><li>下午4:00 ET：凯撒娱乐(CZR)预计调整后每股亏损4美分，营收为23.9亿美元</li></blockquote></li> <li>4:00 p.m. ET:Avis Budget Group (CAR)is expected to report adjusted earnings of $2.84 per share on revenue of $2.1 billion<blockquote><li>下午4:00 ET：Avis Budget Group(CAR)预计调整后每股收益为2.84美元，营收为21亿美元</li></blockquote></li> <li>4:00 p.m. ET:Amgen (AMGN)is expected to report adjusted earnings of $4.09 per share on revenue of $6.45 billion<blockquote><li>下午4:00 ET：安进(AMGN)预计调整后每股收益为4.09美元，营收为64.5亿美元</li></blockquote></li> <li>4:05 p.m. ET:Akamai (AKAM)is expected to report adjusted earnings of $1.39 per share on revenue of $846 million<blockquote><li>下午4:05 ET：阿卡迈(AKAM)预计调整后每股收益为1.39美元，营收为8.46亿美元</li></blockquote></li> <li>4:05 p.m. ET:Activision Blizzard (ATVI)is expected to report adjusted earnings of 75 cents per share on revenue of $1.89 billion<blockquote><li>下午4:05 ET：动视暴雪(ATVI)预计调整后每股收益为75美分，营收为18.9亿美元</li></blockquote></li> <li>4:05 p.m. ET:Live Nation Entertainment (LYV)is expected to report adjusted losses of $1.18 per share on revenue of $527.5 million<blockquote><li>下午4:05 ET：现场国家娱乐(LYV)预计调整后每股亏损1.18美元，营收为5.275亿美元</li></blockquote></li> <li>4:05 p.m. ET:Lyft (LYFT)is expected to report adjusted losses of 22 cents per share on revenue of $700.73 million<blockquote><li>下午4:05 ET：Lyft(Lyft)预计调整后每股亏损22美分，营收7.0073亿美元</li></blockquote></li> <li>4:10 p.m. ET:Coursera (COUR)is expected to report adjusted losses of 11 cents per share on revenue of $91.53 million<blockquote><li>下午4:10 ET：Coursera（法院）预计调整后每股亏损11美分，营收为9153万美元</li></blockquote></li> <li>4:10 p.m. ET:Match Group (MTCH)is expected to report adjusted earnings of 51 cents per share on revenue of $691 million<blockquote><li>下午4:10 ET：比赛组（MTCH）预计调整后每股收益为51美分，营收为6.91亿美元</li></blockquote></li> <li>4:15 p.m. ET:Occidental Petroleum (OXY)is expected to breakeven on an adjusted basis on revenue of $5.86 billion<blockquote><li>下午4:15 ET：西方石油公司(OXY)预计调整后将实现盈亏平衡，收入为58.6亿美元</li></blockquote></li> </ul><blockquote></blockquote>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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This data shows the manufacturing sector grew last month, albeit it at a slower pace.<blockquote>美国供应管理协会周一公布的7月份制造业采购经理人指数(PMI)为59.5，低于6月份的60.6。该数据显示，上个月制造业有所增长，尽管增速较慢。</blockquote> Any reading over 50 indicates the sector is growing while readings under 50 represent contraction. This report also marked the third straight month the ISM's manufacturing PMI has dropped, after peaking at 64.7 in March.<blockquote>任何超过50的读数都表明该行业正在增长，而低于50的读数则表示收缩。这份报告也标志着ISM制造业PMI在3月份达到64.7的峰值后连续第三个月下降。</blockquote> But the headline index overlooks what the internals of this data make clear, which is that demand continues to overwhelm the supply side of the economy.<blockquote>但总体指数忽略了这一数据的内在特征，即需求继续压倒经济的供给侧。</blockquote> \"The ISM Manufacturing PMI was very solid under the details,\" said Neil Dutta, head of economics at Renaissance Macro Research. \"Anyone that says anything to the contrary does not know what they are doing.\"<blockquote>Renaissance Macro Research经济主管Neil Dutta表示：“ISM制造业PMI在细节下非常稳健。”“任何说相反的话的人都不知道自己在做什么。”</blockquote> In other words, debating whether or not the economy is at, approaching, or past its moment of \"peak growth\" for this economic recovery doesn't help us understand what this data tells us. Firms cannot produce enough to fulfill customer orders, and inventories are being drawn down to fill the gap.<blockquote>换句话说，争论经济是否处于、接近或已经过了这次经济复苏的“峰值增长”时刻，并不能帮助我们理解这些数据告诉我们什么。企业无法生产足够的产品来满足客户订单，库存正在减少以填补缺口。</blockquote> \"Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels,\" said Timothy Fiore, chair of the ISM's manufacturing business survey committee.<blockquote>ISM制造业商业调查委员会主席蒂莫西·菲奥雷(Timothy Fiore)表示：“商业调查委员会小组成员报告称，他们的公司和供应商继续难以满足不断增长的需求水平。”</blockquote> \"As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic materials, rising commodities prices and difficulties in transporting products,\" Fiore added.<blockquote>菲奥雷补充道：“随着我们进入第三季度，制造业经济的所有领域都受到接近创纪录的原材料交货时间、关键基础材料持续短缺、大宗商品价格上涨以及产品运输困难的影响。”</blockquote> \"Worker absenteeism, short-term shutdowns due to parts shortages and difficulties in filling open positions continue to be issues limiting manufacturing-growth potential,\" he wrote.<blockquote>他写道：“工人旷工、零部件短缺导致的短期停工以及填补空缺职位的困难仍然是限制制造业增长潜力的问题。”</blockquote> As one business contact told the ISM: \"Business levels continue to exhibit strong demand, with no signs of backing down.\" Additionally,data from IHS Markit published Mondayindicates manufacturing activity increased at a faster pace in the U.S. last month, with this index hitting a record high.<blockquote>正如一位商业联系人告诉ISM的那样：“商业水平继续表现出强劲的需求，没有退缩的迹象。”此外，IHS Markit周一公布的数据显示，上个月美国制造业活动增速加快，该指数创下历史新高。</blockquote> Michael Pearce, senior U.S. economist at Capital Economics, said Monday the ISM's report details \"suggest that supply constraints, while still severe, are now beginning to ease.\"<blockquote>凯投宏观(Capital Economics)美国高级经济学家迈克尔·皮尔斯(Michael Pearce)周一表示，ISM的报告细节“表明供应限制虽然仍然严重，但现在开始缓解”。</blockquote> \"While the comments section once again reflected widespread supply problems and cost increases, the supplier deliveries time index actually edged down to 72.5, from 75.1,\" Pearce wrote, \"and the prices paid index declined to 85.7, from 92.1, with the latter also reflecting recent declines in commodity prices\" (June's prices paid index, it is worth noting, served as a record for the ISM series).<blockquote>皮尔斯写道：“虽然评论部分再次反映了普遍的供应问题和成本增加，但供应商交货时间指数实际上从75.1小幅下降至72.5，支付价格指数从92.1下降至85.7，后者也反映了近期大宗商品价格的下跌”（值得注意的是，6月份的支付价格指数创下了ISM系列的纪录）。</blockquote> So while an overall peak in the data might appear to be emerging from headline data or sub-indexes declining slightly, there is little doubt that ademand-driven recoverythat's overwhelmed global suppliers continues apace.<blockquote>因此，尽管总体数据或分类指数略有下降，但毫无疑问，需求驱动的复苏仍在快速继续，这让全球供应商不堪重负。</blockquote> And as this recovery progresses, economic data reveals time and again that the 'on/off' switch we'd hoped to flip in the spring as COVID vaccines rolled out and economic restrictions were lifted doesn't work quite so easily.<blockquote>随着复苏的进展，经济数据一次又一次地显示，随着新冠疫苗的推出和经济限制的解除，我们希望在春季打开的“开/关”开关并不那么容易起作用。</blockquote> What to watch today<blockquote>今天看什么</blockquote> Economy<blockquote>经济</blockquote> <ul> <li>10:00 a.m. ET:Factory orders,June (1.0% expected, 1.7% in May)<blockquote><ul><li>美国东部时间上午10:00：工厂订单，6月（预期1.0%，5月1.7%）</li></ul></blockquote></li> <li>10:00 a.m. ET:Durable goods orders,June final (0.8% expected, 0.8% in prior print)<blockquote><li>美国东部时间上午10:00：耐用品订单,6月最终版本（预期为0.8%，之前版本为0.8%）</li></blockquote></li> <li>10:00 a.m. ET:Non-defense capital goods orders excluding aircraft,June final (0.5% in prior print)<blockquote><li>美国东部时间上午10:00：不包括飞机的非国防资本货物订单，六月最终版（上次印刷的0.5%）</li></blockquote></li> <li>10:00 a.m. ET:Non-defense capital shipments excluding aircraft,June final (0.6% in prior print)<blockquote><li>美国东部时间上午10:00：不包括飞机的非国防资本出货量，六月最终版（上一版为0.6%）</li></blockquote></li> </ul> Earnings<blockquote>收入</blockquote> Pre-market<blockquote>上市前</blockquote> <ul> <li>6:25 a.m. ET:Eli Lilly (LLY)is expected to report adjusted earnings of $1.89 per share on revenue of $6.61 billion<blockquote><ul><li>美国东部时间上午6:25：礼来公司(LLY)预计调整后每股收益为1.89美元，营收为66.1亿美元</li></ul></blockquote></li> <li>6:30 a.m. ET:Clorox (CLX)is expected to report adjusted earnings of $1.32 per share on revenue of $1.91 billion<blockquote><li>美国东部时间上午6:30：高乐氏(CLX)预计调整后每股收益为1.32美元，营收为19.1亿美元</li></blockquote></li> <li>6:50 a.m. ET:KKR &amp; Co. (KKR)is expected to report adjusted earnings of 86 cents per share on revenue of $1.47 billion<blockquote><li>美国东部时间上午6:50：KKR公司(KKR)预计调整后每股收益为86美分，营收为14.7亿美元</li></blockquote></li> <li>6:55 a.m. ET:Under Armour (UAA)is expected to report adjusted earnings of 6 cents per share on revenue of $1.22 billion<blockquote><li>美国东部时间上午6:55：安德玛(UAA)预计调整后每股收益为6美分，营收为12.2亿美元</li></blockquote></li> <li>7:00 a.m. ET:ConocoPhillips (COP)is expected to report adjusted earnings of $1.13 per share on revenue of $10.24 billion<blockquote><li>美国东部时间上午7:00：康菲石油公司(COP)预计调整后每股收益为1.13美元，营收为102.4亿美元</li></blockquote></li> <li>7:00 a.m. ET:Marriott International (MAR)is expected to report adjusted earnings of 47 cents per share on revenue of $3.16 billion<blockquote><li>美国东部时间上午7:00：万豪国际酒店(MAR)预计调整后每股收益为47美分，营收为31.6亿美元</li></blockquote></li> <li>7:00 a.m. ET:Discovery (DISCA)is expected to report adjusted earnings of 85 cents per share on revenue of $2.98 billion<blockquote><li>美国东部时间上午7:00：发现(DISCA)预计调整后每股收益为85美分，营收为29.8亿美元</li></blockquote></li> <li>7:30 a.m. ET:Warner Music Group (WMG)is expected to report adjusted earnings of 15 cents per share on revenue of $1.19 billion<blockquote><li>美国东部时间上午7:30：华纳音乐集团(WMG)预计调整后每股收益为15美分，营收为11.9亿美元</li></blockquote></li> <li>8:00 a.m. ET:Ralph Lauren (RL)is expected to report adjusted earnings of 87 cents per share on revenue of $1.22 billion<blockquote><li>美国东部时间上午8:00：拉尔夫·劳伦(RL)预计调整后每股收益为87美分，营收为12.2亿美元</li></blockquote></li> <li>8:00 a.m. ET:SolarWinds Corp. (SWI)is expected to report adjusted earnings of 21 cents per share on revenue of $258 million<blockquote><li>美国东部时间上午8:00：SolarWinds公司(SWI)预计调整后每股收益为21美分，营收为2.58亿美元</li></blockquote></li> <li>8:30 a.m. ET:Nikola (NKLA)is expected to report adjusted losses of 30 cents per share on revenue of $100,000<blockquote><li>美国东部时间上午8:30：尼古拉(NKLA)预计调整后每股亏损30美分，营收为10万美元</li></blockquote></li> </ul> Post-market<blockquote>上市后</blockquote> <ul> <li>4:00 p.m. ET:Devon Energy Corp (DVN)is expected to report adjusted earnings of 52 cents per share on revenue of $2.24 billion<blockquote><ul><li>下午4:00 ET：德文能源公司(DVN)预计调整后每股收益为52美分，营收为22.4亿美元</li></ul></blockquote></li> <li>4:00 p.m. ET:Caesars Entertainment (CZR)is expected to report adjusted losses of 4 cents per share on revenue of $2.39 billion<blockquote><li>下午4:00 ET：凯撒娱乐(CZR)预计调整后每股亏损4美分，营收为23.9亿美元</li></blockquote></li> <li>4:00 p.m. ET:Avis Budget Group (CAR)is expected to report adjusted earnings of $2.84 per share on revenue of $2.1 billion<blockquote><li>下午4:00 ET：Avis Budget Group(CAR)预计调整后每股收益为2.84美元，营收为21亿美元</li></blockquote></li> <li>4:00 p.m. ET:Amgen (AMGN)is expected to report adjusted earnings of $4.09 per share on revenue of $6.45 billion<blockquote><li>下午4:00 ET：安进(AMGN)预计调整后每股收益为4.09美元，营收为64.5亿美元</li></blockquote></li> <li>4:05 p.m. ET:Akamai (AKAM)is expected to report adjusted earnings of $1.39 per share on revenue of $846 million<blockquote><li>下午4:05 ET：阿卡迈(AKAM)预计调整后每股收益为1.39美元，营收为8.46亿美元</li></blockquote></li> <li>4:05 p.m. ET:Activision Blizzard (ATVI)is expected to report adjusted earnings of 75 cents per share on revenue of $1.89 billion<blockquote><li>下午4:05 ET：动视暴雪(ATVI)预计调整后每股收益为75美分，营收为18.9亿美元</li></blockquote></li> <li>4:05 p.m. ET:Live Nation Entertainment (LYV)is expected to report adjusted losses of $1.18 per share on revenue of $527.5 million<blockquote><li>下午4:05 ET：现场国家娱乐(LYV)预计调整后每股亏损1.18美元，营收为5.275亿美元</li></blockquote></li> <li>4:05 p.m. ET:Lyft (LYFT)is expected to report adjusted losses of 22 cents per share on revenue of $700.73 million<blockquote><li>下午4:05 ET：Lyft(Lyft)预计调整后每股亏损22美分，营收7.0073亿美元</li></blockquote></li> <li>4:10 p.m. ET:Coursera (COUR)is expected to report adjusted losses of 11 cents per share on revenue of $91.53 million<blockquote><li>下午4:10 ET：Coursera（法院）预计调整后每股亏损11美分，营收为9153万美元</li></blockquote></li> <li>4:10 p.m. ET:Match Group (MTCH)is expected to report adjusted earnings of 51 cents per share on revenue of $691 million<blockquote><li>下午4:10 ET：比赛组（MTCH）预计调整后每股收益为51美分，营收为6.91亿美元</li></blockquote></li> <li>4:15 p.m. ET:Occidental Petroleum (OXY)is expected to breakeven on an adjusted basis on revenue of $5.86 billion<blockquote><li>下午4:15 ET：西方石油公司(OXY)预计调整后将实现盈亏平衡，收入为58.6亿美元</li></blockquote></li> </ul><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/demand-is-not-the-economys-problem-morning-brief-090009030.html\">Yahoo</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/demand-is-not-the-economys-problem-morning-brief-090009030.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178389298","content_text":"A 'peak' in economic activity sounds scarier than it really is\nFor some time, economists and strategists have beeneyeing a peak in U.S. economic growth.\nAnd manufacturing activity data released Monday suggests that time might be now — unless you look beyond the headline numbers.\nThe Institute for Supply Management'smanufacturing purchasing managers index(PMI) out Monday registered a reading of 59.5 for July, down from June's reading of 60.6. This data shows the manufacturing sector grew last month, albeit it at a slower pace.\nAny reading over 50 indicates the sector is growing while readings under 50 represent contraction. This report also marked the third straight month the ISM's manufacturing PMI has dropped, after peaking at 64.7 in March.\nBut the headline index overlooks what the internals of this data make clear, which is that demand continues to overwhelm the supply side of the economy.\n\"The ISM Manufacturing PMI was very solid under the details,\" said Neil Dutta, head of economics at Renaissance Macro Research. \"Anyone that says anything to the contrary does not know what they are doing.\"\nIn other words, debating whether or not the economy is at, approaching, or past its moment of \"peak growth\" for this economic recovery doesn't help us understand what this data tells us. Firms cannot produce enough to fulfill customer orders, and inventories are being drawn down to fill the gap.\n\"Business Survey Committee panelists reported that their companies and suppliers continue to struggle to meet increasing demand levels,\" said Timothy Fiore, chair of the ISM's manufacturing business survey committee.\n\"As we enter the third quarter, all segments of the manufacturing economy are impacted by near record-long raw-material lead times, continued shortages of critical basic materials, rising commodities prices and difficulties in transporting products,\" Fiore added.\n\"Worker absenteeism, short-term shutdowns due to parts shortages and difficulties in filling open positions continue to be issues limiting manufacturing-growth potential,\" he wrote.\nAs one business contact told the ISM: \"Business levels continue to exhibit strong demand, with no signs of backing down.\" Additionally,data from IHS Markit published Mondayindicates manufacturing activity increased at a faster pace in the U.S. last month, with this index hitting a record high.\nMichael Pearce, senior U.S. economist at Capital Economics, said Monday the ISM's report details \"suggest that supply constraints, while still severe, are now beginning to ease.\"\n\"While the comments section once again reflected widespread supply problems and cost increases, the supplier deliveries time index actually edged down to 72.5, from 75.1,\" Pearce wrote, \"and the prices paid index declined to 85.7, from 92.1, with the latter also reflecting recent declines in commodity prices\" (June's prices paid index, it is worth noting, served as a record for the ISM series).\nSo while an overall peak in the data might appear to be emerging from headline data or sub-indexes declining slightly, there is little doubt that ademand-driven recoverythat's overwhelmed global suppliers continues apace.\nAnd as this recovery progresses, economic data reveals time and again that the 'on/off' switch we'd hoped to flip in the spring as COVID vaccines rolled out and economic restrictions were lifted doesn't work quite so easily.\nWhat to watch today\nEconomy\n\n10:00 a.m. ET:Factory orders,June (1.0% expected, 1.7% in May)\n10:00 a.m. ET:Durable goods orders,June final (0.8% expected, 0.8% in prior print)\n10:00 a.m. ET:Non-defense capital goods orders excluding aircraft,June final (0.5% in prior print)\n10:00 a.m. ET:Non-defense capital shipments excluding aircraft,June final (0.6% in prior print)\n\nEarnings\nPre-market\n\n6:25 a.m. ET:Eli Lilly (LLY)is expected to report adjusted earnings of $1.89 per share on revenue of $6.61 billion\n6:30 a.m. ET:Clorox (CLX)is expected to report adjusted earnings of $1.32 per share on revenue of $1.91 billion\n6:50 a.m. ET:KKR & Co. (KKR)is expected to report adjusted earnings of 86 cents per share on revenue of $1.47 billion\n6:55 a.m. ET:Under Armour (UAA)is expected to report adjusted earnings of 6 cents per share on revenue of $1.22 billion\n7:00 a.m. ET:ConocoPhillips (COP)is expected to report adjusted earnings of $1.13 per share on revenue of $10.24 billion\n7:00 a.m. ET:Marriott International (MAR)is expected to report adjusted earnings of 47 cents per share on revenue of $3.16 billion\n7:00 a.m. ET:Discovery (DISCA)is expected to report adjusted earnings of 85 cents per share on revenue of $2.98 billion\n7:30 a.m. ET:Warner Music Group (WMG)is expected to report adjusted earnings of 15 cents per share on revenue of $1.19 billion\n8:00 a.m. ET:Ralph Lauren (RL)is expected to report adjusted earnings of 87 cents per share on revenue of $1.22 billion\n8:00 a.m. ET:SolarWinds Corp. (SWI)is expected to report adjusted earnings of 21 cents per share on revenue of $258 million\n8:30 a.m. ET:Nikola (NKLA)is expected to report adjusted losses of 30 cents per share on revenue of $100,000\n\nPost-market\n\n4:00 p.m. ET:Devon Energy Corp (DVN)is expected to report adjusted earnings of 52 cents per share on revenue of $2.24 billion\n4:00 p.m. ET:Caesars Entertainment (CZR)is expected to report adjusted losses of 4 cents per share on revenue of $2.39 billion\n4:00 p.m. ET:Avis Budget Group (CAR)is expected to report adjusted earnings of $2.84 per share on revenue of $2.1 billion\n4:00 p.m. ET:Amgen (AMGN)is expected to report adjusted earnings of $4.09 per share on revenue of $6.45 billion\n4:05 p.m. ET:Akamai (AKAM)is expected to report adjusted earnings of $1.39 per share on revenue of $846 million\n4:05 p.m. ET:Activision Blizzard (ATVI)is expected to report adjusted earnings of 75 cents per share on revenue of $1.89 billion\n4:05 p.m. ET:Live Nation Entertainment (LYV)is expected to report adjusted losses of $1.18 per share on revenue of $527.5 million\n4:05 p.m. ET:Lyft (LYFT)is expected to report adjusted losses of 22 cents per share on revenue of $700.73 million\n4:10 p.m. ET:Coursera (COUR)is expected to report adjusted losses of 11 cents per share on revenue of $91.53 million\n4:10 p.m. ET:Match Group (MTCH)is expected to report adjusted earnings of 51 cents per share on revenue of $691 million\n4:15 p.m. ET:Occidental Petroleum (OXY)is expected to breakeven on an adjusted basis on revenue of $5.86 billion","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":421,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/807091465"}