The Dow moved higher with a closing gain of 26 points at 27,328 on heavier trading volume. The Q2 earnings season has begun!
Citigroup kicked off earnings season posting a 9% revenue increase and a 20% jump in bottom line profits. Both top and bottom-line results beat estimates. The bank said loans increased 3% and deposits grew by 5% to $1.05 trillion. Trading revenue fell 5% while equity trading was off 9%. Overall the numbers show strong US consumer banking which offset worries about global challenges like Brexit and trade tensions with China.
Speaking of China, the latest GDP number is out and thanks to the trade spat with the US, Chinese growth came in at 6.2% which, while that seems good, is the slowest growth rate in 27 years. Pork production in China is off over 5% due to swine flu but more issues are in the hopper as CPA reports that U.S. federal agencies have five weeks to rip out Chinese-made surveillance cameras in order to comply with a ban imposed by Congress last year in an effort to thwart the threat of spying from Beijing. Refirm Labs, a cybersecurity firm found that cameras made by Chinese firms and used in US gubment facilities had covert back doors that allowed unauthorized parties to tap into them and send data back to China. Wonderful!
Troop 100 is back from summer camp and the scouts did well. 59 scouts went to Camp Easton in Idaho. Three did the mile swim, 25 got rank advancements and the group earned close to 200 merit badges. The staff at Camp Easton was worn out by the time our kids left plus the food was running out. On the way back to Seattle the lunkheads went to Silverwood water park. Hats off to all the adult volunteers and our wonderful Scoutmaster Patrick for his leadership. The troop now focuses on our summer hiking trips and the big trip to Kanderstag in August.