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Orders for big-ticket manufactured goods jump 7.3% in June

Manufacturing renaissance coming to America: Expert

First Trust Advisors chief economist Brian Wesbury says the manufacturing industry has gained back almost half of the jobs it previously lost.

WASHINGTON — Orders for big-ticket manufactured goods rose a solid 7.3% in June, the second big monthly gain as manufacturing tries to climb out of a spring slump triggered by the coronavirus pandemic.

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The Commerce Department said Monday that the June gain in durable goods orders, which was better than expected, followed an even bigger 15.1% increase in May. Those two increases came after sharp declines in March and April as factories shut down in response to the lockdown measures taken in the spring.

GENERAL MILLS ADDS MORE OUTSOURCING PARTNERS AS IT AIMS TO MEET PACKAGED-FOOD DEMAND

A closely watched gauge of business investment posted a strong 3.3% increase in June after a 1.6% rise in May.

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While the orders numbers have been strong the past two months, economists caution that manufacturing could slump again if the recent surge in virus cases in many parts of the country disrupt efforts to get the economy moving again.

Stock Alert: Koppers Climbs 21%

Shares of treated wood products, wood treatment chemicals, and carbon compounds provider Koppers Holdings Inc. (KOP) are rising more than 21% Monday morning following better-than-expected second-quarter preliminary results.

Preliminary adjusted earnings per share from continuing operations for the second quarter were $1.27compared with $1.14 last year. Analysts polled by Thomson Reuters expected earnings of $0.73 per share.

Consolidated sales, on a preliminary basis, were $436.6 million for the second quarter compared with $443.8 million in the prior-year quarter. The consensus estimate is at $415 million.

Koppers stock is currently trading at $24.78. It has traded in the range of $8.25- $44.75 in the past 52 weeks.

Two-Year Note Auction Attracts Below Average Demand

Ahead of the Federal Reserve’s monetary policy meeting later this week, the Treasury Department announced the results of its auction of $48 billion worth of two-year notes on Monday, revealing the sale attracted below average demand.

The two-year note auction drew a high yield of 0.155 percent and a bid-to-cover ratio of 2.34.

Last month, the Treasury sold $46 billion worth of two-year notes, drawing a high yield of 0.193 percent and a bid-to-cover ratio of 2.46.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous two-year note auctions had an average bid-to-cover ratio of 2.60.

The Treasury is due to announce the results of its auction of $49 billion later today, while the results of its auction of $44 billion worth of seven-year notes will be announced on Tuesday.

European Economics Preview: German Ifo Business Confidence Data Due

Business sentiment survey data from Germany is due on Monday, headlining a light day for the European economic news.

At 1.00 am ET, consumer and industrial confidence survey results are due from Finland.

At 3.30 am ET, Statistics Sweden is scheduled to issue producer prices and household lending reports for June.

At 4.00 am ET, Germany’s Ifo business confidence survey data is due. The business sentiment index is expected to rise to 89.3 in July from 86.2 in the previous month.

In the meantime, the European Central Bank is set to issue monetary aggregates data for June. Economists forecast euro area M3 money supply to grow 9.3 percent on year in June, faster than the 8.9 percent rise in May.

Stock Alert: RPM International At New High Following Q4 Results

Shares of specialty coatings, sealants, and building materials maker RPM International Inc. (RPM) are up more than 5% Monday morning following better-than-expected fourth-quarter results. The stock touched a new high of $86.48 this morning.

The company reported earnings on an adjusted basis for the fourth quarter of $1.13 per share, beating the average estimate of analysts polled by Thomson Reuters at $1.01. This compares with $1.24 per share last year.

Fourth-quarter net sales were $1.46 billion compared to the $1.60 billion reported in the year-ago period. The consensus estimate was for $1.4 billion.

“Our fiscal 2021 first-quarter outlook is for net sales growth in low single digits and adjusted EBIT growth of 20% or more. After bottoming out in April and May, business has been trending better in the first quarter as many markets have re-opened,” stated RPM chairman and CEO Frank C. Sullivan.