US Q2 real GDP rose +2.8% (y/y annualized), stronger than expectations of +2.0% and up from Q1's growth rate of +1.4%.  In addition, Q3 personal consumption rose +2.3%, stronger than expectations of +2.0% and up from Q1's growth rate of +1.5%.  The GDP report helped to ease market fears about reduced consumer spending and a slowing economy.  The inflation news in the report was positive, with the GDP price index easing to +2.3% from +3.1% in Q1 and the core PCE price index falling to +2.9% from +3.7% in Q1.

Looking ahead, the markets are expecting US GDP to ease to +2.0% in Q3 and +1.6% in Q4.  On an annual basis, the markets are expecting US GDP to ease to +1.8% in 2025 from an expected growth rate of +2.3% in 2024 and +2.5% in 2023.

US weekly initial unemployment claims fell by -8,000 to 235,000, which showed a slightly stronger labor market than expectations for a decline to 238,000.  Weekly continuing claims fell -16,000 to 1.851 million, showing a slightly stronger labor market than expectations for a report of 1.868 million.

US June durable goods orders plunged by -6.6%, much weaker than expectations of +0.3%.  However, the decline was mostly in the airline segment since June durable goods orders ex-transportation rose +0.5% m/m, stronger than expectations of +0.2%.  June capital goods orders excluding defense and aircraft, a proxy for US corporate capital spending, rose +1.0%, stronger than expectations of +0.2% and better than May's report of a revised -0.9%.

September Silver Futures prices faced heavy selling pressure. The settlement price on July 25th was $27.975 per troy ounce, down 4.57% from the previous session.

October Platinum Futures prices saw a sharp decline. The settlement price on July 25th was $945.7 per troy ounce, down 2.46% from the previous session.

September Copper Futures prices rebounded after a series of declines. The settlement price on July 25th was $4.13 per pound, up 0.4% from the previous session.

Source: Barchart