Thursday, April 3, 2025

The Morning Call---Futures crash, dollar craters

 

The Morning Call

 

4/3/25

 

The Market

         

    Technical

 

            Wednesday in the charts.

                        https://www.zerohedge.com/market-recaps/stocks-pumpndump-again-ahead-trumps-tarrific-presser-hard-data-strengthens-one-year

 

            Another MACD crossover warning.

            https://talkmarkets.com/content/stocks--equities/sp-500-chart-analysis?post=489741

           

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly initial jobless claims totaled 219,000 versus consensus of 225,000.

 

The February trade balance was -$122.7 billion versus projections of -$123.5 billion.

 

February factory orders were up 0.6% versus forecasts of +0.5%; ex transportation, they were up 0.4% versus +0.5%.

 

                        International

 

                          February EU PPI was up 0.2% versus predictions of +0.1%.

 

The March Japanese services PMI came in at 50.0 versus estimates of 49.5; the March composite PMI was 48.9 versus 48.5; the March Chinese Caixin services PMI was 51.9 versus 51.6; the March composite PMI was 51.8 versus 51.7; the March German services PMI was 50.9 versus 50.4; the March composite PMI was 51.3 versus 50.9; the March EU services PMI was 51.0 versus 50.4; the March composite PMI was 50.9 versus 50.2; the March UK services PMI was 52.5 versus 52.2; the March composite PMI was 51.5 versus 52.0.

 

 

 

 

                        Other

 

                          March YoY heavy truck sales down 12%.

                          https://www.calculatedriskblog.com/2025/04/heavy-truck-sales-decreased-12-yoy-in.html

 

                          Wednesday in the economic charts.

                          https://dailyshotbrief.com/the-daily-shot-brief-april-1st-2025/

 

            Overnight News

 

              Futures crash, dollar craters.

              https://www.zerohedge.com/market-recaps/reign-tariffs-begins-futures-crash-dollar-craters

 

            Fiscal Policy

 

              No president can overcome a weak dollar.

              https://www.realclearmarkets.com/articles/2025/04/02/no_president_can_overcome_a_weak_dollar_trump_included_1101324.html

 

              Playing defense instead of offense.

              https://www.realclearmarkets.com/articles/2025/04/02/trump_is_playing_defense_when_he_should_be_playing_offense_1101382.html

 

              The system is broken.

              https://mishtalk.com/economics/how-much-credit-expansion-does-it-take-to-grow-real-gdp/

 

            Tariffs

 

              Worse than expected.

              https://www.zerohedge.com/markets/goldman-panics-much-worse-expected

 

              Trust: the ultimate price of Trump’s tariff policy.

              https://danieldrezner.substack.com/p/the-exorbitant-price-of-trumps-tariffs

 

              Are farm subsidies government waste, fraud and abuse?

              https://www.cato.org/blog/trumps-trade-wars-harm-farmers-taxpayers

 

              Bigger than Smoot Hawley.

              https://econbrowser.com/archives/2025/04/doug-irwin-bigger-than-smoot-hawley

 

              The beginning of a new era?

              https://www.zerohedge.com/markets/will-today-go-down-history-beginning-new-era

 

     Investing

 

            March dividends by the numbers.

            https://politicalcalculations.blogspot.com/2025/04/dividends-by-numbers-in-march-2025-and.html

           

            The threat to the high yield credit market.

                        https://talkmarkets.com/content/economics--politics/an-invisible-threat-could-bring-down-the-entire-financial-system?post=489697

 

            In praise of doing nothing.

            https://www.safalniveshak.com/dont-do-something-sit-there/

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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