The Morning Call
8/31/21
The
Market
Technical
Monday in the
charts.
https://www.zerohedge.com/markets/crypto-tech-stocks-soar-soft-data-slumps-18-month-lows
More signs of
potential upside pain.
https://www.zerohedge.com/the-market-ear/cxso3pfcpi
Fundamental
Headlines
The
Economy
US
Month
to date retail chain store sales grew faster than in the prior week.
The June Case Shiller
YoY home price index rose 19.1% versus estimates of 18.5%.
The August Dallas
Fed manufacturing index was reported at 9 versus 27.3 in July.
https://www.advisorperspectives.com/dshort/updates/2021/08/30/august-dallas-fed-manufacturing
International
July Japanese unemployment
was 2.8% versus predictions of 2.9%; July preliminary industrial production was
-1.5% versus -2.5%; July YoY housing starts were up 9.9% versus +4.8%; YoY
construction orders was -3.4% versus +32.3% recorded in June; August consumer confidence
was 36.1 versus 37.9 in July.
August Chinese preliminary
manufacturing PMI was 50.1 versus estimates of 50.2; the August preliminary nonmanufacturing
PMI was 47.5 versus 53.3 in July.
August German unemployment
rate was 5.5% versus expectations of 5.6%.
The August EU
flash CPI was +0.4% versus -0.1% in July.
Other
The
Fed
Last wee on ek, I linked
to (and derided) an article advocating for the Fed to add climate change to the
factors that needed to be considered in formulating monetary policy. Here is another one on the Fed and climate change. The good news is that its main thesis is that
the Fed can best positively impact climate change by creating a stable economic
environment---like avoiding blowing another dot com or real estate bubble. Alas, too late.
https://www.nytimes.com/2021/08/26/upshot/fed-climate-change-analysis.html
The blueprint for ECB tapering.
Inflation
Here is another example of shrinkflation.
https://cafehayek.com/2021/08/hidden-inflation.html
This is the Cleveland Fed’s update on expected
August CPI.
https://econbrowser.com/archives/2021/08/inflation-outlook-looking-forward-to-august-data
John Paulson warns about inflation.
The
coronavirus
One of the
problems in assessing the seriousness of this disease is how it has been
measured. This article offers some
insight into how it is being measured and how that could be improved.
Bottom
line.
The latest from
John Mauldin.
https://www.advisorperspectives.com/commentaries/2021/08/27/perfect-storms?firm=mauldin-economics
News on Stocks in Our Portfolios
What
I am reading today
This author
argues that speculation is a necessary part of capital formation, innovation and
economic progress. However, he fails to
differentiate between a venture capitalist speculating on a new technology and
a seventeen year old meme stock player speculating in AMC.
https://investoramnesia.com/2021/08/29/speculation-is-necessary-governments-can-help/
Ten
pieces of advice for young workers.
https://ritholtz.com/2021/08/wisdom-i-wish-i-knew-30-years-ago/
We know how to solve global
poverty because we already are.
https://www.adamsmith.org/blog/fortunately-we-know-how-to-solve-this-problem-global-neoliberalism
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for Survival’s website (http://investingforsurvival.com/home)
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