The Morning Call
10/5/21
The
Market
Technical
Monday in the
charts.
https://www.zerohedge.com/markets/stocks-havent-done-covid-crash-march-2020
Problems in the
energy complex.
Fundamental
Headlines
The
Economy
US
Month to date
retail chain store sales grew very slightly slower than in the prior week.
August factory
orders rose 1.2% versus estimates of 1.0%; ex transportation, they were up 0.5%
versus +0.9% in July.
The August trade
balance was -$73.3 billion versus forecasts of -$70.5 billion.
International
August EU PPI came
in at 1.1% versus predictions of 1.3%; the September services PMI was 56.4
versus 56.3; the September composite PMI was 56.2 versus 56.1.
The September
Japanese YoY CPI was +0.3% versus -0.4% in August; core September YoY CPI was
+0.1% versus consensus of +0.2%; the September services PMI was 47.8 versus
42.9 in August; the September composite PMI was 49.9 versus 45.5 in August.
The September
German services PMI was 56.2 versus expectations of 56.1; the September
composite PMI was 55.5 versus 55.3; the September UK services PMI was 55.4
versus 54.6; the September UK composite PMI was 54.9 versus 54.1; September YoY
UK auto sales were -34.4% versus -22.0% in August.
Other
Business cycle indicators at the beginning of
October.
https://econbrowser.com/archives/2021/10/business-cycle-indicators-as-of-the-beginning-of-october
Third quarter auto sales plunged.
https://www.cnn.com/2021/10/01/business/auto-sales-third-quarter/index.html
Broader inflation signs beginning to show.
https://www.wsj.com/articles/broader-inflation-pressures-begin-to-show-11633339800?mod=hp_lead_pos1
Biden’s
Plan
This is a discussion
from one of the liberals I like to read on the ongoing wrangling over the $3.5
trillion ‘human’ infrastructure bill.
Thank God for the wisdom of our Founders.
China
John Mauldin on Xi’ changing plans.
https://www.advisorperspectives.com/commentaries/2021/10/01/xis-changing-plan
News on Stocks in Our Portfolios
What
I am reading today
A
new secession movement.
https://www.city-journal.org/the-new-secession-movement
This author
makes a valid point about, at least, some of the income inequality we see in
America today. However, that is not the
whole picture---the corporate elite that enriched themselves thanks to (1) the
change in the law allowing management to be compensated with stock options, (2)
the easy money provided by the Fed that allowed those same executives to do
stock buybacks, (3) which drove up their companies’ stock price, which drove up
the price of their options, (4) which led to the largest differential in
compensation between management and the average worker in history.
David Stockman
amplifies on another aspect of the Fed created
inequality.
Britain’s Brexit
problems.
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