The Morning Call---PPI runs hot

 

The Morning Call

 

2/15/22

 

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/markets/ukraine-sparks-market-mayhem-traders-see-fed-panic-ahead-price-rate-cuts-next-year

 

            Gold---back in business.

            https://www.zerohedge.com/the-market-ear/cz9x0o7e-p

 

            Goldman sees higher gold prices.

            https://www.zerohedge.com/geopolitical/gold-geopolitical-hedge-first-resort-goldman-sees-2150-within-12-months

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

January PPI was +1.0% versus forecasts of +0.5%; core PPI was +0.8% versus +0.5%.

https://www.zerohedge.com/personal-finance/us-producer-price-inflation-unexpectedly-remains-near-record-highs-jan

 

The February NY Fed manufacturing index came in at 3.1 versus estimates of 12.15.

 

                        International

 

Preliminary Q4 Japanese GDP growth was +1.3% versus projections of +1.4%; preliminary Q4 capital expenditures was +0.4% versus +0.5%; preliminary Q4 private consumption was +2.7% versus +2.2%; December industrial production was -1.0%, in line; capacity utilization was -0.4% versus -1.2%.

 

Q4 UK labor productivity rose 1.0% versus estimates of -1.5%; December unemployment was 4.6% versus 4.1%; December average earnings was +4.3% versus +3.8%.

 

Q4 EU employment change was +0.5% versus expectations of +0.3%; the second estimate of GDP growth was +0.3%, in line; the December trade balance was -E4.6 billion versus -E3.2 billion; February economic sentiment was 48.6 versus 49.6.

 

February German economic sentiment was 54.3 versus consensus of 55.0.

 

                        Other

 

                           The US is still paying for withdrawal from the Trans Pacific Partnership.

                          https://www.cato.org/blog/5-years-later-united-states-still-paying-tpp-blunder

 

                          Financializing everything---the latest from John Mauldin.

                          https://www.advisorperspectives.com/commentaries/2022/02/11/financialized-everything

 

                          Update on six high frequency economic indicators.

                          https://www.calculatedriskblog.com/2022/02/six-high-frequency-indicators-for_14.html

 

            Inflation

 

              Commodity price increases and likelihood of more to come.

              https://www.nakedcapitalism.com/2022/02/commodities-price-increases-and-prospect-of-shortages-feeding-inflation-fears.html

 

   

    News on Stocks in Our Portfolios

 

Genuine Parts (NYSE:GPC) declares $0.895/share quarterly dividend, 9.8% increase from prior dividend of $0.815.

What I am reading today

 

           

                        The whimsical thinking behind Net Zero Carbon.

            https://www.adamsmith.org/blog/charge-of-the-motor-brigade

 

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