The Morning Call---US import demand plunging

 

The Morning Call

 

6/9/22

 

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/henry-hub-hammered-texas-tea-rips-gold-pops-bitcoin-bonds-drop

 

            Yen crash accelerates.

            https://www.zerohedge.com/markets/yen-crash-accelerates-it-puts-catastrophic-end-mmt-experiment-spotlight

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 229,000 versus estimates of 210,000.

 

                        International

 

The May Chinese trade balance was $78.7 billion versus projections of $58.0 billion.

 

May Japanese YoY machine tool orders were up 23.7% versus consensus of +27.0%.

 

                        Other

 

                         

 

            The Fed

 

              The ECB ends QE and guides interest rates higher.

              https://www.zerohedge.com/markets/ecb-confirms-end-qe-era-signals-rate-hikes-slashes-growth-outlook-hikes-inflation-forecast

 

            Recession

 

              Global supply chain pressures ease in May.

              https://www.newyorkfed.org/research/policy/gscpi#/interactive

 

              Worse, in US import demand plunging.

              https://www.zerohedge.com/markets/shipping-stocks-crash-after-jpm-points-latest-freightwaves-recession-alert

 

                  World Bank lowers forecast for global growth.

              https://www.nytimes.com/2022/06/07/business/world-bank-forecast.html

 

              So does OECD.

              https://www.cnbc.com/2022/06/08/oecd-slashes-gdp-prediction-on-ukraine-war-and-chinas-zero-covid-policy.html

 

              For the bulls.

https://www.forbes.com/sites/sergeiklebnikov/2022/06/07/the-economy-may-be-slowing-but-recession-fears-are-overblown-these-experts-         argue/?sh=36448bef39f1

 

 

     Bottom line.

 

            Bridgewater braces for stagflationary shock and Fed rate cut.

            https://www.zerohedge.com/markets/were-approaching-slowdown-bridgewater-braces-stagflationary-shock-and-fed-rate-cut

 

            A profits recession is coming.

            https://www.zerohedge.com/markets/profit-recession-coming-us-equities

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

           

 

 

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