The Morning Call--ECB ups rates by 75bp

 

The Morning Call

 

9/8/22

 

 

The Market

         

    Technical

           

            Wednesday in the charts.

            https://www.zerohedge.com/markets/stocks-bonds-bullion-bid-dollar-skids-despite-fed-hawk-nado

 

            Not enough capitulation.

            https://www.zerohedge.com/markets/bofa-warns-not-enough-capitulation-bottom-yet

 

            Dollar headwinds persist.

            https://allstarcharts.com/dollar-headwinds-persist/

 

            The value of tracking insider ownership.

            https://www.advisorperspectives.com/commentaries/2022/09/06/i-use-this-stock-picking-shortcut-every-single-day

           

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 222,000 versus consensus of 240,000.

 

                        International

 

                          Final  Q2 Japanese GDP growth was +0.9% versus estimates of +0.7%;                             final Q2 YoY price index was -0.3% versus -0.5% in Q1.

 

                        Other

 

                          Update on big four economic indicators.

                          https://www.advisorperspectives.com/dshort/updates/2022/09/07/the-big-four-economic-indicators-august-employment

                      

                           Median nowcasts predicting Q3 rebound in the economy.

                           https://www.capitalspectator.com/us-economy-still-set-for-q3-rebound-based-on-median-outlook/

 

                          But Atlanta Fed lowers Q3 nowcast.

 

 

                          And the global economy contracted in August.

                          https://ihsmarkit.com/research-analysis/global-economy-slides-into-contraction-price-pressures-ease-to-1-year-low-August22.html

 

The latest Fed Beige Book report showed economic growth continues but with developing weakness in housing.

https://www.calculatedriskblog.com/2022/09/feds-beige-book-residential-real-estate.html

 

            The Fed

 

              ECB hikes rates by 75bp.

              https://www.zerohedge.com/markets/ecb-hikes-75bps-expects-raise-rates-further-dampen-demand

                   

              So did the Bank on Canada.

              https://www.zerohedge.com/economics/bank-canada-hikes-75bps-expected-warns-rates-will-need-rise-further-given-inflation

 

            Energy

 

 A Lehman event looms for Europe.

             https://www.nakedcapitalism.com/2022/09/lehman-event-looms-for-europe-as-energy-companies-face-1-5-trillion-in-margin-calls.html

 

             The UK is the first to propose a solution.

              https://www.zerohedge.com/energy/new-uk-pm-truss-lift-fracking-ban-climate-activists-crushed

 

            Inflation

 

              Home affordability falls in July.

              https://politicalcalculations.blogspot.com/2022/09/new-home-affordability-falls-in-july.html#.YxjhfnbMKUk

 

     Bottom line

 

            The latest from Jeffrey Gundlach (must read).

            https://themarket.ch/interview/the-period-of-abundance-is-over-ld.7369

 

            S&P regression to trend.

            https://www.advisorperspectives.com/dshort/updates/2022/09/07/regression-to-trend-132-above-trend-in-august

 

            On a somewhat more optimistic note.

            https://alhambrapartners.com/2022/09/05/weekly-market-pulse-the-more-things-change/

 

    News on Stocks in Our Portfolios 

 

 

What I am reading today

 

           

                        We become what we do.

            https://traderfeed.blogspot.com/2022/09/we-become-what-we-do.html

 

 

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