Wednesday, October 12, 2022

The Morning Call---The economy is starting to go through the windshield

 

The Morning Call

 

10/12/22

 

 

The Market

         

    Technical

 

            Tuesday in the charts

            https://www.zerohedge.com/markets/bank-england-global-markets-you-have-3-days-sell-all-things

 

            The VIX is in panic mode.

            https://www.zerohedge.com/the-market-ear/hellopanic

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

Weekly mortgage applications declined 2.0% while purchase applications were down 2.1%.

 

Month to date retail chain store sales grew at a slower pace than in the prior week.

 

September PPI came in at +0.4% versus forecasts of +0.2%; core PPI was +0.3%, in line.

   https://www.zerohedge.com/economics/food-cost-jump-sparks-hotter-expected-us-producer-price-inflation

 

                        International

 

                          August Japanese machinery orders fell 5.8% versus expectations of -2.3%.

 

The August UK GDP shrunk by 0.3% versus consensus of 0.0%; the   August trade balance was L-7.0 billion versus L-8.4 billion; August industrial production was down 1.9% versus -0.2%.

 

August EU industrial production rose 1.5% versus estimate of +0.6%.

 

                        Other

 

                          The economy is starting to go through the windshield.

                          https://www.zerohedge.com/markets/economy-starting-go-through-windshield-el-erian-blames-fed-totally-avoidable-crisis

 

            The Fed

 

              The Fed sends money to the Bank of Switzerland as dollar wreaks havoc.

              https://www.zerohedge.com/markets/funding-panic-imminent-fed-quietly-sends-31-billion-switzerland-swap-line

 

                  The Bank of England’s high risk game of chicken.

              https://www.zerohedge.com/markets/real-driver-behind-boes-high-risk-game-chicken-markets

 

    News on Stocks in Our Portfolios

 

Cummins (NYSE:CMI) declares $1.57/share quarterly dividend, in line with previous

 

What I am reading today

 

           

 

 

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