The Morning Call
9/6/23
The
Market
Technical
Tuesday in the
charts.
https://www.zerohedge.com/markets/value-stocks-puked-growth-gains-heavy-flow-hammers-bonds
What to watch in
the tech and financial sectors.
https://allstarcharts.com/2nd-highest-close-ever-for-tech/
Buy protection
when you can, not when you must.
https://www.zerohedge.com/the-market-ear/you-buy-protection-when-you-can-not-when-you-must
Fundamental
Headlines
The
Economy
US
Weekly
mortgage applications declined 2.9% while purchase applications were down 2.1%.
July
factory orders fell 2.1% versus estimates of -2.5%; ex transportation, they
were up 0.8% versus +0.1%.
International
July German
factory orders fell 11.4% versus predictions of -4.0%; the August construction
PMI was 41.5 versus 41.1.
July EU retail
sales were down 0.2% versus consensus of -0.1%; the August construction PMI was
43.2 versus 42.4.
Other
The
Fed
The biggest threat to global liquidity is
China.
https://www.zerohedge.com/markets/biggest-threat-global-liquidity-china
Fiscal
Policy
The green energy inflation reduction act already
needs a bailout.
Inflation
Get ready for higher oil prices.
https://allstarcharts.com/ready-for-higher-oil-prices/
Recession
We have never had a soft landing.
https://www.themoneyillusion.com/weve-never-had-a-soft-landing/
Weekly leading economic index.
Banks strengthening
their balance sheets may be good for the financial system but it not conducive
to economic growth.
A strong
labor market doesn’t mean that the economy is recession proof.
https://www.nytimes.com/2023/09/04/opinion/recession-unemployment-federal-reserve.html
Eurozone contracts
in August.
https://www.pmi.spglobal.com/Public/Home/PressRelease/382c7872528a4f48bf03911ae648e7f1
Global manufacturing contraction slows in
August.
https://www.pmi.spglobal.com/Public/Home/PressRelease/81f575b89b394e69bd09aa9b50fde063
Is a subprime
credit card crisis looming?
https://www.zerohedge.com/political/subprime-credit-card-crisis-looming
The Financial System
The truth about proposed
changes to bank capital rules.
https://www.ft.com/content/cbfc316b-7049-4658-941f-6d25559d754d
Civil Strife
Noble sacrifices.
China
Six indicators pointing to an economic
slowdown in China.
https://www.zerohedge.com/economics/six-red-flags-pointing-chinas-economic-slowdown
Bottom line.
Beware September.
Update on
valuations.
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