The Morning Call---Sowing the seeds for the next credit disaster

 

The Morning Call

 

10/3/24

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/bonds-drop-dollar-pops-stock-traders-brace-payrolls

 

            Seven more charts to watch.

            https://www.zerohedge.com/the-market-ear/7-must-watch-charts-why-you-should-sell-now

 

            Goldman’s flow guru turns tactically bearish.

            https://www.zerohedge.com/markets/skew-downside-goldman-flows-guru-turns-tactically-bearish

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly initial jobless claims totaled 225,000 versus forecasts of 220,000.

                          https://www.zerohedge.com/personal-finance/jobless-claims-remain-low-despite-50-plus-surge-job-cuts

 

                        International

 

                          August EU PPI came in at +0.6% versus expectations of +0.3%.

 

The September Japanese services PMI was 53.1 versus estimates of 53.9; the September composite PMI was 52.0 versus 52.5; the September German services PMI was 50.60, in line; the September composite PMI was 47.5 versus 47.2; the September EU services PMI was 51.4 versus 50.5; the September composite PMI was 49.6 versus 48.9; the September UK services PMI was 52.4 versus estimates of 52.8; the September composite PMI was 52.6 versus 52.0.

 

                        Other

 

                          The growing problem with consumer surveys.

                          https://ceritypartners.com/insights/whos-talking-now/

 

                          August business cycle indicators.

                          https://econbrowser.com/archives/2024/10/business-cycle-indicators-august-monthly-gdp

 

                          Office glut hits record high.

  https://wolfstreet.com/2024/10/01/epic-office-glut-hits-records-in-san-francisco-atlanta-chicago-los-angeles-seattle-washington-dc-dallas-availability-rate-dips-to-30-houston-rises-to-29/

 

                          Heavy truck sales decreased in September.

                          https://www.calculatedriskblog.com/2024/10/heavy-truck-sales-decreased-in-september.html

 

            Monetary Policy

 

              Sowing the seeds for the next credit disaster.

              https://www.zerohedge.com/markets/fed-sowing-seeds-next-credit-disaster

 

            Fiscal Policy

 

              Billionaires pay for almost everything.

              https://www.realclearmarkets.com/articles/2024/10/02/sorry_dave_eggers_the_billionaires_pay_for_nearly_everything_1061642.html

 

              Staffing firm supporting the migrant network.

              https://www.zerohedge.com/political/industrial-size-staffing-firms-support-biden-harris-mysterious-nationwide-migrant-network

 

            Recession

 

              Where is the slowdown?

              https://www.apolloacademy.com/where-is-the-slowdown-2/

 

    Bottom line.

 

            September dividends by the numbers.

            https://politicalcalculations.blogspot.com/2024/10/dividends-by-numbers-in-september-2024.html

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            Quote of the day.

            https://cafehayek.com/2024/10/quotation-of-the-day-4784.html

 

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