The Morning Call---Why FEMA is out of money

 

The Morning Call

 

10/4/24

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/market-recaps/biden-bad-flation-send-bond-yields-black-gold-higher-stocks-pause-ahead-payrolls

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

August factory orders fell 0.2% versus consensus of 0.0%; ex transportation, they were down 0.1% versus -0.2%.

 

The September services PMI was 55.2 versus predictions of 55.4; the September composite PMI was 54.0 versus 54.4.

 

The September ISM services index was 54.9 versus forecasts of 51.7.

                          https://www.advisorperspectives.com/dshort/updates/2024/10/03/ism-services-pmi-expanded-for-third-straight-month-in-september

 

September nonfarm payrolls rose 245,000 versus expectations of 140,000; the September unemployment rate was 4.1% versus 4.2%.

 

                        International

 

The September EU construction PMI was 42.1 versus projections of 41.7; the September German construction PMI was 41.2 versus 40.2; the September UK construction PMI was 57.2 versus 53.2.

 

September YoY UK new car sales were up 1.0% versus estimates of up 2.5%.

 

                        Other

 

                          US port workers agree to end strike.

                          https://www.zerohedge.com/markets/us-port-workers-agree-end-strike-after-accepting-62-wage-increase

 

 

            Fiscal Policy

 

              Why FEMA is out of money.

              https://pjmedia.com/vodkapundit/2024/10/03/fema-is-out-of-money-for-north-carolina-and-youll-never-guess-where-it-went-n4933025

 

            Tariffs

 

              Universal tariffs are universally bad.

              https://www.apricitas.io/p/universal-tariffs-are-universally

 

              Tariffs hurt manufacturing.

              https://marginalrevolution.com/marginalrevolution/2024/10/tariffs-hurt-manufacturing.html

 

            Geopolitics

 

              Putin, Ukraine and the war.

              https://neuburger.substack.com/p/putin-ukraine-and-war

           

China

 

              China needs a three arrows strategy.

              https://www.ft.com/content/e6e1d130-5f2e-446a-9120-16e98dd9a8a8

 

    Bottom line.

 

            What the dockworkers strike is really about.

            https://investorplace.com/market360/2024/10/what-the-longshoremens-strike-is-really-about-and-why-it-matters/

 

            Are buybacks back?

            https://www.advisorperspectives.com/commentaries/2024/10/03/buybacks-back-2024-improvement-hitting-low-last-year

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            The rivalry between ancient Athens and Sparta.

            The rivalry between ancient Athens and Sparta is infamous—but they may have been more 'frenemies' (nationalgeographic.com)

 

 

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