The Morning Call---The blueprint for cutting $2 trillion in goverment waste

 

The Morning Call

 

11/22/24

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/market-recaps/mega-caps-mullered-bitcoin-bullion-big-shorts-burst-higher

 

            More charts: gold, bitcoin, the dollar.

            https://www.zerohedge.com/the-market-ear/gold-glimmers-dollar-flexes-and-bitcoin-extremes

 

            The bounce in gold has been beyond perfect.

            https://www.zerohedge.com/the-market-ear/gold-fever

 

    Fundamental

 

            The Economy

 

                        US

 

                            October existing home sales were up 3.4% versus forecasts of up 0.8%.

                            https://www.calculatedriskblog.com/2024/11/nar-existing-home-sales-increased-to.html

 

The October leading economic indicators fell 0.4% versus expectations of -0.3%.

 

The November Kansas City Fed manufacturing index was reported at -4 versus estimates of +3.

 

                        International

 

The October Japanese CPI was 0.4%, in line; the November flash manufacturing PMI was 49.0 versus 49.5; the November flash services PMI was 50.2 versus 50.1; the November flash composite PMI was 49.8 versus 49.0.

 

Q3 German GDP grew 0.1% versus predictions of 0.2%; the November flash manufacturing PMI was 43.2 versus 43.0; the November flash services was PMI 47.3 versus 48.6; the November flash composite PMI was 49.4 versus 51.6.

 

The November UK consumer confidence index came in at -18 versus consensus of -22; November retail sales were down 0.7% versus -0.3%; ex fuel, they were down 0.9% versus -0.4%; the November flash manufacturing PMI was 48.6 versus 50.0; the November flash services PMI was 50.0 versus 52.0; the November flash composite PMI was 49.9 versus 51.8.

 

The November EU flash manufacturing PMI was 45.2 versus projections of 46.0; the November flash services PMI was 49.2 versus 51.6; the November flash composite PMI was 48.1 versus 50.0.

 

                          Recession risk in EU roars back after weak PMIs.

                          https://www.zerohedge.com/markets/recession-risks-roar-back-life-europe-after-weak-pmis

 

                        Other

 

                          More on the rising confusion in the jobs numbers.

                          https://www.capitalspectator.com/is-the-relatively-weak-trend-for-us-private-payrolls-a-warning/

 

                          More on yesterday’s initial jobless claims data.

                          https://bonddad.blogspot.com/2024/11/initial-claims-are-positive-while.html

 

            Fiscal Policy

 

David Stockman begins a series of posts, putting some numbers on the promise to cut $2 trillion from the federal budget.

https://brownstone.org/articles/how-to-cut-2-trillion-of-fat-from-the-federal-budget/

 

              The blueprint for cutting government waste.

              https://www.zerohedge.com/political/musk-ramaswamy-reveal-doge-blueprint-cut-government-waste

 

              Some disagreement: Fixing our bloated government will take decades.

  https://behindtheblack.com/behind-the-black/essays-and-commentaries/part-3-fixing-our-bloated-federal-government-and-the-administrative-state-is-going-to-take-decades/

                       

 

            Inflation

 

              Stubbornly hot services inflation in the EU.

              https://wolfstreet.com/2024/11/20/ecbs-own-measure-of-wage-increases-blows-fuse-sets-off-alarms-about-stubbornly-hot-services-inflation/

 

            Tariffs

 

              On trade, Trump 2.0 will no be like Trump 1.0.

  https://thedispatch.com/newsletter/capitolism/on-trade-trump-2-0-wont-be-like-trump-1-0-for-better-and-worse/?utm_source=ActiveCampaign&utm_medium=email&utm_content=On%20Trade%2C%20Trump%202%200%20Won%20t%20be%20Like%20Trump%201%200-for%20Better%20and%20WorseOn%20Trade%2C%20Trump%202%200%20Won%20t%20be%20Like%20Trump%201%200-for%20Better%20and%20Worse&utm_campaign=Capitolism_Paid%20Subscribers%20Only_On%20Trade%2C%20Trump%202%200%20Won%20t%20be%20Like%20Trump%201%200-for%20Better%20and%20WorseOn%20Trade%2C%20Trump%202%200%20Won%20t%20be%20Like%20Trump%201%200-for%20Better%20and%20Worse

 

 

              The risks of being too gloomy over Trump tariffs.

              https://www.ft.com/content/46ed4b8f-3dd5-4312-85e5-794c397acd1a

 

    Investing

 

            Europe is in deep s**t.

            https://www.zerohedge.com/the-market-ear/europe-deep-shit-part-666-enter-hitler

 

    News on Stocks in Our Portfolios

 

 

What I am reading today

 

            Was Nero really a monster?

            Was Nero really a monster?

 

                        Quote of the day.

            https://cafehayek.com/2024/11/quotation-of-the-day-4835.html

 

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