I Read The News So You Don’t Have To – Market News (Oct. 30, 2018)

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by ogordained

UNITED STATES

  • US core inflation met the feds expectations at 2.0%
  • Consumer spending is 5% higher this time around compared to last year
    • Meanwhile income growth fell shy of expectations by about half
  • The Dallas Fed reported very strong activity in their regional manufacturing report
    • Labor shortages are easing
    • Costs of inputs are still rising, but the pace is slowing
    • Delivery bottlenecks are easing

OTHER

  • The S&P 500 closed yesterday hovering just above correction territory
    • Close to half of US stocks are in a bear market
    • In terms of market value loss – global stocks are having their worst run in a decade
  • As earnings season wraps up and the buyback blackout period comes to an end, institutional investors and share buybacks may buoy the market yet again
  • Energy shares shit the bed yesterday
    • Meanwhile US oil production continues to climb higher
    • If US shale output doesn’t increase, global supply will not be able to meet demands (I posted a deep dive into US Shale last week, browse my history)
  • Coffee and Sugar futures are falling as the Brazilian real falls following the election of right wing populist as president of Brazil on Sunday
  • Mexican markets shit the bed after their president-elect held a vote to cancel a $13bn partially built airpot in Mexico City
  • New building approvals are falling rapidly in Australia (Actual -14.1%| Expected -9.0%)
  • South Korean business confidence has evaporated
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CHINA

  • The yuan remains at a ten year low
  • Peer-to-Peer lending is slowing fast
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