I Read the News so You Don’t Have To – Market News (October 23, 2018)

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by ogordained

AMERICA

  • The steep drop in homebuilders share prices suggests disappointing housing data is going to continue
    • Homebuyer sentiment points to lower sales as the price of lumber falls
  • An NFIB survey indicates US labor force participation should continue to improve moving forward
  • US goods exported to China have plummeted

OTHER

  • The S&P 500 futures hit the lowest level since July in after-hours trading.
  • Investors are worried that higher interest rates will be a drag on loan growth
    • A worry that has caused bank shares to drop, regional bank shares have been hit particularly hard
    • Regional bank shares are now the cheapest they’ve been in decades compared to the S&P 500
  • Amazon led the way in a tech share bounce back
  • Energy shares remain underperformers as an oil rally stalls m
  • Cannabis stocks have been down for 5 straight days
    • I’ve been working on a deep dive into the cannabis market that I will post tonight or tomorrow – DM to stay tuned
  • Iron ore prices continue their ascent upwards
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CHINA

  • Traders expect the yuan to continue losing value in the month ahead
  • Beijing is leaning on state-owned enterprises to generate growth
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