Large Fund Degrossing Causing Market Divide
This split action has been going on for so long now that everyone is aware of it.
Trade Deficit Widens to Largest in 17 Months on Record Imports
The trade gap grew to $105.6 billion as oil, gold, aircraft and capital goods — driven by AI — pushed imports to a record.
Stocks Are Disconnecting From the Bond Pressure
Bonds slid again, but stocks posted solid gains as buyers hunted for some of the worst performers.
Services Keep Expanding, but Prices Climb to Highest Since 2022
ISM’s services index slipped but stayed solidly in expansion in September as hiring returned to growth and backlogs rose.
S&P Says Service Sector Is Running at Hottest Since 2021
S&P September services PMI shows sharpest rise in activity since July 2021 and new orders at a 4.5-year high.
Rapid Change in Euro Credit Risk Hints at Deeper Problems
Whatever just happened between German bond yields and French and Italian bond yields was not on my radar.
Luxury Brands Are Selling You More Than Just Physical Goods
The market for luxury goods remains strong, and CEOs appear to be optimistic. Here’s what I learned from speaking with the CEO of JLR.
Rare Dynamic Plays Out Amid Weak Jobs Data, Stubborn Bonds
Odds of an October hike fell to about 20%, but bonds gave back their gains and rates kept rising.
September Payrolls Miss Every Estimate, Wage Growth Slowest Since 2021
Payrolls rose just 29,000 with 60,000 in downward revisions, but household employment jumped 406,000.
Investors Begin Turn With Higher Rates Here to Stay
Investors appear to be fully pricing in the bad news as we start the fourth quarter.