Overnight, AMD stunned investors when it preannounced shockingly bad revenue and margin numbers, making a mockery of its own guidance from August, and signaling that between then and now – i.e., September – the global economy fell off a cliff. In August, AMD saw Q3 margin of 54%; today it Read more…
As Biden Welcomes Venezuela Oil, He Prepares To Block All US Offshore Drilling Yesterday afternoon – after reports that the Biden admin would ease sanctions if Venezuela would pleeeeease pump more oil, @BradHuston succinctly opined on Twitter: “So basically Biden is saying that domestic producers are more evil than Venezuela's Read more…
Second order effects: every consequence has its own consequence.) Financialization gave capital unlimited access to low-cost credit and access to newly opened global markets for labor, goods, services, assets and risk. This “nearly free money” and unfettered access to markets starved of credit and teeming with people with few options Read more…
Fed Mouthpiece: “On Track For Another Large Rate Increase After Solid jobs Report” It's not like stocks needed any additional signals to sell off this morning – they are already down more than 2% as we type without a single positive TICK reading 45 minutes into trading – but they Read more…
Draghi and Biden also discussed implementing a cap on wholesale gas prices, an idea pushed by Italy within the EU. It's only recently that everyone got on board, with European Union ambassadors reaching an agreement on Wednesday to impose a new package of sanctions on Russia, including banning maritime transportation Read more…
The offer includes euro and pound sterling debt securities worth up to 1 billion euros ($980 million) and a separate offer for US dollar securities up to $2 billion. For example, Credit Suisse will pay less than 96 cents on the euro to buy a 750-million euro FRN that was Read more…
Stocks Puke On 'Good' Labor Market News, Rate-Hike Odds Spike Great news America – the unemployment rate has tumbled (with hispanic unemployment at record lows). Terrible news America – improving labor market statistics are the opposite of what The Fed is trying to do and this data today is not Read more…
Among those not in the labor force in September, 452,000 persons were prevented from looking for work due to the pandemic, little changed from the prior month. Printing and related support activities lost 4,000 jobs over the month. Employment in wholesale trade continued its upward trend in September (+11,000). There Read more…
Flooded Electric Vehicles Spontaneously Catch On Fire In Florida After Hurricane “There's a ton of EVs disabled from Ian. As those batteries corrode, fires start,” according to Jimmy Patronis, Florida's top financial officer and fire marshal. Patronis tweeted Thursday that after Hurricane Ian made landfall last week and flooded regions of his Read more…
As Michael Lebowitz noted in a previous post: “The euro has lost 12% to the US dollar this year, while the Japanese yen has ceded nearly 20%. Those losses may not seem out of the ordinary compared to stocks or bonds, but they are. Those actions specifically target demand to bring Read more…