Initial Jobless Claims At 5-Month Highs As Layoffs Accelerate The number of Americans filing for jobless benefits for the first time was 231k last week (down very modestly from an upwardly revised 233k) leaving the 4-week average at the highest since January 2022. There were 1.328 million continuing claims, very Read more…
The headline May PCE printed +6.3%, equal to the April data Source: Bloomberg As a reminder, however, this is May data, and gas prices have soared in June. Americans pace of spending slowed significantly in May to just +0.2% MoM (half the expected +0.4%) while incomes rose +0.5% MoM Read more…
Don't Rely On Unbridled Optimism To Divine Profits' Path By Simon White, Bloomberg Markets Live Commentator and Reporter Earnings estimates start falling too late and stop falling too early in recessions. Macro-driven indicators are much more reliable indicators of the profit outlook, with the majority currently pointing to much weaker Read more…
Which brings us to the last trading day of a quarter for the history books: the S&P 500 is set for its biggest 1H decline since 1970 and the Nasdaq 100 since 2002, the height of the dot.com bust. The gauges shed more than 9% each in the June quarter, Read more…
Such are the currents of history and the tides/fates of broke(n) regimes. That is, years and years of issuing IOU's (i.e., sovereign bonds) has made those IOU's less attractive, and the solution-myth of creating money out of thin air to pay for those IOUs is becoming less believable as inflation Read more…
Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day. Consequently, fossil fuel demand was rising even before Russia's invasion of Ukraine, which exacerbated the market shock. China overtook Germany as the Read more…
Everyone associated with Epstein and Maxwell should be carefully investigated.” Bloom previously told reporters that Prince Andrew “should be quaking in his boots.” As we previously reported, the British public have expressed concerns that the money for Andrew's pay off to Virginia Roberts Giuffre, which will likely run into the millions, Read more…
She said Wednesday that the West needs to learn the lessons of Putin's Ukraine invasion and apply them to Taiwan: “We should have done things earlier, we should have been supplying the defensive weapons into Ukraine earlier. In the briefing she delivered before the Foreign Affairs Committee, Truss continued, “There's always Read more…
Oil Market Confronts US And EU Policymakers With Daunting Choices: Kemp By John Kemp, senior energy analyst at Reuters With global inventories steadily falling and spare capacity eroding, the oil market resembles a geological fault line in which stress is quietly accumulating and will eventually be relieved by an earthquake Read more…
In 2017, Hamad bin Jassim said his government “maybe” funded the al Qaeda spin-off al Nusra Front in Syria. British media have called him “the man who bought London,” as he owns or has a stake in many of the city's most prestigious addresses and businesses. Sheikh Hamad bin Jassem Read more…