Biden to use G20 summit and Vietnam visit to highlight US as trustworthy alternative to China. President Joe Biden hopes to demonstrate at the upcoming Group of 20 summit in India and a visit to Vietnam that the United States and like-minded allies can be more trustworthy partners than China on economic and security issues
UK Prime Minister Rishi Sunak singles out China as hindering G-20 agreement
China’s top chipmaker may be in hot water as US lawmakers call for further sanctions after Huawei ‘breakthrough’ followed by a new 'to be confirmed' report that China is going to extend ban of IPhone products to local governments.... welcome to G20 !
AAPL looking like the old IBM ? no matter what anyone thinks, AAPL is so correlated to and such a big part of SPX500 - it matters
Amazon lawsuit from FTC expected as soon as this month
U.S Credit card and car loan defaults hit 10-year high as inflation squeezes families
The great Chinese flow reversal-FT/Thread
Walmart essentially lowered the starting wage of some starting salaries
SPR - WTI holds near 10-month highs ss Total US Crude stock hit 1985 lows
Brazil is the world's agricultural superpower. The August 2023 trade surplus dwarfs anything Brazil saw in the same month in previous years/RobinBrooks-Thread
Fed's Logan: can skip Sept rate hike, but 'there is work left to do' (Sep was never in play for markets, Nov meeting has had solid consistent procing for months). Fed's Williams was a little less dovsih yesterday on BBG interview, Goolsbee talked 'high for longer', how long is necessary
European gas prices jump as workers strike at Chevron LNG plants
The foreign exchange reserves held by the Swiss National Bank (SNB) have dropped further: they stood at CHF694 billion ($780 billion) at the end of August, CHF3.7 billion less than in July, when they had fallen by CHF27.1 billion
Elon Musk blocked Ukraine's access to Starlink near Crimea after speaking with Russian officials, biographer says (big if true, big IF)
Markets :
USDCNH breaking higher >>> even local newspaper accepting the CNH fate '' The Yuan may not see any major rebound against the dollar in the short term, and could even experience “intermittent depreciation”, as the dollar index is likely to stay strong, according to a front-page commentary in the Securities Times Friday
EUR STOXX 50 - chart below - best hold around here or else, DAX similar, other major markets in 'peak mode' , market is long, and there are many issues to deal with in September (AMZN, Big techs, AAPL, China, Crude, debt ceiling and so on), 'time for a hedging trade'..
USD overall stays firm, CROSSJPY's no doing much, if we were to get a few days of weakness is risk with lower yields, they should have a reaction lower
Rates rangebound, plenty of rates around the world in 'peak mode', while the U.S has remained pretty strong, U.S rates though 'peaked' last few days below Aug highs!.. if anyone looking for signs of rates peaking..this is it, Nov still in play but a long way to go let's be fair !
AAPL . looking like the old IBM ? huh..(Sanford Bernstein) >>> fact is, if you put this data against any other name, hardly anyone would be long of it, because it's APPLE, folks like it and given it's size it effectively is in just about every ETF out there (and IMHO...Huawei is getting very competitive too, which has not happened in years...)
1. Apple’s recent results were quite similar to IBM’s on a topline basis, with Apple seeing a third straight quarter of negative YoY revenue growth.
2. Bernstein finds that financial comparisons with IBM two decades ago are not unfounded: "Apple between 2015 and 2023 has had strikingly similar pre-tax income and EPS growth as IBM did between 1997 and 2012."
3. Apple has seen a dramatic re-rating, especially between 2019-2021, resulting in the stock going from a below market multiple at ~11z in 2015 to ~29x today.
4. Bernstein sees two takeaways we can learn from IBM twenty years ago for Apple today (a) "....revenue growth matters, and strong EPS growth absent revenue growth is unlikely to be afforded a rich multiple...(b) customer lock-in can prove ephemeral when platforms change. IBM's strength in mainframes and associated account control once seemed unassailable, but the world moved to industry standard servers and the cloud"
With China in a mountain of debt issues, that's why Biden and many others are interested... India's massive expansion to be a driver of global growth: S&P Global (cnbc.com)
Couldn't agree more
The wage price war over ?
No NO please NO !
Really ?? maybe he just wanted to sell his book..
Good news for the next generation of first time buyers!
whaoo - what a nightmare
EURO STOXX 50 best hold around here or else
