| | *past 24-hour performance |
| Upcoming Week: | Tuesday: We’ll get the latest updates on the labor market, starting with the July JOLTS report, which tracks the number of job openings, hires, quits, and separations for a given month. The Case-Shiller National Home Price Index for June also come outs, providing a key update on home prices.
Wednesday: Payroll provider ADP will release its National Employment Report for August, tracking growth in private sector payrolls.
Thursday: The Bureau of Economic Analysis (BEA) will release the Personal Consumption Expenditures (PCE) Price Index – the Fed’s preferred inflation gauge – for July.
Friday: Lastly, keep an eye out for the Labor Department’s August nonfarm payrolls report for a good gauge on whether the Fed’s rate hikes are having an effect in cooling the labor market. | Earnings Calendar | Tuesday: Bank of Montreal (BMO), Bank of Nova Scotia (BNS), HP (HPQ), Best Buy (BBY), J.M. Smucker Company (SJM)
Wednesday: Salesforce (CRM), CrowdStrike Holdings (CRWD), Veeva Systems (VEEV), Chewy (CHWY)
Thursday: Broadcom (AVGO), UBS (UBS), Lululemon Athletica (LULU), Dell Technologies (DELL), Dollar General (DG), Hormel Foods (HRL), Campbell Soup Company (CPB) | | | | | Biblical investment secret | New documentary reveals the lost wealth-building secret buried in ancient religious texts – an investment so perfect that only God could have created it. | An investment that can produce returns so safe, secure, and endless it is nothing short of miraculous. | This is the story of GOD’S INVESTMENT. | SPONSOR |
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| | Hawkish or Dovish? Jerome Powell’s Jackson Hole speech on Friday was a mixed bag; But the Fed’s line has gone from more rate hikes being likely to them being possible, and that is a less hawkish stance (WSJ)
IPOs are back: Marketing and data automation provider Klaviyo has filed for an IPO, another sign that US equity markets are rebounding after an 18-month slump (Modern Retail)
Blackstone cashes in on Vegas rebound: Realty Income (O), a company that owns over 13,000 properties in the U.S. and Europe, is paying Blackstone Real Estate Income Trust (BREIT) $300 million for a 22% stake in the Bellagio Las Vegas resort (WSJ)
Rite Aid prepares bankruptcy: Rite Aid (RAD) stock fell more than 50% Friday after reports emerged that the retail pharmacy is preparing to file for bankruptcy as it faces mounting costs related to opioid lawsuits (YF)
Heineken takes a 300-million-euro hit: Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced (AP)
Blackberry acquisition: Private equity firm Veritas Capital has made an offer to buy BlackBerry (BB) only months after the Canadian technology company began a strategic review; stock rose 17% on the news (Reuters)
Evergrande shares in crisis: China Evergrande Group lost $2.2 billion, or 79% of its market value, on after its shares resumed trading today (CNBC)
3M nears settlement: 3M (MMM) has tentatively agreed to pay more than $5.5 billion over five years to resolve complaints of hearing loss from more than 230,000 military service members or veterans (Bloomberg) | | Emerging market small-caps are outperforming: Large-cap stocks may have been dominating the U.S. market in 2023, but small-caps are winning in emerging markets. That has put EM investors in a much healthier — and better diversified — position. Read more » | IRS issues guidance & announces more time for retirement catch-up contributions: The IRS has now announced an administrative transition period for the new catch-up contribution requirement under the SECURE 2.0 Act. Read more » | Food bankruptcies surging as companies struggle with shift in consumer habits, access to cash: A spate of recent bankruptcies upending the food and beverage space is likely just the beginning of the failures as more companies are expected to collapse in 2023 amid changing consumer tastes and challenges raising money to fund their cash-intensive businesses Read more » |
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| | The Fed is a sh*tfaced drunk on its 21st birthday (QTR) BRICS is fake (Noahpinion) Are we ready for a $100 billion catastrophe? How about $200 billion? (WSJ) Wing and Walmart will offer six-mile drone deliveries over Dallas (Engadget) China’s U.S. stamp tax, scammers take America (Pirate Wires) Coinbase tries squaring the Circle (CoinSnacks) | | | | | The Cashless Society Experiment Starts | Global Central Banks are “panic-buying” gold at historic rates. Last year, they added more gold to their coffers than any other year since 1950. But this is no random occurrence… | It’s part of a serious shift in the global monetary system, one that could have big implications for investors. Details here… | SPONSOR |
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| | | Michael A. Arouet @MichaelAArouet | |
| Today there are three times more zombie companies than during GFC. Sooner or later all of them will need to roll their debt. Spoiler, at current interest rates it will not be pretty. | | | | Aug 27, 2023 | | | | | | 472 Likes 96 Retweets 15 Replies |
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