US President Joe Biden is expected to arrive in Israel shortly, as both Israelis and Palestinians deny responsibility for a hospital explosion in Gaza last night
Morgan Stanley's Wilson (insisting..) says the average stock is breaking down, S&P 500 to fall to 3,900 by year-end
JPM raised U.S Q3 real GDP growth forecast to 4.3% from 3.5%, recession? not yet that's for sure
US tightens rules on AI chip sales to China in blow to Nvidia. Biden administration’s move aims to limit country’s access to advanced processors
Richmond Fed's Barkin: The Fed has 'time to see' if further rate hikes needed >>> plenty of Fed speakers all week
China data cam in better than expected, Q3 GDP 4.9% YoY (4.3% exp). Xi announces major steps to support high-quality Belt and Road cooperation
MAS to inspect Credit Suisse for money laundering case
China tells Gas suppliers to fill storage tanks ahead of winter. Regulator’s instruction underscores nerves over global supply/BBG
UK inflation rate remains at 6.7% for September, sticky!.. UK inflation fails to slow as forecasted by BoE's Bailey. UK employers see pay growth slowing to 5% in 2024
Nvidia warns of product snags from tightening US Chip rules
Country Garden: China property giant default fears grow
BoA reported a pre-tax income of some $48bn for 1st half of 2023, with a total of $96bn in negative MtM in their UST bonds holdings 'held to maturity', no wonder markets are sceptical.. (and it got worse in Q3..)
Markets :
U.S 2y yields hit highest levels since 2006 >>> markets now pricing in a 60% chance of a hike in Dec or Jan, Dec meeting is definitely 'alive'
-Bond vols, MOVE index, vols staying at elevated levels for weeks, like pre 2009 period
USDollar mixed, CROSSJPY's refusing to move lower, simply a yield play, JPY not doing it's usual 'safe haven' as it did years ago, only GOLD and CHF doing what they usually do
Equitiy markets, imho, SPX500 is 4200-4400 range, awaiting developments o geopolitical side of things in ME and earnings, technically anyone can argue their side, will remain 'cautious' and ready to look for opportunities and add for clients on better valuations
Crude WTI still below $90, pretty quiet when you consider we were mid 90's 1month ago
GOLD the shining start in this environment
Bad strategic timing
Country Garden draws closer to debt deadline, as default risk looms (msn.com) >>> once upon a time a $30bn market cap, now desperately trying to avoid default on a 15mio usd coupon on outstanding loan risk there are others : Gemdale Plunges on Chairman’s Resignation and Debt Concerns (caixinglobal.com)
Moderna reaffirms annual COVID vaccine sales forecast (msn.com) stock is down 80% since Dec 2020 when FDA issued the emergency use authorization for its vaccine, amazing
UK inflation in shock pause at 6.7% (msn.com) still very sticky
Gold prices - drifting higher
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