President Donald Trump is willing to sign a
$1.3 trillion coronavirus relief bill, a top aide said on Friday, but
Democratic House of Representatives Speaker Nancy Pelosi said the sum was not
enough to meet the needs of the American people.
Reuters: Consumer spending, which accounts for
more than two-thirds of U.S. economic activity, rose 1.9% last month, after
jumping 6.2% in June. Economists polled by Reuters had forecast consumer
spending would gain 1.5% in July. July’s increase left consumer spending about
4.6% percent below its February level.
“The Fed said it can allow inflation to run
above its 2% target for some time seems like they are going to keep their
monetary policy extremely loose”.
Iowa, the biggest U.S. corn-producing state, is
facing its most widespread drought since September 2013, state agriculture
secretary Mike Naig said on Friday.
In a dramatic U-turn, Brazil's Environment Ministry said on
Friday it would continue to fight deforestation, reversing its position after
saying hours earlier that it could not afford to continue enforcement efforts
in the Amazon.
Reuters: The company that operates the Trump
International Hotel in Vancouver said on Friday it has filed for bankruptcy,
blaming the coronavirus pandemic for lost revenue and financial hardship.
Study: Black turbine blades reduced bird mortality by 72%
Some very long-term trends are changing for the
better. First, insurance giant Suncorp says it won't insure oil or gas
companies and projects. And now Exxon,the world’s biggest company as recently as 2011 is booted
from the Dow Industrials.
Utilization rates for Very Large Crude Carriers
(VLCC) fell to 44% in August, their lowest level this year according to Vortexa
data. The sharp drop since the year-to-date high of 52% in May follows stymied
global demand recovery for crude and a significant loss of cargoes compared to
DJIA changes: Out go Exxon Mobil (ticker: XOM),
Raytheon Technologies (RTX), and Pfizer (PFE). In come Salesforce. com (CRM),
Honeywell International (HON), and Amgen (AMGN).
Germany’s economy shrank by 9.7% from April to June compared with the first three months of the year.
The Conference Board said its consumer confidence index slumped to 84.8 in August after tumbling to a downwardly revised 91.7 in July.
U.S. new home sales rose by 13.9 % to an annual rate of 901,000 in July after rising by 15.1 % to a rate of 791,000 in June.
The average time on the market fell to 22 days in July, a record low, from 24
in June -- nearly 70% sold in less than a month.
The 30-year fixed-rate mortgage at 2.99% for the
week ending Aug. 20 is clearly helping and creating a bit of a Real Estate sugar
high. However, the surge in
home prices is threatening to make buying a home unaffordable once again.
across the pond, the UK housing market has had its busiest month in more than
10 years in July.
Americans filing a new claim for unemployment benefits rose
unexpectedly back above the 1 million mark.
The Trump administration is taking the final steps to let oil and gas companies drill in the Arctic national wildlife refuge.
Meanwhile, this BIG DEAL! Aussie insurance giant Suncorp says it
won't invest in or insure oil or gas companies and projects.
Goldman Sachs cut their default forecast for the US Junk sector
to 10.5% from 13% for the full year.
Sachs is the latest firm to boost its year-end price target for the S&P 500
to 3,600 from 3,000.
drought, heavy rains spark concern over grain supply as Xi Jinping launches
campaign against food waste. Concerns are mounting about China’s grain supply
this year, despite government assurances that the summer harvest was at ‘an
all-time high ‘Output has been hit by drought and heavy rains and many farmers
are hoarding crops in expectation that prices will continue rising because of
low supply, traders say.
#Ebola outbreak in DRC's Équateur province has now hit 100 cases & 43
deaths. Efforts to stop it are not going well. It is evolving in a concerning
way,” said Dr Matshidiso Moeti, WHO regional director for Africa.
like a new #Solar Cycle 25 is truly underway! Perhaps
providing the Fuel for a new “solar powered” Roaring twenties?
Big companies are going bankrupt at a record pace,
but that’s only part of the carnage. By some accounts, small businesses are
disappearing by the thousands amid the Covid-19 pandemic, and the drag on the
economy from these failures could be huge…real-time data on
small business is notoriously scarce...
U.S. seized four tankers carrying Iranian gasoline bound for Venezuela in an
unprecedented move by the Trump administration that carries the potential to
destabilize global oil shipments if Iran retaliates.
United States Baker Hughes US Oil Rig Count down to 172 from previous
- Hasan Ayhan followed his wife’s instructions last week and took their savings
to buy gold at Istanbul’s Grand Bazaar as Turks scooped up bullion worth $7
billion in a just a fortnight...Turks have traditionally used gold as savings
and there may be as much as 5,000 tonnes of it “under mattresses”, with more
added after the recent buying spree, Mehmet Ali Yildirimturk, deputy head of an
Istanbul gold shops association, said.
Economist: Without relief or reform, the USPS
estimates that it could run out of money sometime between April and October
MW: Meanwhile protesters gathered at the home of
Postmaster General Louis DeJoy on Saturday to demand his resignation — a significant
escalation of public pressure amid a pitched battle over mail-in ballots for
the 2020 presidential election.
Bloomberg US renters are having a bit of a problem. Some 27% missed their
payment in July and some 34% have no confidence of being able to make the
August payment. Loss of
housing is similarly disruptive to both renters and owners on many dimensions.
Gold will top $3,000, says this firm,
one of the first to call the gold bull market of the 20th century
Smartphones that use a certain
Qualcomm Inc. QCOM chip and run Alphabet Inc.'s GOOG Android operating system
have hundreds of vulnerabilities that hackers can exploit to spy on users,
according to cybersecurity company Check Point Software Technologies on
Rig Count: U.S. -4 to 247, Canada +2 to 47 U.S. Rig Count is down 687 rigs from
last year's count of 934, with oil rigs down 588, gas rigs down 100, and
miscellaneous rigs up 1 to 2.
Elon Digging? The machinery could suggest that the Boring Company is
setting up to dig a tunnel connecting Los Angeles and Las Vegas,
Economist: Satellite images from
National Space Agency revealed that there were 28% more fires in the Amazon
this July compared with last year.
thing spreads faster than Covid-19: TikTok now has 800 million monthly active users around the globe. And it’s far more
contagious: Just under half of U.S. teenage internet users have used TikTok. If it were a pathogen, it
would be the Black Death.
Apple (AAPL) is splitting its stock four for one
- great for writing puts. Selling one $400 put will, after the split, only commit
$10,000 versus $40,000. Bezos, are you paying attention?
Four out of the five members of the so-called
FAANG group – Facebook, Amazon, Apple Netflix and Google – posted
record-breaking earnings during the worst slump in a century.
Millions of unemployed Americans are about to
lose $600 in additional weekly jobless benefits after the White House and
Congress failed to reach an agreement to extend the supplement.
What are the expected economic effects if 30 million workers
have their financial lifeline cut off? Any guesses?
In addition, lots of people are going to be “very”
disappointment if the much anticipated $1200 check is not forthcoming.
Consumer spending rose 5.6% last month after a
record 8.5% jump in May as more businesses, that are now reclosing, had reopened.
The two month surge in job gain may have stopped in July..
The dollar's reign as the world's reserve currency is under threat, Goldman
global same-store sales, fell 40% in Q3. However, customers while visiting
less, they're placing bigger orders.
is selling a stake in its Japan business and is accelerating U.S. restaurant
closures it had planned earlier. Sales are also a bit on the weak side.
(Reuters) - With nearly seven months gone, an
ambitious $36.5 billion target for Chinese imports of U.S. farm goods this year
may not be quite out of reach, but it’s looking like a big, big stretch.
Cruising during worldwide pandemic: ICYMI: 4
crew members on Norway cruise ship hospitalized with COVID-19 after it arrived
at port of Tromsoe on Friday; operator Hurtigruten says all crew members
quarantined on ship and the 177 passengers, who had already disembarked, told
Kids under age 5 may carry a much higher coronavirus
viral load than older children and adults: study
Banning TikTok? Trump may not realize how unpopular
this move will be with generally politically indifferent teenagers…