International Business Machines Corp IBM is splitting itself into two public companies. (Monthly Chart)

 Quick Overview is up to date

•  Who made this beautiful art? for the fly with 75,000 followers. 
• https://twitter.com/MikePenceFly___

 And in the Dow Theory department,  Dow Transports are leading to a  new all time high.

• The BDI Baltic Dry Index is making a 1year high. (something positive)

 

 Stock are back up as Trump is once more changing course. 

Britain bans the sale of cryptocurrency derivatives, saying they have no value for investors.

The U.S. trade deficit expanded to $67.1 billion and is now at its widest since 2006.

• Facebook (AKA  the plague on humanity) says it will ban Qanon, full stop - lets see ..

 

(Reuters) - U.S. Senate Republican Majority Leader Mitch McConnell said on Tuesday he agreed with President Donald Trump’s decision to pull the plug on negotiations on a new coronavirus relief bill.

• Whereas, in one of his strongest appeals to date, Federal Reserve Chair Jerome Powell warned of a weak U.S. recovery without sufficient government aid and said providing too much stimulus wouldn’t be a problem.

 

FT 'If you don’t get out in front of the crisis and put forth a plan right away, then you are going to spend the rest of your time responding' - US aviation union president on protecting members as pandemic tears through the industry.

• States are cutting jobs, revenue declines - prospect for fiscal aid fades.

 

 Trump is rejecting Pelosi's 2.4 T  dollars

• US media coverage of climate change - gradually  waking up. ( I remember a "scary" early 1970 Economist article - ahead of its time)

Loos like TD Ameritrade and Schwab are now one. 

To have accounts at separate firms is getting to be a full time job.

•  US Ag. Exports to China

•  U.S. private sector financial assets (without real estate) as % of GDP at the highest in 70 years (via DailyShot & BoA)

 

FT Exclusive: South Korea’s Samsung is under fire after its insurance units financed $14bn of ‘deplorable’ coal projects and investments over the past decade, according to data provided to the FT

•  Someone appears to want the  stuff.

So far in 2020, we've had apocalyptic fires in Australia, California, Siberia, Ukraine, South America’s Pantanal; The warmest Arctic in 3 million years; Hottest Antarctica temperature on record; An insect apocalypse; Deforestation galore and a global pandemic. It's 6 Oct.. Assaad Razzouk @AssaadRazzouk 

•   But then, after centuries of searching, we have found the fountain of youth…

 Wearing a mask appears to make  a positive difference in a number of ways, see US and Japan.

Real Estate (Zillow): The percentage of rental listings featuring concessions rose from 16.2% in February to 30.4% in July.

As U.S. coronavirus death toll hits 214,789, Trump tweets: "Don’t be afraid of Covid. Don’t let it dominate your life.  Feeling better than 20 years ago".

The IRS is reportedly investigating longtime National Rifle Association CEO Wayne LaPierre for possible criminal tax fraud related to his personal taxes.

A so-called blue wave this November led by Joe Biden, the Democratic presidential nominee, would lead to a surge in economic growth, according to Goldman Sachs' chief economist, Jan Hatzius.

• One in four voting-age Americans visited a fake news source in the run up to the 2016 election. 
• So, how many are visiting this year?  How reality itself became an election issue.

 Someone is counting the # of Trump Tweets recently  - Interesting

•  Germanies Welt has a very bleak outlook for Spain. They see the threat of a possible banking crisis.

•  There are 2.6 million unplugged onshore wells in the U.S., with another estimated 1.2 million that are undocumented and well on the way of becoming wards of the state. (Is this socialism? Asking for a friend)
  

• The FHA which insures about 8 million higher-risk mortgages reported a record of 17.4% in delinquencies in August. – YoY this is as double.

 

• US Total Corona Virus Cases as of Today  7,592,465, up 45,000 + 1 Trump
  
  
  
  

• Prime Minister of Jordan resigns

• Quick Overview is up to date 

• Since high money velocity is usually associated with a healthy, expanding economy. Low money velocity is usually associated with recessions and contractions – “LOOK” at the below chart...

•  E*TRADE and Morgan Stanley have officially joined forces.
• weekly

• monthly

•  How  government funded R&D relates to Output.

•  University of Notre Dame president tests positive for COVID-19 after attending White House Rose Garden ceremony with Trump.
•  Notre Dame president apologizes for not wearing mask during White House announcement of Amy Coney Barrett’s Supreme Court nomination. 
• ( what are the Intellectual Requirements for the president of Notre Dame ? asking for a friend.)
  

•  Soybean milling in Argentina falls 20.6% YoY in August

 Reuters Exclusive: Russian operation masqueraded as right-wing news site to target U.S. voters - sources

The website predominantly focused on U.S. politics and current events, republishing articles from conservative media and paying real Americans to write about politically-sensitive issues. A network of accounts posing as editors and journalists then promoted the articles on social media sites favoured by right-wing users.

•  The EU has launched legal action against the UK after Boris Johnson failed to respond to Brussels’ demand that he drop legislation that would overwrite the withdrawal agreement and break international law. 

• The Institute for Supply Management (ISM) said on Thursday its index of national factory activity fell to a reading of 55.4 last month from 56 in August, which was the highest level since November 2018. Despite last month’s dip in the index, September marked the fourth straight month of growth. 

• Initial claims for state unemployment benefits decreased 36,000 to a seasonally adjusted 837,000 for the week ended Sept. 26.

 

 

• Hotter………………………………………….

• 
  Bloomberg: October promises not only rising coronavirus infection rates, but a new tsunami of job losses all over the globe. Airlines are preparing to lay off tens of thousands of workers starting Thursday unless they get additional federal aid. Walt Disney said it would slash 28,000 workers from its slumping resort business. Royal Dutch Shell is to cut as many as 9,000 employees while German auto-parts supplier Continental AG may layoff or move 30,000 jobs. In America, talks between Congressional Democrats and the White House on a second bailout that could help preserve airline jobs have resumed, but Wall Street didn’t seem all that optimistic about the prospects for a deal. —David E. Rovella

• USDA On-farm June 1 corn stocks down by 158 million bushels, off-farm down by 47 million bushels.

• USDA For wheat, on-farm stocks fell 3.4 mbu and off-farm stocks fell 12.5 mbu.

• We found it all: Goldcorp's former chairman, Ian Telfer, the once head of a huge multinational miner says “we've found all the gold. There is no more. "Are we not looking for it? Are we bad at finding it? Or have we found it all?"” My answer is we found it all. I don't think there are any more mines out there, or nothing significant. And the exploration records indicate that." 
• Assuming that the guy knows what he is talking about - this would be historic! On the other hand, this could be like the Peak Oil prognostications of the 1980s. So perhaps all gold miners must do is, copy oil drillers, and drill sideways. (joke) Or perhaps he is  just talking his book.

 

• The Conference Board Consumer Confidence Index® increased in September, after declining in August. The Index now stands at 101.8 (1985=100), up from 86.3 in August.
• As usual they didn’t ask me, but what are these people drinking or smoking?

 Really good question - please post the answer.

World leaders pledge to halt Earth’s destruction ahead of UN summit

• A New York Times report shows that President Trump used tax strategies that are unavailable to most Americans. Households in the middle 20 percent paid an average of about three times what Trump reportedly paid in 2016 and 2017.

• Working through Facebook,(AKA the plague on humanity) the Trump campaign in 2016 set out to deter 3.5 million BlackAmericans from voting.
• Four individuals, including the partner of one of the victims of the deadly Kenosha, Wisconsin, shootings, have filed a lawsuit against Facebook, the suspected gunman Kyle Rittenhouse and two leaders of online groups.

  

• LONDON The number of British entrepreneurs looking to "buy" citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms say, as prospects of a post-Brexit trade deal between Britain and the bloc darken.

 

• FRANKFURT (Reuters) - Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz,(ALIZF) one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

• Welt am Sonntag: Siemens Energy mulls plan for exiting coal activities - (and another Co. is wising up)

 

• (DB) Italy’s 30y yields have hit fresh low this week at 1.75% despite rising debt. Italy debt/GDP is on course to 160% when the new draft budget is presented early next week up from 135% at the end of 2019.
• An Italian cardinal whose former office has been embroiled in a financial scandal resigned suddenly Thursday from his Vatican post and renounced his rights as a cardinal, a surprise escalation of an affair that has overshadowed that Holy See for the last year.

  

• Reuters: China’s recovery has been gaining momentum as pent-up demand, government stimulus and surprisingly resilient exports propel a rebound. Industrial firm profits grew 19.1% year-on-year in August to 612.81 billion yuan ($89.8 billion), the statistics bureau said. That compares with a 19.6% increase in July and is the fourth straight month of profit growth.

  

• (WP) And then there’s Prime Minister Benjamin Netanyahu. Over the years, the Israeli leader has developed a reputation among the staff at the U.S. president’s guesthouse for bringing special cargo on his trips to Washington: bags and suitcases full of dirty laundry, according to U.S. officials familiar with the matter. The clothes are cleaned for the prime minister free of charge by the U.S. staff, a perk that is available to all foreign leaders but sparingly taken advantage of given the short stays of busy heads of state.

 

 

 

• Sorry, no updates currently, way too busy reading about Trumps Taxes.

 

    Bloomberg: Jeffrey Gundlach The DoubleLine Capital chief executive    officer tweeted an invitation for real estate agents in “low tax, well governed” U.S. states to call him, as he openly pondered leaving his Los Angeles base.                          

(Great, more room for us! One could get a little annoyed with these self-centered, greedy, never ever enough people that are sponging off 100’s of years of innovation and infrastructure, invented and built by others before them. And then complain about a max marginal tax rate of 12.3%)

• Biden Plan Will Create 7 Million More Jobs Than Trump
• Moody’s Analytics, an economic-research firm, has published an economic forecast weighing the effects of Joe Biden and Donald Trump’s proposals. It finds Biden’s plan would produce dramatically faster job growth and higher wages for most workers.