Market Recap??
Benjamin Robinot ??????
Investment manager, building sustainable wealth through insights & automation. Father x 3. Sports fanatic.
Recap of the macro news and market activity of the past week. Released every week.
??ON INVESTORS’ MIND
The bottom fell off last week in a low-trading-volume environment. VIX (aka the fear gauge) shot up, JPY appreciated quickly against the USD, setting the unwind of carry trades. After a close-to 10% peak-to-trough sell-off in the S&P500, it now looks like equity shorts have been mostly unwound, and the market looks more balanced.
??CHART OF THE WEEK
As both political sides talk about tariffs, Bloomberg found that 60% China tariffs and 10% world tariffs would slow GDP growth and raise consumer prices.
??MARKET NEWS
Any news on rates or inflation?
Prices paid in ISM manufacturing and services appeared to cool down.
How do you feel about the economy?
Change in continuing jobless claims remained elevated at 5.75% year-on-year, but off recent peak. Employment component in ISM manufacturing dropped sharply in Jul24, while it was more upbeat in services.
Houses & mortgages
Total value of U.S. homes has increased by $3.1 trillion over past 12 months to reach a record $49.6 trillion. In percentage terms, value has increased by 6.6% year/year as per Redfin and Schwab.
Corporate digest
Earnings season continued to unfold with positive surprises overall. AI-linked companies were cold-showered by Intel’s announcement to cut 15k jobs and reduce capital spending. Not so great week for the rest of tech stocks either, as Google lost an antitrust lawsuit over online search, and Berkshire sold half its Apple stocks, in a sign that heydays might be over.
领英推荐
??MARKET DATA as of 12th August 24
A key risk-off moment took place in the market this week, with risk assets sharply correcting to the benefit of US treasuries safe havens. While the market had mostly paired losses by Friday, UST 10y ended much lower under 4%, and small caps erased most of their early Jul24 gains.
??WEEK AHEAD
Watch CPI on Wednesday for clues on what comes next on Fed rate policy.
That’s all for now !
About –
360 Advisory LLC is a Boston-based RIA managing investments