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Archives by Year:
Closed-End Fund Discounts
It’s debatable whether the recent stock market slide created some bargains, but there’s another corner of financial markets where inefficiencies prevail more regularly – the closed-end fund universe. What’s a Closed-End Fund? Unlike mutual funds, which continually issue and redeem shares according to investor demand, closed-end funds take in money and issue a finite number […]
The Very (Very, Very) Big Things
Somehow, the scale of May 29 keeps getting bigger. I should clarify, meaning that the very few data series that can pick up on what happened that day have had trouble picking up on exactly what happened that day. It was, to put it simply, a global collateral call of some undetermined magnitude. We know it was […]
September 2018 Residential Building Slowed
The headline residential building permits slowed and construction completions slowed relative to last month. But we keep our eyes on the rolling averages which told us this was generally a slightly stronger report than last month. Analyst Opinion of Residential Building The backward revisions this month were slightly upward.The nature of this industry normally has […]
WTI Plunges Below $70 To 1-Month Lows After Bigger-Than-Expected Crude Build
WTI extended losses this morning after a brief bounce on API’s unexpected crude draw, pushing down to one-month lows below a $70 handle after DOE reported an unexpectedly large crude build. API Crude -2.13mm (+2.5mm exp) Cushing +1.5mm Gasoline -3.4mm Distillates -246k DOE Crude +6.49mm (+2.5mm exp) Cushing +1.78mm Gasoline -2.016mm (+600k exp) Distillates -827k This is […]
New Residential Housing Starts Down In September
The U.S. Census Bureau and the Department of Housing and Urban Development have now published their findings for September new residential housing starts. The latest reading of 1.201M was below the Investing.com forecast of 1.220M and a decrease from the previous month’s revised 1.2684M. Here is the opening of this morning’s monthly report: Housing Starts Privately‐owned housing […]
Fresenius Medical Drops After Again Cutting FY18 Outlook
Shares of Fresenius Medical Care (FMS) dropped in early trading after the company cut its outlook for fiscal 2018. LOWERED OUTLOOK: Fresenius Medical Care, a provider of dialysis products and services, now sees FY18 net income up 11%-12% at constant currency versus its previous outlook of 13%-15% growth. Adjusted net income is now seen up […]
Chairman Powell – You’re Fired
“I’m a low interest rate person” – Donald Trump 2016 On Donald Trump’s hit TV show, The Apprentice, contestants competed to be Trump’s chief apprentice. Predictably, each show ended when the field of contestants was narrowed down by the firing of a would-be apprentice. While the show was pure entertainment, we suspect Trump’s management style […]
The Aid Of TIC In Sorting Shorts And Shortages
The Asians are selling their Treasuries again, which can only mean one thing. The mainstream media will offer all sorts of explanations as to why that might be and not a single one will be correct. China and Japan are offloading US$ assets primarily federal government debt for vastly different reasons. Their decisions spring from […]
How Much Does The U.S. Trade With China, Canada And Mexico?
from the St Louis Fed — this post authored by Fernando Leibovici, Economist With recent changes in U.S. trade policy – particularly towards China, Canada and Mexico – economists and policymakers alike have been trying to identify the potential impact of these changes on the U.S. economy. In previous posts, I have examined the role of imported […]
Determining The Outlook For Mining Stocks? Look Deeper Than Others
Gold miners completed the inverse head-and-shoulders pattern – it’s now a fact. And many analysts would have one believe that it’s the only fact that matters right now or that it’s of major importance. But just like focusing on one tree can make one miss the entire forest behind it, the above could make the […]
