Macro matters:
So there were more up days last week in the S&P500 than down days...interesting:
Gloom on the oil space from Brookings (link here):
'While the Saudis may be willing to cut production if all the other OPEC members also agree to substantial cuts, the prospects for an agreement are slim to none, given their individual internal political realities and revenue needs'.
I like this article titled 'Long-term investors: Time to Fill up the Tank with Energy Exposure' which included the observation:
'There is still a risk of a cold winter hitting Northern Europe and the Northern part of the US - Siberia is seeing lots of snow'
Certainly I am awaiting the Q3 reporting from the energy sector with great interest. The darkest hour is always before the dawn...
US real wage growth is hardly rampant:
So there were more up days last week in the S&P500 than down days...interesting:
'While the Saudis may be willing to cut production if all the other OPEC members also agree to substantial cuts, the prospects for an agreement are slim to none, given their individual internal political realities and revenue needs'.
I like this article titled 'Long-term investors: Time to Fill up the Tank with Energy Exposure' which included the observation:
'There is still a risk of a cold winter hitting Northern Europe and the Northern part of the US - Siberia is seeing lots of snow'
Certainly I am awaiting the Q3 reporting from the energy sector with great interest. The darkest hour is always before the dawn...
US real wage growth is hardly rampant:
(h/t @wolfofwolfst)
'Panic money printing won't save the Euro zone' says this article
I have some sympathy with the call for supply side reform...as does Jens Weidmann of the German Bundesbank:
“The biggest bottleneck for growth in the euro area is not monetary policy, nor is it the lack of fiscal stimulus: it is the structural barriers that impede competition, innovation and productivity,”
Interesting to see this graph on relative growth rates:
(h/t @MineforNothing)
Never forget historic volatility!
(h/t @MarkBrant1KM)
Via Seeking Alpha: Moody's downgrades government of Russia's debt rating by one
notch to Baa2 from Baa1 and maintains Negative outlook. Key drivers for the
downgrade: "i) Russia's increasingly subdued medium-term growth prospects,
exacerbated by the prolongation of the Ukraine crisis, including through the
impact of expanded international sanctions. ii) The gradual, but ongoing
erosion of the country's foreign-exchange buffers due to capital flight,
Russian borrowers' restricted international market access and low oil prices."
'The Best Actively-Managed Funds Have Low Costs And High Manager Ownership'. No surprises there (link here).
Company-related observations:
Unsurprising complaints about the strong US dollar and 'Europe' so far in Q3 reporting:
No surprises too that the number of failed M&A deals is the highest since 2008
Meanwhile Tesco stories over the weekend include (1) 'evidence of a cover-up' around the accounting mis-statement (under now the previous CEO) and; (2) 'hedge funds to snap up Tesco's Asia assets'. Yes, potential bid rumours for the company's Asian businesses (allegedly worth £8-9bn+) have started.
Interesting eBay/PayPal chart:
From an academic study titled:
CEO Facial Width Predicts Firm Financial Policies
'Facial width-to-height ratio (fWHR) is a proxy for testosterone levels and has been linked to aggressive behavior and increased risk tolerance. This study is the first to examine the relationship between a proxy for CEO testosterone levels and firm financial policies. Using data hand-collected from images of 968 male CEOs of S&P 500 firms, I find that CEO facial width is positively correlated with leverage and negatively correlated with cash holdings during the 2002-2013 period'.
The perils of QE...
And the growth of the artificial peach:
And the growth of the artificial peach:
Have a good week
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