August 26, 2022 | With Russia shutting down the Nord Stream 1 Pipeline due to “maintenance” this week, all eyes will be on Germany and Italy’s natural gas reserves. If levels do not move up, look for the possibility of energy rationing, which will be another gut check for the region. Source: @Gavekal
...August 26, 2022 | It is always easier to cut hours instead of jobs. The average workweek is a great indicator for labor market conditions and a continued drop in hours worked is not a good sign. This is a strong signal that labor markets are shifting. Source: @thedailyshot
...August 26, 2022 | Asian exports have been steadily dropping in 2022, strong evidence that the US consumer is returning to normal spending patterns: spending more on services vs goods. This is not good news for Consumer Discretionary stocks, which are already experiencing pain this year. Source: MorganStanley
...August 26, 2022 | Gold and its role in a portfolio is in question, as it has not provided the typical hedge against inflation and drop in markets. Interestingly, gold has performed as expected for international investors. I guess investors weren’t expecting a +13% increase in the US Dollar. Source: @Gavekal
...August 19, 2022 | Auto prices are slowing from the red-hot pace of 2021, and auto loan defaults are beginning to tick higher. Defaults reveal a lot about the consumer, and their increase paints a bleak picture. Higher defaults and lower prices doesn’t make for a happy ending. Source: Quillintel
...August 19, 2022 | The amount of existing US homes being sold missed the mark this week, down 22% vs. last year. The real estate market is similar to the Titanic: it’s slow to move but once it starts, it won’t stop… And the Titanic is turning… Source: thedailyshot
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