The Morning Call
Monday in the charts. Notable, despite being up on the day, the long bond closed below the lower boundary of its very short term uptrend, negating that trend, meaning higher rates ahead.
From bond vigilantes to bond zombies.
The puzzle of low interest rates.
Month to date retail chain store sales grow fell dramatically from the prior week.
October consumer credit grew $7.2 billion versus estimates of +$16 billion.
Q3 nonfarm productivity increased 4.6% versus consensus of up 4.9%; unit labor costs fell 6.6% versus -8.9%.
The October Japanese leading economic indicators came in at 93.8 versus expectations of 93.2; household spending was up 2.1% versus +1.0%; cash earnings declined 0.8% versus -0.6%; Q3 final GDP growth was 5.3% versus 5.0% with capital spending down 2.4% versus -3.2%.
October German industrial production was up 3.2% versus projections of up 1.6%; December economic sentiment came in at 55.0 versus 45.5.
Q3 EU employment rose 1.0% versus forecasts of +0.9%; GDP growth was 12.5% versus +12.6%; December economic sentiment was reported at 54.4 versus 32.0
Bracing for Brexit’s financial shock.
BIS issues warning solvency issues are growing.
Indiscriminate stimulus is absurd (must read).
Bottom line. Expensive markets are more dangerous than you think.
The fundamental problem with the bullish view.
Are you a permabear?
News on Stocks in Our Portfolios
Brown-Forman (NYSE:BF.B): FQ2 GAAP EPS of $0.50 misses by $0.02.
Revenue of $985M (-0.4% Y/Y) beats by $17.24M.
What I am reading today
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Analyst's Disclosure: I am/we are long BF.B.
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