Hard landing vs. Soft landing assets
Source: BofA
From Wall Street to Main Street (aka workers want a bigger piece of the cake) => UAW members go on strike at three key auto plants after deal deadline passes
Half of US auto production is going offline tomorrow. - Thousands of United Auto Workers members went on strike at three key plants, after Detroit automakers failed to reach deals with the union by a Thursday night deadline. - The selected plants produce highly profitable vehicles for the automakers that largely continue to be in high-demand. About 12,700 workers – 5,800 at Stellantis, 3,600 at GM and 3,300 at Ford – will be on strike at the plants in total, the union said. The UAW represents about 146,000 workers across Ford, GM and Stellantis. Source: Goldman, CNBC
China’s retail sales and industrial production picked up pace in August with better-than-expected growth, according to National Bureau of Statistics data released Friday
Retail sales grew by 4.6% in August from a year ago, beating expectations for 3% growth forecast by a Reuters poll. The increase was also faster than the 2.5% year-on-year pace in July. Industrial production grew by 4.5% in August from a year ago, better than the 3.9% forecast and faster than the 3.7% increase reported for July. Fixed asset investment, however, grew by 3.2% year-on-year in August on a year-to-date basis. That missed expectations for a 3.3% increase and was slower than the 3.4% pace reported as of July. The figure was dragged down by a steeper drop in real estate investment, and a slowdown in infrastructure investment. Only manufacturing saw the pace of investment pick up. Statistics bureau spokesperson Fu Linghui said the real estate market was still in a period of “adjustment” and noted declines in sales and investment. Source: CNBC
The $VIX ended the day at 12.82, its lowest close since January 2020
Source: Charlie Bilello
OOPS! A bank liquidity indicator sounds the alarm!
Usage of The Fed's emergency bank funding facility rose once again (+$208M) to a new record high over $108BN as long-term government bond yields keep rising... Source: Bloomberg
Arm Holdings jumps 25% from IPO price in trading debut
Hotly-anticipated IPO was 12-times oversubscribed w/the top 10 clients taking half of the 95.5 million ADRs at $51 each, the top of a marketed range. Source: HolgerZ, Bloomberg
The History of the stock market is the history of forgetting!
Source: Investment Books (Dhaval)
Nvidia Insider Trading Alert 🚨
Nvidia CEO Jensen Huang dumped another $27 million worth of $NVDA shares. He has now sold almost $100 million worth of shares over the last week. Source: Barchart
