China reported a worse-than-expected drop in exports in October, while imports surprisingly rose for the month from a year ago
China’s customs agency said exports in U.S. dollar terms fell by 6.4% in October from a year ago. That’s worse than the 3.3% drop predicted by a Reuters poll. Overall, China’s exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year. China’s exports to Southeast Asia and the European Union fell by double digits in October, according to CNBC calculations of official data. Exports to the U.S. dropped by more than 8%, the analysis showed. Imports rose by 3% in U.S. dollar terms in October from a year ago. That’s in contrast to the Reuters’ forecast for a 4.8% drop from a year ago. However, China’s imports from the U.S. were down by 3.7% in October versus the year ago period, CNBC calculations of customs data showed. China’s imports from the European Union rose by more than 5%, while those from the Association of Southeast Asian Nations grew by 10.2%, the analysis showed. Source: CNBC
Hedge Funds extended short positions on Treasuries to a record just before smaller-than-expected US bond sales and weaker jobs data spurred a rally
Leveraged funds ramped up net short Treasury futures positions to the most in data going back to 2006, according to an aggregate of the latest Commodity Futures Trading Commission figures as of Oct. 31. The bets persisted even though the cash bonds had rallied the week before. Source: Bloomberg
What powered the world in 2022?
Coal still leads the charge when it comes to electricity, representing 35% of global power generation, followed by natural gas at 23% and hydroelectric at 15%. Source: Elements, Visual Capitalist
The European composite PMI output index pointed to the sharpest decline in nearly three years
October's data also showed firms in the region cutting staff on a net basis for the first time since early 2021 The region is quite likely to go into a recession. Source: Markets Mayhem
Total Returns since inception of the S&P 500 ETF in January 1993...
S&P 500 ETF $SPY: +1,640% Berkshire Hathaway $BRK.A: +4,100% Apple $AAPL: +40,580% Source: Charlie Bilello
NY FED recession probability is on highs
Unemployment is going up. Similar pattern was right before most previous recessions. Source: Wall Street Silver
One year before US elections...
President Biden’s approval rating is the lowest out of every president one year out from the election since Jimmy Carter. The news comes as a new swing state poll from The New York Times shows Donald Trump defeating Biden in a 2024 matchup. According to the poll, if the election were held today, Trump would beat Biden in Nevada, Georgia, Arizona, Michigan and Pennsylvania. Biden’s approval rating is sitting at 37% one year out from the election. Trump and Obama were at 43% at this same point in their presidency while Jimmy Carter was at 32%. Source: Collin Rugg
World debt has rapidly increased since 1997. And is now around $225 trillion. Is it sustainable?
Source: Game of Trades
