Unicorns, once elusive creatures of the startup universe, are again becoming a rarity
According to the latest data from Pitchbook, July saw just 3 new companies reach the $1 billion valuation necessary to join the club — a paltry count in comparison to the 67 that emerged back in December 2021. Source: Chartr
US CPI has moved down from a peak of 9.1% in June 2022 to 3.2% today. What's driving that decline?
Lower rates of inflation in Fuel Oil, Gasoline, Gas Utilities, Used Cars, Medical Care, Electricity, Apparel, New Cars, Food at Home, and Food away from Home. Shelter and Transportation are the only major components that have a higher inflation rate than June 2022. Source: Charlie Bilello
US inflation a tad lower than what economists expected: US July CPI accelerates to 3.2% YoY from 3% in June vs 3.3% expected, BUT the first acceleration after 12 consecutive months of decline
Both Goods and Services inflation (YoY) slowed in July - but Services remain extremely high at +6.1%... Core CPI slows to 4.7% YoY from 4.8% in June as expected. Shelter costs contributed to about 90% of the increase in July CPI. Note that #Fed's favorite inflation indicator - Core Services CPI Ex-Shelter - remains sticky' as it reaccelerated in July (+0.2% MoM, and from +3.9% to +4.0% YoY)... Fed Swaps price in lower odds (20%) of another rate hike this year. Source: Bloomberg, HolgerZ, www.zerohedge.com
The $105 Trillion World Economy in One Chart
Source: Visual Capitalist
S&P 500 Index approaching support zone 4448-4458
S&P 500 Index (SPX) is approaching strong support zone 4'448-4'458. Keep an eye at that level. If that level breaks, next major support is 4'325. Source : Bloomberg
Rice prices soared to the highest in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports
Concerns over the potential impacts of El Nino on production in some suppliers provided further underpinning to prices, as did rain-induced interruptions and quality variability in Vietnam’s ongoing summer-autumn harvest,” a FAO report stated. India, the world’s leading rice exporter, banned exports of non-basmati white rice on Jul. 20, as the government seeks to keep a cap on soaring food prices at home, and ensure there are enough supplies domestically “at reasonable prices.” Source: Bloomberg. CNBC
Siemens under pressure
Siemens (SIE GY) is under pressure. Next support zone is 136-138. Keep an eye on this key level. If it breaks, next level is at 126.50. Source : Bloomberg
In a stunning move, reminiscent of the first few months of Putin's invasion of Ukraine, European NatGas prices exploded a stunning 40% higher YESTERDAY ALONE
This comes as the possibility of worker strikes at some LNG plants in Australia threatens global supply..... This is the biggest daily increase since March 2022. Citigroup estimates EU natural gas prices could double. Meanwhile, oil hit 9 months high and coal is rising as well. The surge of energy prices will make the job of central-bankers more difficult. Source: The Kobeissi Letter, ICE, Bloomberg
