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Apple breaking
Apple broke first important support at 183. Next support to keep an eye is 176.15 which was August 2022 high. If that one breaks also, will be looking at 170-160 zone which is a major level. Source Bloomberg
The lagging effects of higher interest rates ?
Yellow Corp. filed for bankruptcy and will remain shuttered after the trucking firm’s long-running financial woes (rising bond & loan payments) were compounded by a dispute with its labor force (wage inflation). The firm closes after nearly 100 years and leaves 30k employees jobless (this will likely be reflected in a lower payroll print for August). Source: Bloomberg
US Bank credit YoY is now -0.2% YoY. First time negative since 08 (Keep in mind that in the US about 25% of credit is securities and the other 75% loans)
Source: FRED, Adem Tumerkan
The fact that Retail investors are rapidly buying the iShares 20+Year Treasury Bond ETF (TLT) - despite the bond bloodbath - could mean that the sentiment is far from being oversold
From a contrarian perspective, this is NOT a positive for long-dated bonds. Source: The Daily Shot, Bloomberg, VandaTrack
EM returns over past 5-10yrs have been lackluster, w/most EM equities returning low-to-mid single digits
Over longer-term, returns range from extraordinary (India: 1000%) to respectable (Indonesia: 469%) despite volatility & some prolonged periods of choppy trading, BofA has calculated. All EMs have outperformed China's 22% total return. Source: HolgerZ, BofA, Bloomberg
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