Is the SP500 trading out of sync with other markets?
Source: zerohedge, Morgan Stanley
Asset class returns as of end of August and since 2011
Source: Charlie Bilello
Sector Heatmap Performance for August 🔥
📈 Consumer Staples were the biggest winners $XLP 📉 Energy was the biggest loser $XLE Source: Trend Spider
The S&P 500 is up 18.4% in the first 168 trading days of 2024, the 15th best start to a year going back to 1928 and best start to a presidential election year ever.
Source: Charlie Bilello
Oil market warnings grow as OPEC+ decision nears
Source : Bloomberg
Exxon expects fossil fuels to dominate energy use through 2050
Source: CNBC Stock Market & Business
Economic malaise deepens in Germany
German private sector falls deeper into contraction, flash PMI shows. German Composite PMI Index dropped to 48.5 in August, a 5mth low, down from prior 49.1 and below the expected 49.2. Manufacturing PMI fell to 42.1 from 43.2, below the consensus estimate of 43.5. On the services side, the PMI also hit a 5mth low of 51.4, compared w/prev reading of 52.5 and analysts forecast of 52.3. The report adds to evidence that Germany's recovery has fizzled out. GDP unexpectedly contracted by 0.1% in Q2, and analysts polled by Bloomberg predict barely any expansion at all over the whole of 2024. Source: Bloomberg, HolgerZ
Goldman Sach's Head of Global Markets Scott Rubner believes the "pain trade" for US stocks is higher
Source: Bloomberg
