BREAKING: Multiple shots were fired in the vicinity of Donald Trump as he was golfing at the Trump National Golf Club in West Palm Beach
.
BREAKING: The Restaurant Performance Index (RPI) fell -1.3% in July to 97.7 points, the lowest level since the 2020 lockdowns
This index tracks the health of the restaurant industry in the US by measuring sales, customer traffic, labor, and overall business conditions. Since 2021, this metric has fallen by ~8.0%, marking the largest drop since it was launched in 2002. Such a low level in the index has only been seen during recessions. Americans are pulling back on dining out as prices have been sharply rising and recently hit new all-time highs. Since 2020, food prices away from home have increased by 27.0%, and fast food prices have jumped by 31.0%. Eating out is becoming a luxury... Source: The Kobeissi Letter, Trahan Macro Research
US fiscal stimulus: no surprise, we haven't seen any slowdwn in terms of spending ahead of the elections...
Source: Bloomberg, www.zerohedge.com
Ozempic is selling so well that an insurer requests USD 1 bn in payments back
Source: Bloomberg
US equities bull market => are you afraid to be too late to the party?
If history is any guide, you aren't. As shown on the chart below, history shows there is still rooms to go for this bull market in terms of duration AND magnitue. Source: RBC
📈 BREAKING: August PPI inflation falls to 1.7%, below expectations of 1.8%.
Core PPI inflation was unchanged, at 2.4%, below expectations of 2.5%. PPI inflation is now at its lowest level since February 2024. On a sequential basis (MoM), the picture is not the same: August's core PPI rose more than expected, driven by higher service prices, while goods prices stayed flat. PPI 0.2% MoM, Exp. 0.1% PPI Core 0.3% MoM, Exp. 0.2% Source: Ali Dhanjion X, Factset
In case you missed it...
Goods deflation in the US is the biggest in 20 years... Source: www.zerohedge.com
🚨 THIS IS ONE OF THE MOST EXPENSIVE MARKETS IN HISTORY 🚨
valuation remains a headwind for US equities (out of the 5 pillars of our investment process, valuation is the only negative one) . S&P 500 is expensive on 19 out of 20 metrics according to the Bank of America analysis. Some metrics are over 100% above historical averages. Shiller P/E and S&P 500 Market Cap to GDP are now 101% and 147% above averages. Source: Global Markets Investor, Facset, Bloomberg, BofA
