If you wrote the book for your offspring, what advice would you pass on. What would be included in a book called “My Axioms”.
US markets rallied over the possibility the Federal Reserve may soon conclude its rate-hiking campaign, while China’s economic data came in softer than expected.
SUMMARY More on the Magellan Punt. A podcast recommendation on mining. Death taxes and insurance.…
The ASX 200 started the week down 21 points (-0.3%), its lowest level in three months weighed down by losses in banking and mining.
Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remains data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Dow Jones finished down 5 points (-0.01%) at worst down 116 points. The Bank of England raised rates by 50bp, more than expected, although the UK market (FTSE) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July 26th rose from 74.4% to 76.9%. Weekly jobless numbers hit a 20 month high and the Leading Economic Index fell for the 14th time on the trot. The energy sector was the worst-performing sector on the back of a 4% fall in the oil price.
Friday 23rd June 2.30pm Update Another day another nasty fall. Once again, we are suffering…
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SUMMARY Whiplash – some things you can’t explain. Global hawkishness infects the psyche. Post-It Notes…
US equities start the holiday-shortened week in the red off-session lows in a very quiet…