August 24, 2022
Market Performance (YTD)
Holy hell. Priced in dollars per barrel of oil equivalent, German electricity is OVER $1,000/ BARREL! A madness we're struggling to comprehend. pic.twitter.com/CiIs9LHvZ1
— Dani Burger (@daniburgz) August 23, 2022
Euro-Zone Activity Shrinks for Second Month on Price Squeeze
"Euro-area economic activity declined for 2nd month, signaling that fears of #recession may already be coming to pass as record inflation saps demand & weakness seeps into more and more sectors"https://t.co/6qNsb8MCSe pic.twitter.com/3qyGPAnrXO
— Gregory Daco (@GregDaco) August 23, 2022
Europe’s common currency falls to a new two-decade low as concern about the economic prospects for the region continue to mount https://t.co/zgBKW6M3ka via @markets pic.twitter.com/YJoTBZBUu4
— Gregory Daco (@GregDaco) August 23, 2022
U.S. dollar is having its best year thus far since 1997 pic.twitter.com/M4mV1j2gek
— Liz Ann Sonders (@LizAnnSonders) August 22, 2022
As economic data have generally come in better than expectations (proxied by Citi U.S. Economic Surprise in blue) since mid/late June, S&P 500 (orange) has been cheering positive surprises pic.twitter.com/5OWgkmYfM7
— Liz Ann Sonders (@LizAnnSonders) August 19, 2022
It's now the second longest streak of declining gas prices since at least 2004. pic.twitter.com/Hr7xh8VsIS
— Bespoke (@bespokeinvest) August 23, 2022
The @RSMUSLLP supply chain index has moved back into positive terrain indicating it’s no longer a drag on growth. This is encouraging and will cause further easing in inflation & support US economic growth which should increase roughly 1.5% this quarter. pic.twitter.com/LcIk1HWJ1B
— Joseph Brusuelas (@joebrusuelas) August 18, 2022
Friends don't let friends use *lagging* #economic indicators.
U.S. *leading* economic index hit 0% YoY in July.@Conferenceboard projects the US economy will not expand in Q3 & could tip into a short but mild recession by the end of the year or early 2023. @Factset pic.twitter.com/VVB3wGhMQX
— Matthew Miskin, CFA (@matthew_miskin) August 18, 2022
The S&P PMIs for the US add to concerns about global growth.
The flash composite fell to a contractionary 45, the weakest level since May 2020 and, before the pandemic, 2009.
The weakness was broad-based, both in terms of components and sectors
Also, the housing data came in weak pic.twitter.com/EmW7wKKEb1— Mohamed A. El-Erian (@elerianm) August 23, 2022
US New Home Sales hit a 6-year low in July, down over 50% from their 2020 high. Tends to be a leading indicator for the economy, recessionary signals continue to build.
Charting via @ycharts pic.twitter.com/BFwG8LuTSM
— Charlie Bilello (@charliebilello) August 23, 2022
It was all predicated on a 3% mortgage. pic.twitter.com/mtYdBsKKHo
— Jeff Weniger (@JeffWeniger) August 23, 2022
How much would your mortgage payment be if you purchased a new home at the median price, with today's average 30Y mortgage rate and put 20% down? Here is the answer {ECAN}: pic.twitter.com/3IJBbuBQl1
— Michael McDonough (@M_McDonough) August 23, 2022
The inventory of new homes for sale rose to its highest level since April 2008 last month.
At July's sales pace, there was 10.9 months of supply, up from 5.7 months in January.
Since 1963, this figure has been higher only a few times:
-Aug '08-Mar '09
-Sep '81
-Apr '80 pic.twitter.com/NIYPUp7xYo— Nick Timiraos (@NickTimiraos) August 23, 2022
All of the softness in US data relative to expectations is from either from housing or vibes (surveys) pic.twitter.com/o2b25OGErP
— Luke Kawa (@LJKawa) August 23, 2022
Visualizing pricing power: $DIS edition@ayeshatariq pic.twitter.com/iNgENedJs5
— Markets & Mayhem (@Mayhem4Markets) August 18, 2022
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