53,000 hours of federal minimum wage work to buy a house
Archives of “June 10, 2020” day
rss$3 trillion dollars in US equity-linked derivatives (Q4 2019)
China May CPI 2.4% (vs. 2.7% expected)
China inflation data from May 2020
CPI 2.4% y/y, first time under 3% since August last year
- expected 2.7% y/y, April’s was 3.3%
- -0.8% m/m
- Food prices +10.6% y/y
- non-food +0.4% y/y
PPI -3.7% y/y … deeper deflation
- expected -3.3% , April was -3.1%
- -0.4% m/m
This was written in 1907. How Money is Made in Security Investments – Hall.
From Commonsense Speculation – 1938
Deutsche Bank have cast further doubt on the strong US jobs figures
DB makes the point that the response rate in the survey was much lower than normal.
- “New households that have entered the household sample for the past 3 months did not get in-person introduction & explanations, which has increased uncertainty about the employment report data”
Just noting this, its probably best I am posting it now, any earlier and anyone paying attention might have been steamrollered by this market!
US Fauci says Covid-19 is his worst nightmare, “And it isn’t over yet.”
Dr. Anthony Fauci is a key member of the White House coronavirus task force, a top infectious disease expert.
Spoke with biotech executives at a conference held by the Biotechnology Innovation Organization, describing Covid-19 as his “worst nightmare”
- “In a period of four months, it has devastated the whole world”
- “And it isn’t over yet.”
- “An efficiently transmitted disease can spread worldwide in six months or a year, but “this took about a month”
Report via the New York Times (link for more)
Mixed day for the US indices today. NASDAQ trades at 10000 for the 1st time
S&P and Dow stay negative all day. Nasdaq closes at new record and trades 10K
The US major indices close mixed today with the Nasdaq leading the way. The S&P index and the Dow ended lower and never generated enough upside momentum to get above the closes from yesterday. Recall the S&P closed in the black for the year for the 1st time since the tumble in February. That momentum could not be sustained today
The Dow closed down for the 1st time after 6 straight trading days higher (most and 9 months).
S&P closed down for the 2nd time in 8 days.
The NASDAQ index closed at a record level and surpassed the 10,000 level for the 1st time.
Amazon and Apple closed at record levels.
A look at the final numbers shows:
- S&P index fell by -25.21 points or -0.78% at 3207.18
- NASDAQ index rose by 29.009 points or 0.29% at 9953.75
- Dow industrial average fell by -300.14 points or -1.09% at 27272.38
Below are the percentage changes and percentage closing levels for not only the North American indices, but also European indices. The European indices all closed sharply lower with the UK FTSE falling by -2.11%.
Thought For A Day
