U.S. GDP Growth 1946 – Current:
Archives of “July 2020” month
rssChina infrastructure stimulus – 3 times as many pile drivers are sold as are sold in all of US & Europe
A piece in the New York Times that makes for an interesting read.
- The scope of China’s latest building boom is enormous
- Thirty-seven Chinese cities are in the process of building a total of 150 new subway lines
- The country’s high-speed rail system, which already connects more than 700 towns and cities, is expanding so fast that it annually buys three times as many pile drivers as the European and American markets combined.
Here is the link for more (may be gated)
Apple reports EPS of $2.58 on revenues of $59.69 billion
Apple earnings report
Apple earnings report- EPS $2.58 vs. estimates of $2.07
- revenues $59.69 billion vs. estimate of $52.30 billion
- Apple announces 4 – 1 stock split after shares surged toward $400
- iPhone revenue $26.42 billion vs. estimate $21.31 billion
- Products revenue $46.53 billion vs. estimate of $38.36 billion
Apple shares are trading at $407, after closing at $384.76
US major indices close session mixed
S&P and Dow and the lower. NASDAQ index close higher ahead of key earnings
The major indices close mixed ahead of the key earnings from Apple, Amazon, alphabet and Facebook
The final numbers are showing:
- S&P index fell -12.22 points or -0.3% to 3246.22
- NASDAQ index rose +44.87 points or 0.43% to 10,587.81
- Dow industrial average fell -225.92 points or -0.5% to 26,313.65
Thought For A Day
McConnell says US election date is set in stone
Comment from the Senate majority leader
A number of other top Republicans have said the same thing.
One theory makes sense in a crazy way: Trump floated the idea today to distract from the GDP numbers and push them off the front page. I’m not sure it improves your standing but I could see the twisted logic in it.
Countries with higher corporate debt.
Closing changes for the main European bourses:
- UK FTSE -2.5% (worst since June 24)
- German DAX -3.65% (worst since June 11)
- French CAC -2.4%
- Spain IBEX -2.7%
- Italy MIB -3.4%
That’s a rough one.
Three new Chinese gold ETFs launched in April. (ICBC, Huaxia, Qianhai).
Oil falls 2.5% in worst decline since July 7
Oil defensive today
Last week it looked like crude might break above the range around $40 but it’s been sucked back lower and is in danger of falling back to $40.
The drop today is really a macro story with risk trades struggling broadly on fears about slowing consumer demand and virus flare ups in a number of countries.
A break below $40 could spark a run on stops at the late-July low of $39.83.