citing two sources
Compliance, which is usually an issue, running at good levels. All hands to the pump for the COVID-19 crisis eh!. Or at least not to the pump 😉
Archives of “September 16, 2020” day
rssEU Commission head: not the time to withdraw fiscal support
EU head, via Reuters
- We must take the opportunity to make structural reforms
- We must complete the capital markets union and banking union
- Will put forward legal proposals to set up framework for minimum wages
- Everyone must have access to minimum wages either through collective agreements or statutory minimum wages
Von der Leyen speaking at the State of the European Union address
A quarter of US Gulf of Mexico output offline as hurricane advances
Via Reuters
- 500K bpd of offshore crude oil production and 28% of natural gas output shut in the Gulf of Mexico on Tuesday according to the US interior Gov’t
US crude futures rising on the shutdowns as Hurricane Sally approaches.
Pfizer trial participants showing side effects when given either experimental coronavirus vaccine or placebo
Reuters with a curious report
- Pfizer has more than 29,000 people in its 44,000-volunteer trial
- testing their experimental COVID-19 vaccine
- Pfizer said participants were showing mild-to-moderate side effects when given either the company’s experimental coronavirus vaccine or a placebo in an ongoing late-stage study.
What? Link here for (not very much) more
China’s state planner says 88.2bn yuan of projects approved in August
The National Development and Reform Commission of the People’s Republic of China (NDRC) is the country’s ‘state planner’.
- approved 6 projects making up 88.2bn yuan
All part of the stimulus effort.
The volume of individual stock options has exceeded the volume of shares for the first time.
“Look at the index of the Caracas Stock Exchange, the best of all.”
Japan data – trade balance for August: Y 248.3bn (expected Y -15.0bn)
Japan trade balance for August Y 248.3bn
- expected Y -15.0bn, prior Y 10.9bn
Trade balance adjusted Y 650.6bn
- expected Y 23.3bn, prior Y -34.8bn
Exports -14.8% y/y
- expected -16.1% y/y, prior -19.2%
Imports -20.8% y/y
- expected -17.8% y/y, prior -22.3%
Exports fell but not by as much as expected. Imports fell by more than expected. Net result is a trade surplus, a deficit was expected.
The y/y fall in exports brings the run of consecutive monthly falls to 21.
Bank of America fund manager survey indicates that “Long US tech” is the most crowded trade ever
Probably not surprising too many people, the BoA survey shows that Long US tech is the most “crowded trade” of all-time in the history of the survey.
Fund managers nominate the tech ‘bubble’ as the number 2 tail risk (following a COVID-19 second wave).
—The thing about this is it has been crowded for quite some time. Timing the drop is, of course, the hard part.
JPMorgan quant says Nasdaq 100 selling correction has likely run its course
Bloomberg with a piece (ICYMI) on JPM’s head of macro quantitative and derivatives research Marko Kolanovic.
- Says the tech-led selloff that sent the Nasdaq 100 lower has likely run its course
His comments are in an interview on Bloomberg TV, here is the link to the piece for more.
He likes the upside:
- “Now we think the selloff is probably over”
- “Positioning is low. We got a little bit of a purge, so we think actually market can move higher from here.”