Can it be? Bank earnings kick off the quarterly earnings calendar next week.

It seems like only yesterday we had the last earnings cycle

Earning's for the quarter kickoff next week with financials and banks leading the charge
Can it be?
Next week bank earnings will kickoff the quarterly earnings calendar.  It seems like only yesterday that the last quarter was complete.
The thanks/financials traditionally are the first to report, but other names are in the mixed.
Some of the major releases include:
  • J.P. Morgan
  • BlackRock
  • Delta Airlines
  • Citi
  • Domino’s pizza
  • Bank of America
  • Walgreens
  • Morgan Stanley
  • Wells Fargo
  • U.S. Bancorp
  • UnitedHealth Group
  • Goldman Sachs
  • PNC
  • Truist
  • JB Hunt
That’s just the start, but it is the start.

Another Chinese property development firm missed a debt payment

Bloomberg with the report on a missed payment by Fantasia Holdings.

The news was out overnight so it is not new news, posting as an ICYMI.
Says the Bloomberg report (more at that link above (may be gated) )
  • Fantasia didn’t repay a $205.7 million bond that was due Monday, according to a company statement. 
  • Separately, property management company Country Garden Services Holdings Co. said that a unit of Fantasia didn’t repay a 700 million yuan ($108 million) loan that also came due on Monday and that a default was probable. 
  • Shenzhen-headquartered Fantasia’s management and board “will assess the potential impact on the financial condition and cash position of the Group” stemming from the skipped bond payment, it said. 
Bloomberg with the report on a missed payment by Fantasia Holdings. 

Brexit – UK says not afraid to walk away from talks. Less than 20% chance of a deal.

A couple of UK media items on Sunday with Brexit developments.

The UK’s chief Brexit negotiator David Frost spoke with the newspaper the Mail on Sunday
He said that the UK would leave the transition arrangement “come what may” in December. That is, deal or no deal the UK is out.
Meanwhile in the Sunday Times:
  • planning for no-deal has ramped up
  • senior figures in government have predicted that the chance of securing a Brexit trade agreement with Brussels is now less than 20%
Links for each (may be gated) if you’d like more
GBP is trading on wide spreads in early movement. Its just before:
  • 8 am in NZ
  • 6 am in Sydney
  • 5 am in Tokyo
  • and 4 am in Singapore & Hong Kong
If you are familiar with how forex market times work you’ll know that liquidity right now Is super thin. GBP swinging a little:
A couple of UK media items on Sunday with Brexit developments.

Sunday Times reports the UK “plans for a £30bn tax raid on the wealthy”

Monday 31 August 2020 is a holiday in the UK, a good time for getting this sort of bad news dribbling out.

UK press with the report,
  • Chancellor Rishi Sunak has his Treasury officials drawing up plans for a £30bn tax raid on the wealthy, businesses, pensions and foreign aid
  • proposals would be part of the budget in November
  • planning to raise capital gains tax
  • and corporation tax (from 19% to 24%)

UK Times link is here (may be gated).

ps. Reuters report here is ungated

Monday 31 August 2020 is a holiday in the UK, a good time for getting this sort of bad news dribbling out.

Happy 90th birthday to Warren Buffett

The Oracle of Omaha turns 90 today

Warren Buffett
Warren Buffet celebrates his 90th birthday today as the world’s sixth-richest man. At $82.1 billion, he’s done well for himself.
But what Jason Zweig notes in the WSJ is that the genesis of his genius was in playing the long game and starting as early as possible.
Around the age of 10, he read a book about how to make $1,000 and intuitively grasped the importance of time. In five years, $1,000 earning 10% would be worth more than $1,600; 10 years of 10% growth would turn it into nearly $2,600; in 25 years, it would amount to more than $10,800; in 50 years, it would compound to almost $117,400.
Today’s markets are as get-rich-quick as ever but the long game always wins.
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