Here are the economic releases we viewed this week:
- Conference Board Leading Economic Index
- Federal Reserve Bank of Philadelphia’s May Manufacturing Business Outlook Survey
- April 2023 CEO Turnover Report
- Existing-home sales
- Initial unemployment claims
- Ports of Los Angeles and Long Beach container shipments
- New Residential Construction
- Federal Reserve’s Industrial Production
- Advance estimates of U.S. retail and food services sales
- Empire State Manufacturing Index
Here is a summary of headlines we are reading today:
- U.S. Drilling Rigs Swing To Annual Loss For First Time In Years
- G7 Urged To Take The Lead In Phasing Out Fossil Fuels
- Oil Prices Climb As Bullish Sentiment Builds
- White House, Republican team say no progress in debt ceiling talks
- Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakers
- Five takeaways about the consumer from Walmart, other retailers after a big week of earnings
- Self-Checkout Machines Are Now Begging For Tips
Click on the “Read More” below to access the economic releases and headlines, with their associated summaries..
Last Week’s Economic Releases:
The Conference Board Leading Economic Index® (LEI) for the U.S. declined 0.6% in April 2023 to 107.5 (2016=100), following a decline of 1.2% in March. The LEI is down 4.4% over the six-month period between October 2022 and April 2023—a steeper rate of decline than its 3.8% contraction over the previous six months (April–October 2022). According to Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board:
The LEI for the US declined for the thirteenth consecutive month in April, signaling a worsening economic outlook. Weaknesses among underlying components were widespread—but less so than in March’s reading, which resulted in a smaller decline. Only stock prices and manufacturers’ new orders for both capital and consumer goods improved in April. Importantly, the LEI continues to warn of an economic downturn this year. The Conference Board forecasts a contraction of economic activity starting in Q2 leading to a mild recession by mid-2023.
[Note that EconCurrents has yet to forecast a recession – and currently is forecasting a slightly improving economy. However, the overall economy remains weak (especially goods manufacturing) and it would not take much of an economic event to cause the economy to recess.]
The Federal Reserve Bank of Philadelphia’s May Manufacturing Business Outlook Survey showed that manufacturing activity in the Third Federal Reserve District contracted in May. The survey’s headline index, which measures overall business activity, rose to -10.4 in May from -31.3 in April. This is the ninth consecutive month that the index has been negative. The survey’s indexes for new orders, shipments, and employment also remained negative in May. The survey’s prices paid and prices received indexes both rose in May. The prices paid index rose to 36.2 from 29.4 in April, and the prices received index rose to 19.0 from 10.2 in April. The survey’s future general activity index fell to -10.3 in May from -1.5 in April. This suggests that firms do not expect activity to improve much over the next six months. So far the regional Fed’s manufacturing surveys are showing a fall in manufacturing output.
Challenger, Gray & Christmas, Inc. released its April 2023 CEO Turnover Report showing that 147 CEOs left their positions in April 2023, up from the 139 CEOs who left in March 2023. This is the highest quarterly toal since Q1 2020. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. stated:
Companies have a lot to consider as we head to the second half of the year, as recession and inflation concerns continue. Many sectors are letting go of workers, and new technologies, like AI, are forcing conversations about use cases. This environment is conducive to new leadership.
The National Association of Realtors (NAR) reported that existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, decreased 3.4% in April to a seasonally adjusted annual rate (SAAR) of 4.28 million. The median existing-home price3 for all housing types in April was $388,800, a decline of 1.7% from April 2022 ($395,500). The decline in existing-home sales was likely due to a number of factors, including rising mortgage rates, rising home prices, and a limited supply of homes for sale.
The advance figure for seasonally adjusted initial unemployment claims for state unemployment insurance benefits in the week ending May 13 was 242,000, a decrease of 22,000 from the previous week’s unrevised level of 264,000. The four-week moving average was 244,250, a decrease of 1,000 from the previous week’s unrevised average of 245,250.
The ports of Los Angeles and Long Beach imported 657,000 Twenty-Foot Equivalent Units (TEUs) in April 2023, down 23% in April 2022. This is the lowest monthly volume since April 2020. Exports were down 5% from April 2022. Imports show consumption in the U.S. – and it appears that consumption is down which is indicative of a slowing economy. The Ports of Los Angeles and Long Beach are the busiest ports in the United States and the second busiest ports in the world, in terms of container volume. They handle more than 40% of all containerized cargo entering the United States.
Here are the key findings from the Monthly New Residential Construction report for April 2023:
- Building permits: Privately-owned housing units authorized by building permits in April 2023 were at a seasonally adjusted annual rate of 1,416,000. This is 1.5 percent below the revised March rate and is 21.1 percent below the April 2022 rate.
- Housing starts: Privately-owned housing starts in April 2023 were at a seasonally adjusted annual rate of 1,401,000. This is 2.3 percent below the revised March estimate and is 22.3 percent below the April 2022 rate.
- Construction completions: Privately-owned housing completions in April 2023 were at a seasonally adjusted annual rate of 1,375,000. This is 10.4 percent below the revised March estimate , but is 1.0 percent above the April 2022 rate.
The decline in housing starts and permits in April 2023 was likely due to a number of factors, including rising interest rates, rising material costs, and a shortage of skilled labor. Rising interest rates make it more expensive to borrow money to build a home, which can discourage some people from buying a new home. Rising material costs make it more expensive to build a home, which can also discourage some people from buying a new home. A shortage of skilled labor can make it difficult for builders to complete projects on time and on budget, which can also discourage some people from buying a new home.
The decline in housing starts and permits is likely to have a negative impact on the overall economy. The housing market is a major driver of economic growth, and a decline in housing starts and permits can lead to a decline in economic growth.
The advance estimates of U.S. retail and food services sales for April 2023 were $686.1 billion, up 0.4% from the previous month, and up 1.6% above April 2022 (down 3.3% year-over-year inflation adjusted). Here are some of the key findings from the report:
- Sales of nonstore retailers, which includes online retailers, were up 8.0 percent (±1.2 percent) from last year.
- Sales of food services and drinking places were up 9.4 percent (±2.5 percent) from April 2022.
- Sales of general merchandise stores were up 4.3 percent (±0.5 percent) from last year.
- Sales of motor vehicle and parts dealers were down 1.2 percent (±0.5 percent) from last year.
- Sales of building materials and garden supplies dealers were down 3.7 percent (±0.5 percent) from last year.
Overall, the advance estimates of U.S. retail and food services sales for April 2023 were weak as inflation erodes the headline numbers.
The Federal Reserve’s Industrial Production for April 2023 came in at 103.0, up 0.5% from March 2023 and 0.2% from April 2022. The contributions of the major industry groups:
- Manufacturing: Down 0.9% from April 2022.
- Mining: Up 5.6% from April 2022.
- Utilities: Down 0.4% from April 2022.
Overall, the Federal Reserve’s Industrial Production for April 2023 shows significant weakness with little growth.
The Empire State Manufacturing Index for May 2023 came in at -31.8, down from 10.8 in April. This is the lowest reading since April 2020, and it suggests that manufacturing activity in New York State is contracting at a rapid pace. The decline was driven by a sharp drop in new orders, which fell to -28.0 from 25.1 in April. Shipments also declined, falling to -16.4 from 23.9 in April. One month is not a trend but this decline was so steep that it makes one wonder if the manufacturing sector just hit a brick wall.
| Weekend News Perspectives: | |
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Is It Time To Take Green Methanol Seriously?Methanol is widely used around the globe, with industrial applications for plastics, paints, car parts, and construction materials. It can also be used to fuel cars, trucks, buses, ships, fuel cells, boilers, and cooking stoves. While the fossil fuel-produced methanol industry is already well established, there is significant room for growth in green methanol. With governments and private companies racing to decarbonize, the production of green methanol could greatly support these aims. While green methanol is in the nascent state of development,… Read more at: https://oilprice.com/Energy/Energy-General/Is-It-Time-To-Take-Green-Methanol-Seriously.html |
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The Race To Secure Long-Term LNG ContractsGlobal LNG inventories may be at a record high amid weak demand but serious buyers are looking forward and sealing long-term supply deals to secure enough LNG for the future without exposing themselves to the fickle spot market. While Europeans may not be huge fans of long-term deals because of their transition plans, Asians definitely like their long-term LNG deals. And so do the supermajors that will then sell this LNG to long-term-averse Europeans. Since the start of the year, long-term deals worth some 13 million tons annually have been closed,… Read more at: https://oilprice.com/Energy/Energy-General/The-Race-To-Secure-Long-Term-LNG-Contracts.html |
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Alberta Wildfires Still Sapping Crude Oil ProductionRaging wildfires in Canada could shave off 0.1%-0.3% of the country’s real gross domestic production this month, according to an estimate from ATB Financial. The number of wildfires grew on Friday, to 93 distinct fires, with out-of-control blazes falling by 1 to 25, according to provincial data. The current hit to the country’s crude oil production is estimated at between 240,000 and 300,000 barrels per day, according to Rystad estimates. Rystad Energy warned previously that nearly 2.7 million barrels per day of Alberta oil sands production… Read more at: https://oilprice.com/Energy/Energy-General/Alberta-Wildfires-Still-Sapping-Crude-Oil-Production.html |
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U.S. Drilling Rigs Swing To Annual Loss For First Time In YearsThe total number of total active drilling rigs in the United States fell by 11 this week, according to new data from Baker Hughes published Friday, after falling by 17 last week. The total rig count fell to 720 this week—8 rigs below this time last year. It is the first year-over-year loss in the number of active drilling rigs in the United States since April 2021. The current count is 355 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The decline in the number of rigs was entirely attributed to oil rigs, which… Read more at: https://oilprice.com/Energy/Crude-Oil/US-Drilling-Rigs-Swing-To-Annual-Loss-For-First-Time-In-Years.html |
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Trans Mountain Pipeline Needs More FundsCanada’s Trans Mountain Expansion crude oil pipeline needs more funds as construction costs have skyrocketed, Canada’s federal government said on Friday. “Given the significant expenditures expected … [Trans Mountain Corporation] will require the continued availability of future financing in order to proceed with the project,” the Canada Development Investment Corporation (CDEV) said in its 2022 annual report. The Trans Mountain Pipeline was due for an expansion years ago, but the former owner, Kinder Morgan, was planning on killing in the project… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Pipeline-Needs-More-Funds.html |
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The Death Of Fracking In ColombiaColombia’s beleaguered oil industry is facing a series of volatile headwinds as it struggles to return to a pre-pandemic tempo of operations. Petroleum output despite rising during March 2023 to 771,332 barrels per day remains well below 2019 pre-pandemic production of nearly 900,000 barrels daily. Meagre proven oil reserves of just over 2 billion barrels with a production life of eight years are also weighing on the crucially important hydrocarbon sector. The Andean country’s first leftist President Gustavo Petro, a former socialist… Read more at: https://oilprice.com/Energy/Crude-Oil/The-Death-Of-Fracking-In-Colombia.html |
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G7 Urged To Take The Lead In Phasing Out Fossil FuelsSeveral countries, including the Netherlands, Chile, and New Zealand, are calling on the G7 to lead by example and take the lead in phasing out fossil fuels, according to a letter sent to the group of the world’s most industrialized nations, which Reuters has seen. “We must bring the fossil fuel era to an end and phase out fossil fuels,” the Netherlands, Chile, New Zealand, the Marshall Islands, Palau, Saint Lucia, and Vanuatu wrote in the letter. The small island nations of the Marshall Islands, Palau, Saint Lucia,… Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/G7-Urged-To-Take-The-Lead-In-Phasing-Out-Fossil-Fuels.html |
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Warren Buffett Buys Up Even More Occidental PetroleumWarren Buffett’s Berkshire Hathaway bought additional shares in Occidental Petroleum this week, raising its stake in the U.S. oil firm to 24.4%, a regulatory filing shows. Berkshire Hathaway acquired 3,457,222 Oxy common stock this week, at around $58 per share for some $201 million. As a result of the latest transactions, Berkshire Hathaway now owns 217,330,133 common shares of Occidental, which are worth around $12.7 billion. Earlier this month, Warren Buffett said that Berkshire Hathaway would not be seeking full control of Occidental… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Warren-Buffett-Buys-Up-Even-More-Occidental-Petroleum.html |
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Oil Prices Climb As Bullish Sentiment BuildsWhile it may still be too early to say if sentiment in oil markets has completely shifted, signs that the U.S. will avoid a default and that oil markets are beginning to tighten have put oil prices on course for their first weekly gain in a month.Oilprice Alert: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, and all for less than a cup of coffee per… Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-As-Bullish-Sentiment-Builds.html |
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Canada’s Gasoline Prices Set To Rise As Driving Season StartsAlberta’s wildfires could shut in more oil production, adding to rising gasoline demand at the start of Canada’s driving season this weekend and pushing gasoline prices in Canada higher, analysts told The Canadian Press ahead of long May 20-22 long weekend. “It’s not unusual to see gas prices go up and down around weekends, and especially long weekends,” Colin Cieszynski, chief market strategist at SIA Wealth Management, told The Canadian Press. Wildfires in Alberta could put upward pressure on oil and gasoline prices, the analysts say. Following… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Gasoline-Prices-Set-To-Rise-As-Driving-Season-Starts.html |
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Bank Of America Sees Oil Prices Heading Toward $90 This YearOil prices will return to above $80 per barrel in the second half of this year and could continue rising toward $90 due to a deepening supply deficit, Francisco Blanch, head of commodities research at Bank of America, told Bloomberg Television on Friday. This quarter will be a little weaker, with oil prices averaging in the mid-$70s, Blanch said. “We’ll get back up over $80 in the second half of the year, toward $90, because the deficit is going to get deeper over the course of the next six to nine months,” BofA’s head of commodities research… Read more at: https://oilprice.com/Energy/Energy-General/Bank-Of-America-Sees-Oil-Prices-Heading-Toward-90-This-Year.html |
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Bearish Sentiment Keeps Traders From Going Long On CrudeThe June WTI crude oil futures contract witnessed fluctuations throughout the week, responding to various factors. Despite solid U.S. economic data that fueled a stronger dollar and raised expectations of an interest rate hike by the U.S. Federal Reserve in June, prices managed to climb approximately 2.68% for the week. This increase is significant considering that a stronger dollar can potentially dampen oil demand by increasing the cost of fuel for holders of other currencies. Supply Dynamics One of the significant factors impacting the market… Read more at: https://oilprice.com/Energy/Energy-General/Bearish-Sentiment-Keeps-Traders-From-Going-Long-On-Crude.html |
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Oil Majors Face Tough Choices Ahead Of Shareholder Meetings1. OPEC Lambasts Anti-Oil Sentiment, Warns of Underinvestment- OPEC+ compliance with its collective targets keeps on worsening with the 19 members underperforming by 2.6 million b/d, just as the oil alliance prepares for its June 3-4 meeting. – Meanwhile, OPEC+ production has edged lower to 42 million b/d as production shut-ins in Iraqi Kurdistan, industrial action at Nigerian loading terminals, and slightly lower Russian output weighed on supply. – Simultaneously, OPEC has voiced its dissatisfaction with the IEA’s discouraging investment… Read more at: https://oilprice.com/Energy/Energy-General/Oil-Majors-Face-Tough-Choices-Ahead-Of-Shareholder-Meetings.html |
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Why The Market Didn’t React To The Latest SPR NewsOn Monday, the US Department of Energy announced that it will begin buying crude oil to restock the Strategic Petroleum Reserve (SPR), the level of which hit a multi-decade low last year following the release of stocks from the reserve when crude prices jumped to over $120. The announcement was not really a surprise as Energy Secretary Jennifer Granholm had effectively told lawmakers last week that it was coming, but even so, the market reaction, basically a big yawn and shrug of the shoulders, was interesting, and it set me thinking about the… Read more at: https://oilprice.com/Energy/Energy-General/Why-The-Market-Didnt-React-To-The-Latest-SPR-News.html |
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Why Erdogan Is Expected To Win Turkey’s Presidential RunoffWith Turkey’s presidential and parliamentary elections heading into a run-off vote on May 28th, Erdogan has the new god of selective censorship (Elon Musk on his Twitter throne) on his side, and he could end up winning the second-round vote with a stability argument. Financial markets seem to be fairly confident that Erdogan will win. This is clear with a weakening of Turkish financial assets as the market prepares for another five-year term for the near-autocrat and his extremely unorthodox economic policies. While Erdogan won 49.51% in… Read more at: https://oilprice.com/Energy/Energy-General/Why-Erdogan-Is-Expected-To-Win-Turkeys-Presidential-Runoff.html |
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White House, Republican team say no progress in debt ceiling talksA second meeting on Friday between White House and Republican congressional negotiators broke up with no progress. Read more at: https://www.cnbc.com/2023/05/20/white-house-republican-team-say-no-progress-in-debt-ceiling-talks.html |
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Fed Chair Powell says rates may not have to rise as much as expected to curb inflationPowell spoke Friday at a “Perspectives on Monetary Policy” panel in Washington, D.C. Read more at: https://www.cnbc.com/2023/05/19/fed-chair-powell-says-rates-may-not-have-to-rise-as-much-as-expected-to-curb-inflation.html |
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Justice Department wins lawsuit to undo JetBlue, American Airlines partnership in the NortheastUndoing the partnership would be difficult, especially during the peak summer travel season, which airlines have already sold tickets for. Read more at: https://www.cnbc.com/2023/05/19/justice-department-wins-lawsuit-to-undo-jetblue-american-airlines-northeast-partnership.html |
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Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakersThe small pickups have evolved from entry-level work trucks to pricey, capable and highly profitable models that can cost more than $60,000. Read more at: https://www.cnbc.com/2023/05/20/midsize-pickup-trucks-auto-battleground.html |
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As the Nasdaq recovers half of its bear market losses, signs of broader strength emergeRecently struggling cyclical groups firmed up. The small-cap Russell 2000 bounced to avert a potentially messy chart breakdown Read more at: https://www.cnbc.com/2023/05/20/as-the-nasdaq-recovers-half-of-its-bear-market-losses-signs-of-broader-strength-emerge.html |
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Investor behind top tech fund warns mega-cap rally is running on fumesAnna Paglia, who runs the Invesco QQQ Trust, sees a bearish trend in the Big Tech rally. Read more at: https://www.cnbc.com/2023/05/20/investor-behind-top-tech-fund-warns-mega-cap-rally-is-running-on-fumes.html |
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China-Taiwan tensions could grip 2024 election as Musk, Buffett and Dalio sound alarmsElon Musk, Warren Buffett, Ray Dalio and others have weighed in on the fraying U.S.-China relations and rising tensions over a possible invasion of Taiwan. Read more at: https://www.cnbc.com/2023/05/19/musk-buffett-china-taiwan-2024-election.html |
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Five takeaways about the consumer from Walmart, other retailers after a big week of earningsWalmart, Home Depot and Target offered up the latest clues about the health of the American consumer and previewed what could be ahead for the economy. Read more at: https://www.cnbc.com/2023/05/19/us-economy-consumer-takeaways-from-wmt-tgt-hd-retail-earnings.html |
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An exiled mayor in Ukraine vows to rebuild his city after Russia’s reign of destructionRussian forces seized the Ukrainian port city Mariupol a year ago. Its exiled mayor has a plan to rebuild it. Read more at: https://www.cnbc.com/2023/05/20/ukraine-mariupol-mayor-vows-to-rebuild-city.html |
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Bank of America says buy these five tech stocks before it’s too lateBank of America says these are their favorite tech stocks right now. Read more at: https://www.cnbc.com/2023/05/20/these-five-tech-stocks-are-set-to-pop-bofa-says.html |
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Bentley car review: The $384,000 Continental GTC Speed offers a smooth and powerful rideBentley’s new supercar, the Continental GTC Speed, is a swan song for 12-cylinder luxury vehicles as we enter the age of EVs. Read more at: https://www.cnbc.com/2023/05/19/bentley-continental-gtc-speed-car-review.html |
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A husband hid $500,000 in bitcoin during a divorce — and got busted by a crypto hunterFinancial infidelity has become increasingly sophisticated, as investors “hop” coins across blockchains and sink their cash into metaverse properties. Read more at: https://www.cnbc.com/2023/05/20/bitcoin-in-divorce-how-spouses-hide-assets-crypto-hunters-find-them.html |
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How UnitedHealth Group grew bigger than the nation’s biggest banksUnitedHealth Group has more than doubled its revenue over the past decade through an acquisition strategy that has been largely free of regulatory scrutiny. Read more at: https://www.cnbc.com/2023/05/20/how-unitedhealth-group-grew-bigger-than-the-nations-biggest-banks.html |
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Counter-Disinformation: The New Snake OAuthored by Tom Wyatt via Racket News, The San Diego Convention Center was packed with the defense industry elite. Boeing, Northrup Grumman, Booz Allen Hamilton, and a myriad of other arms industry salesmen, hungry to peddle their wares. WEST Conference 2023 is billed as the “premier naval conference and exposition on the West Coast.” A collective of military leaders and titans of the defense industry, intermingled in incestuous harmony.
Read more at: https://www.zerohedge.com/political/counter-disinformation-new-snake-oil |
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Northern US Border Encounters With Illegals More Than Double In 7 MonthsNorthern US Border Encounters With Illegals More Than Double In 7 MonthsAuthored by Steve Watson via Summit News, Encounters with undocumented illegal migrants have more than doubled in the past seven months on the NORTHERN U.S. border, according to Customs and Border Protection (CBP) data.
The figures show that Border Patrol agents recorded 4,827 migrant encounters between October 2022 and April along the U.S.-Canadian border. Through the entire fiscal year 2022, Border Patrol along the northern border encountered 2,238 illegals.
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Self-Checkout Machines Are Now Begging For TipsAs if it couldn’t get any worse than having to navigate tablets at every coffee shop and convenience store that now ask for tips for employees simply doing their jobs, now even some automated self-checkout machines are begging for tips. Yes, the cash grab is continuing in truly Orwellian fashion, as Fox reported this week that some self-checkout machines are asking for tips. Not only are we being put to work, scanning our own groceries and bagging them now, but we’re expected to offer up a tip for the privilege for doing the store’s work for them. Fox calls it a “self-serve tipping option”, wherein “customers can leave tips including the typical 20%, despite facing minimal to no interaction with any employee”. The option has left some customer feeling “obligated” to leave a tip, the report says, without knowing where the money eventually winds up. Read more at: https://www.zerohedge.com/markets/self-checkout-machines-are-now-begging-tips |
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Pentagon Walks Back Claim It Killed Al-Qaeda Leader In SyriaAuthored by Dave DeCamp via AntiWar.com, US military officials are walking back claims that a drone strike Central Command (CENTCOM) launched on May 3 in northwest Syria killed a senior al-Qaeda leader after evidence emerged that a civilian was killed. When the strike was first launched in Syria’s northwest Idlib province, reports immediately emerged that the strike killed a sheep herder with no ties to any militant groups. The Associated Press spoke with family members and neighbors of the victim, Lotfi Hassan Misto, who insisted he was innocent.
According to The Washington Post, Misto was a 56-year-old father of 10, and the paper spoke with terrorism experts who said it was u … Read more at: https://www.zerohedge.com/geopolitical/pentagon-walks-back-claim-it-killed-al-qaeda-leader-syria |
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Flooding: Toilet bungs and other prevention measures to save homesA campaign will urge homeowners to consider simple measures to save costs and heartache from flooding. Read more at: https://www.bbc.co.uk/news/business-65648115?at_medium=RSS&at_campaign=KARANGA |
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Long-term sick: How record number is changing UK economyFor every 13 people working one person is long-term sick – and economists say it is harming growth. Read more at: https://www.bbc.co.uk/news/business-65625529?at_medium=RSS&at_campaign=KARANGA |
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Energy bills predicted to fall from July by nearly £450Ofgem is poised to announce a cut in its price cap next week, according to an energy consultancy firm. Read more at: https://www.bbc.co.uk/news/business-65655866?at_medium=RSS&at_campaign=KARANGA |
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Dalal Street Week Ahead: Steep up move unlikely until Nifty crosses 18,350-18,500 zoneThe Indian equities ended the week on a negative note, diverging slightly from global markets. The trading range widened as Nifty oscillated in a 398-point range, facing resistance in the 18,350-18,500 zone, whereby no runaway rally can be expected unless this zone is taken out. Derivative data shows next week will be influenced by expiry and rollover-centric activities. Nifty Realty, NiftyBank, Consumption, and Financial Services indices are inside the leading quadrant, which are expected to show relative outperformance against the broader Nifty 500 Index. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/dalal-street-week-ahead-steep-up-move-unlikely-until-nifty-crosses-18350-18500-zone/articleshow/100377524.cms |
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Will RBI’s Rs 2,000 note withdrawal impact D-Street traders? Here’s expert viewThe withdrawal of the INR2,000 currency notes is not expected to affect India’s economy, according to analysts. The Reserve Bank of India has decided to stop the circulation of the denomination notes by the end of September, but stressed they will still be legally valid tender. As the cumulative value of the notes in circulation has declined over the years, experts believe that the decision will have a minimal economic impact, particularly as government and banking initiatives have prioritised digital payments infrastructure. Banks though may benefit from better deposit rates in the short term. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/will-rbis-rs-2000-note-withdrawal-impact-d-street-traders-heres-expert-view/articleshow/100377819.cms |
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How rule-based strategies can help you from FOMO, revenge tradingRule-based trading is a mechanism that enables traders to overcome behavioural biases and emotional inclinations. It involves setting a written set of rules from start to end, which define which stocks to enter, when to enter, how much money to place, and when to exit. Once these rules are defined, the trader only has to wait for the target to be achieved or until the stop loss is hit. This approach is suitable for every type of trader, and the selection of rule-based strategies depends greatly on experience and temperament. The frontline index remained bearish on a weekly closing basis at 18,203 levels with a 0.61% fall. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-rule-based-strategies-can-help-you-from-fomo-revenge-trading/articleshow/100376149.cms |
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Deep Dive: Tech-stock picks that are small and focused: This fund invests in unsung innovators. Here are 2 top choices.Robert Stimpson of Oak Associates Funds has tips for investors on what to look for if they want to invest in tech companies with staying power. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F6-921020E0B18E%7D&siteid=rss&rss=1 |
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The Big Move: I’m 54, single and make $60,000 in a good year. Do I need to leave California to buy a house?‘I have always rented, and I’m wondering if it’s too late for me to buy a home.’ Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F4-51853EF5FD60%7D&siteid=rss&rss=1 |
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Economic Report: 14 million mortgages were refinanced during ‘pandemic boom.’ That makes life very difficult for home buyers.Low interest rates during the pandemic led to a refinance boom among homeowners, according to the Federal Reserve Bank of New York. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71F5-A52F84DE10FF%7D&siteid=rss&rss=1 |
The WEST 2023 conference in San Diego.It was a world with which I was well acquainted. After all, I had spent the past fifteen years in the Navy as a Special Warfare Boat Operator, using tools …
