Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. In a case of how cheer for the economy may not be so for markets, investors in US stocks fretted over excellent jobs data. US businesses added 5,28,000 jobs in July, beating most estimates by an embarrassing margin. US 2-year treasuries rose after the report, as the market priced in a more certain likelihood of another 75-basis point rate hike by the US Fed. But the S&P 500 slipped, as investors pondered over what too strong an economy could mean for interest rates. Those fears did not carry over to India, however, with the stock market rising by a strong 0.8 percent at 1.15pm. The RBI’s 50 basis point hike in the repo rate last week and its determination to stay in ‘withdrawal of accommodation’ mode is … [Read more...] about Moneycontrol Pro Panorama | Are US and Indian markets decoupling?
Share to Twitter Share to Linkedin The Panama Canal is a conduit for 6% of the global maritime traffic. But climate change is disrupting that trade. While high temperatures and little rain are the primary causes, four hurricanes over seven years have been equally devastating. The Panama Canal is in the midst of Panama’s rainforests, which cover 68% of its land or nearly 12.7 million acres. Both depend on precipitation for survival. If the rainforests do not get ample rainfall, it trickles down to the canal. The bad news is that the canal’s authorities say that 2019 was the fifth most arid in 70 years, with rainfall 20% less than the average, all compounded by depleted reservoirs. Indeed, water levels fell in 2015 and 2016 , and shippers had to reduce the amount of cargo on their vessels — money down the drain. “The Panama Canal is the only interoceanic commerce route whose operation depends on the availability of freshwater, making it the most … [Read more...] about Climate Change Threatens Panama Canal And Global Maritime Trade
U.S. stocks continued to claw their way back last week, especially growth stocks . For the week, the Nasdaq posted a gain of 2.2% and the S&P 500 rose 0.4%. The Dow? Not so much, sliding just 0.1%. A blowout jobs report for July offered up another dose of good news for the economy and not-so-good news for the stock market, but equity investors hung in there. U.S. employers added 528,000 jobs to their payrolls last month , which was more than twice what was expected, and that added credence to the Federal Reserve 's stance that the U.S. economy is not in a recession given the continued strength of the labor market. So, the thinking goes, the Fed will continue to be aggressive in raising interest rates to cool down inflation, because it's not impacting companies' willingness to hire. That led to a steep selloff in U.S. Treasurys, with the yield on the 10-year Treasury note ending the week at 2.83%. Oil prices continue to tumble, hitting their lowest level since early … [Read more...] about Live from InvestFest with Downtown Josh Brown, BitBoy Crypto, and Lamar Wilson
- A + A NEW YORK/BENGALURU (Aug 9): The Nasdaq fell on Tuesday after a dismal forecast from Micron Technology pulled chip and technology stocks lower, as markets await US inflation data that could lead the Federal Reserve to further tighten its aggressive plans to curb inflation. High inflation numbers on Wednesday, following last week's blowout jobs report, would likely stop the Fed from easing interest rates hikes and halt a nascent recovery in stocks. Traders see a 68.5% chance of the Fed raising rates by 75 basis points in September, in what would be its third big hike in a row. Adding to concerns of a tight labour market and runaway inflation, data on Tuesday showed an acceleration of unit labour costs in the second quarter, which suggested strong wage pressures will help keep inflation elevated. Unit labour costs — the price of labour per single unit of output — rose at a 10.8% rate, following a 12.7% rate of growth in the first quarter, the Labor … [Read more...] about Nasdaq slides 1% as chipmaker Micron’s warning renews tech rout
Ronald and Nancy Reagan were personal friends of Ferdinand Sr. and Imelda Marcos. In 1969, then California Gov. Reagan attended the opening of the Cultural Center of the Philippines. In 1982, the Reagans hosted the Marcoses at the White House. Their friendship ended in 1986 after the Marcoses sought Reagan’s intervention to keep them in power. When the US recognized Corazon Aquino as president of the Philippines, nagsolian ng kandila (they returned candles). The Reagan Presidential Library and Museum in California made Reagan’s Daily Diaries for the years 1981 to 1989 accessible online. Entries relevant to Philippine history begin on the weekend of Feb. 22-23, 1986: “It started snowing Sat[urday] afternoon & by Sunday morning we had several inches of new snow. I got some homework done but also had conf[erence] calls re[garding] the Philippine situation. On Sun[day] morning I approved a letter from me to Marcos begging him not to resort to force. His Defense minister [Juan Ponce … [Read more...] about Reagan and the fall of Marcos, 1986
- A + A NEW YORK (Aug 9): The Nasdaq closed down on Tuesday (Aug 9), after a dismal forecast from Micron Technology pulled chipmakers and tech stocks lower, as investors awaited US inflation data that could lead the US Federal Reserve (Fed) to further tighten its efforts to curb inflation. High inflation numbers on Wednesday, following last week's blowout jobs report, would likely stop the Fed from easing interest rates hikes anytime soon, and halt the market's rally off mid-June lows. Traders see a 68.5% chance of the Fed raising rates by 75 basis points in September, in what would be its third big hike in a row. Adding to concerns of a tight labour market and runaway inflation, data on Tuesday showed an acceleration of unit labour costs in the second quarter, which suggested that strong wage pressures will help keep inflation elevated. Unit labour costs — the price of labour per single unit of output — rose at a 10.8% rate, following a 12.7% rate of growth in … [Read more...] about Nasdaq closes lower as chipmaker Micron’s warning renews tech rout
Share to Twitter Share to Linkedin Prime Minister Boris Johnson has appointed Nicky Morgan to oversee the nation’s technology sector on behalf of the U.K. Government. The job—officially known as the secretary of state for the Department of Digital, Culture, Media and Sport (DCMS)—has become something of a revolving door, with three people holding the sprawling brief in the last two years. Morgan, previously chair of the House of Commons Treasury Committee, replaces Jeremy Wright, who was in the role for a little over a year. Wright took over from Hancock, who spent less than seven months in the role he inherited from Karen Bradley. A recurring theme is that none of the ministers have had a particularly strong background in tech, and sadly, the same can be said for 46-year-old Morgan, who studied law at university before going on to become a solicitor and eventually a politician. The most memorable thing to be introduced by any of the ministers … [Read more...] about Britain Has Yet Another Tech Czar in Latest Cabinet Reshuffle