Stocks Rebounded As Commodities And US Bonds Fell Last Week

Led by equities in emerging markets, stocks around the world rebounded last week, based on a set of exchange-traded products that represent the major asset classes. The positive results for equities follows a wave of selling in the previous week for global stock markets. Meanwhile, last week’s big losers: broadly defined commodities and investment-grade bonds in the US.
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Macro Briefing: 5 November 2018

Polls give Dems slight edge for House, GOP for Senate: RealClearPolitics
Is Trump’s focus on immigration over the economy hurting the GOP? Politico
What the Dems would do if they take back the House: Bloomberg
China Services PMI: growth slowed to 13-month low in October: CNBC
China’s Xi promises to lift imports and lower trade barriers: Reuters
US payrolls surged in Oct and y-o-y wage gains exceeded inflation: CNBC
US trade deficit with China sets new record in September: MarketWatch
Factory orders in US rose more than expected in September: Reuters
Traders expect volatile week for Treasuries as 10yr yld nears 7yr high: Bloomberg

Book Bits | 3 November 2018

Keeping At It: The Quest for Sound Money and Good Government
By Paul Volcker with Christine Harper
Review via The Atlantic
Paul Volcker’s 6-foot-7-inch frame was draped over a chaise longue when I spoke with him recently in his Upper East Side apartment, in Manhattan. He is in his 91st year and very ill, and he tires easily. But his voice is still gruff, and his brain is still sharp.
We talked about his forthcoming memoir, Keeping at It: The Quest for Sound Money and Good Government—about why he wrote the book and the lessons he hopes to impart. Volcker is not a vain man, but he knows that his public life was consequential, and he wants posterity to get it right. He also does not mince words. In our conversation, he assailed the “greed and grasping” of the banks and corporate leadership, and the gross skewing of income distribution in America.
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Macro Briefing: 2 November 2018

Trump says he had ‘good’ conversation with China’s Xi on trade: CNBC
US will give 8 nations waivers to buy Iranian oil: Bloomberg
US job growth expected to accelerate in today’s Oct report: Reuters
Cook Political Report lifts forecast of Dems’ edge in House race: WashEx
ISM Mfg Index fell to six-month low in Oct: MarketWatch
US Mfg PMI ticks up in Oct, signaling moderate growth: IHS Markit
US job cuts surge in Oct, mostly due to Verizon: 24/7 Wall St
Jobless claims in US fell last week, reaffirming strong labor market: CNBC
US construction spending flat in Sep after sharp rise: MarketWatch.
W. Texas Intermediate crude oil slumped to 7-mo low on Thursday: MarketWatch

Macro Briefing: 1 November 2018

Second migrant caravan headed for US is moving through Mexico: USA Today
Trump says he may deploy up to 15,000 troops to southern border: The Hill
US-China trade war taking a toll on manufacturing across Asia: Reuters
China Mfg PMI close to unchanged in October: IHS Markit
US private job growth strengthens to 227k in Oct, an 8-mo high: ADP
Stocks took a beating around the world in Oct: CNN Business
Oil’s slide in Oct is the deepest in over two years: CNBC
Chicago PMI drops to 6-mo low in Oct: MarketWatch
Info tech sector was biggest drag on S&P 500 in October: S&P

Macro Briefing: 31 October 2018

Eurozone GDP growth in Q3 slumped to four-year low: NY Times
US dollar rises to highest level in more than a year: Reuters
US charges Chinese military officers with theft of jet engine data: Reuters
China’s Mfg PMI for Oct points to slowest growth in over two years: CNBC
Reeling from financial stress, GE cuts its 119-year-old dividend to one cent: CNN
Annual trend for US home prices slips below 6% rise for first time in a year: S&P
Conference Board: US Consumer Confidence Index at 18-year high in Oct: CNBC
Election forecast still favors Democrats for retaking House: FiveThirtyEight