White House pressure on Ukraine went beyond freezing military aid: WaPo
Pentagon considering plans to deploy tanks to Syria to protect oil fields: CNN
Turkey demands US extradite Syrian Kurdish leader: Reuters
German business expectations improved in Oct after touching 10yr low: BBG
Fed expected to cut interest rates next week: BBG
US Composite PMI edges up in Oct, but still reflects slow growth: IHS Markit
KC Fed Mfg Index: activity continued to decline in Oct: KC Fed
New US home sales fell in September, but remain near post-recession high: MW
Jobless claims fell last week, reflecting tight US labor market: CNBC
US business investment (core capital-goods orders) continued slide in Sep: MW

It’s neck and neck in the US equity sector horse this year between real estate investment trusts (REITs) and technology shares. Both slices of the stock market are leading the rest of the field by wide margins via commanding year-to-date gains, based on a set of exchange funds through yesterday’s close (Oct. 23).

Continue reading →

Trump lifts sanctions on Turkey: BBC
Chair of House Financial Srvcs Committee considers breaking up Facebook: CNBC
Slowing demand for autos is a headwind for the global economy: WSJ
Survey: latest truce in US-China trade war hasn’t reduced recession risk: Reuters
Eurozone policy at crossroads as ECB President Draghi’s tenure ends: MW
German economy continues to contract in October via PMI survey data: IHS Markit
Eurozone economic activity remains close to stagnation in Oct: IHS Markit
Japan slips into a recession in Oct via PMI survey data: IHS Markit
US banks’ commercial lending 1-year growth rate eased to 12-month low in Sep:

It’s been obvious for some time that the US manufacturing sector has been stumbling, which has been a factor in the general deceleration in US economic output this year. But October data hints at the possibility that manufacturing’s slide has ended.

Continue reading →

Top US envoy to Ukraine testifies that Trump tied aid to Biden probe: Politico
Johnson’s Brexit plans in “limbo” after vote in Parliament: BBC
China reportedly planning to replace Hong Kong leader by March: CNBC
China avoids rate cuts, in contrast with other major central banks: CNBC
Third upbeat Fed bank survey for mfg in Oct suggests sector is stabilizing: RichFed
US home sales fell in Sep to the slowest pace in three months: Bloomberg

One question increasingly dominates business-cycle analysis for the US economy these days: How slow can it go without slipping into recession? No one knows the answer… yet. But the latest data shows that growth continues to decelerate, suggesting that the gray area between expansion and contraction may be tested in the months ahead.

Continue reading →

Rising business challenges weigh on low-rated US companies: WSJ
Facing obstacles, UK’s Johnson focuses on final push for Oct. 31 Brexit: BBC
Election results show Canada’s Justin Trudeau will serve 2nd term as PM: CNN
Negative rates have unintended consequences, says JP Morgan’s Dimon: CNBC
More than half of banks won’t survive next crisis, McKinsey & Co predicts: BBG
In a surprising turn, protests rattle investor expectations for Chile: Reuters
Eurozone banks eased lending standards in Q3: Reuters
10yr-2yr Treasury yield curve rises to +18 basis points, a 3-month high:

After a months-long period of treading water, corporate fixed income in foreign markets caught fire last week, posting the strongest gain for the major asset classes, based on a set of exchange-traded funds.

Continue reading →

IMF predicts China’s economy will continue to slow in 2020: CNBC
Weak exports for Japan and S. Korea highlight global slowdown: Bloomberg
Johnson plans to bring his Brexit deal to a new vote in Parliament: WSJ
Japan’s top central banker outlines new plan to stimulate economy: Reuters
US Leading Economic Index reaffirms slow-growth outlook for US: MW
Is re-steepened US yield curve a bullish sign for economy? Maybe not:
Latest rally in US stock market leaves S&P 500 drawdown virtually nil at 1%:

● How Charts Lie: Getting Smarter about Visual Information
By Alberto Cairo
Review via The Economist
His book could not be more timely. Charts and maps pepper traditional and social media more than ever, but there have been few attempts to improve what Mr Cairo calls the “graphicacy” of their consumers. His corrective begins with a chapter on how to read a chart, and this basic notion—that, to be understood, graphs must be read, not merely glanced at—permeates the book. He outlines the essential “scaffolding” of a chart (scales, legend, source and so on), before describing the many ways that data can be built upon it. Only once readers know what a solid structure looks like can they learn to spot a façade.
Continue reading →