Shares in emerging markets topped last week’s gains for the major asset classes, based on a set of exchange traded funds as of Friday’s close (Jan. 8). Equities in developed markets ex-US were a close second-place weekly performer.
Author Archives: James Picerno
Macro Briefing: 11 January 2021
* House set for new impeachment vote on Trump
* Authorities prepare for more protests and possible violence in Washington
* Wall Street strategists anticipate reflation momentum picking up
* Will 2021 be a record year for job growth in the US?
* Philly Fed’s ADS Index moves close to signaling US economic contraction
* US payrolls declined in December–first monthly slide in 8 months
* US 10-year Treausury yield rises to 1.13%–highest since March:
Book Bits: 9 January 2021
● Driven: The Race to Create the Autonomous Car
Alex Davies
Review via Berkeleyside
It may be a stretch to call Davies’ new book The Right Stuff for the Age of the Autonomous Vehicle, but it shares some of Tom Wolfe’s narrative exuberance, pioneer spirit and eye for the telling detail. Davies chronicles the tech industry’s fascination with self-driving vehicles, from their origins in three “Grand Challenges” sponsored by the Defense Advanced Research Projects Agency (DARPA) to the attempts by Google, Uber and the city of Detroit to exploit the innovative technology for the auto-buying public.
● The ETF Portfolio Strategist: 8 Jan 2021
In this issue:
- The stock market shrugs off Capitol chaos
- A bullish start for strategy benchmarks in the new year
- Diverging paths for managed risk strategies
Is Insurrection Bullish? Let’s just say that judging by the week just ended, the stock market isn’t easily shaken by such distractions as riots in the US Capitol or political turmoil in Washington.
The Post-Trump Era Is About To Begin—Buckle Up
President Donald Trump will leave the White House on Jan. 20, perhaps sooner if growing efforts to unseat him in the remaining days of his presidency come to fruition. Whatever happens over the next two weeks, the economic and social forces that helped elect Trump aren’t going away. In fact, there’s a distinct possibility that those forces will strengthen and broaden in the months and years ahead. In turn, political and economic uncertainty may increase, in ways that have yet to be fully understood or recognized.
Macro Briefing: 8 January 2021
* Trump says he will prepare for Biden administration to take power
* Democrats moving toward second Trump impeachment
* Calls increase for Trump’s resignation after Capitol chaos
* US foes eye opportunity to exploit US political chaos
* US envoy to UN to visit Taiwan, a trip that will anger China
* Sharp slowdown expected for today’s December US payrolls report
* US trade deficit reached a 14-year high in November
* Tesla’s Elon Musk becomes world’s richest person
* Eurozone unemployment unexpectedly ticked down to 8.3% in November
* US ISM Services PMI edged up in Dec, reflecting solid rate of expansion
* US jobless claims remained unusually high last week
US Firms Cut Jobs In December, Clouding Economic Outlook
The assault of the US Capitol on Wednesday failed, allowing Congress to certify Joe Biden’s election victory after a harrowing day in Washington. But the challenges for the US economy endure.
Macro Briefing: 7 January 2021
* Congress certifies Biden’s election win after assault of US Capitol
* Trump pledges ‘orderly’ transition after riot on Capitol Hill
* Democrats capture Georgia’s Senate seats and win control of US Senate
* US unprepared for genetic variations of the coronavirus, experts warn
* Global economic expansion remained ‘solid’ at 2020’s close, survey data shows
* Eurozone economic confidence strengthened in December
* 10-year Treasury yield rose 1% in November
* US services sector growth slips to slowest pace in three months in December
* US private payrolls declined in Dec — first monthly setback since April:
Is A Weak US Dollar A Key Macro Theme For 2021?
The world’s reserve currency has been weakening since May and recent trending behavior suggests the slide has room to run and so it’s time for a short recap of the implications and the outlook for what could be a major driver of investment results in 2021.
Macro Briefing: 6 January 2021
* Democrats appear to win Georgia runoff elections and take control of Senate
* Congress expected to certify Biden’s win today
* VP Pence isn’t expected to try to block Biden’s election certification today
* Trump bars transactions with eight Chinese phone apps
* Second US stimulus payments has reached 2/3 of households’ bank accounts
* Hong Kong police arrest 53 pro-democracy lawmakers and activists
* Bitcoin tops $35,000–another record high
* GMO’s Jeremy Grantham warns of ‘epic bubble risk’
* US Treasury 10-year yield reaches 1% in overnight trading–highest since March
* China services sector expanded at slower pace in December via survey data
* US manufacturing activity accelerated to 2-1/2-year high in December:
