Richard Harris
Summary via publisher (Simon & Schuster)
In this ultimate armchair adventure, Harry takes us into the lives of other ‘risk-takers’, to find out why they do what they do. We meet people adventuring from the highest skies to the deepest oceans – BASE jumpers, drag racers, snipers and surfers – including climber Alex Honnold (from the movie Free Solo), sailor Jessica Watson, film director and deep-sea diver James Cameron. Each gripping story is a masterclass in risk from the experts: when to go, when to say no, how to prepare and above all, how pushing ourselves a little further helps us become more courageous and resilient in all of our challenges.
Are Red-Hot Factor Funds Vulnerable To Ongoing Rate Hikes?
Update: see the Labor Dept’s payrolls data for a comparison vs. ADP’s estimate at chart at end of this article.
Yesterday’s news that US companies accelerated hiring in June strengthens confidence that the Federal Reserve will continue to lift interest rates to tame inflation. In turn, equity risk factors with the strongest gains this year may be vulnerable if a renewed run of hawkish monetary policy unfolds.
Macro Briefing: 7 July 2023
* Yellen criticizes China on actions against US companies
* Global economic activity eases to four-month low in June via PMI survey data
* US services sector growth strengthened in June
* US job openings fell in May, indicating labor market tightness is easing
* Jobless claims in US edge up but remain steady at modest level
* US private payrolls surged in June, ADP reports:
US Q2 GDP Nowcast Strengthens Ahead Of Official Report
Second-quarter economic activity has picked for the US, based on the median estimate via several sources compiled by CapitalSpectator.com. The firmer nowcast offers fresh support for expecting that the US economy will extend a moderate expansion into Q2 in the official quarterly report that’s scheduled for release later this month.
Macro Briefing: 6 July 2023
* Treasury Secretary Yellen arrives in Beijing for talks on US-China relations
* Federal judge limits White House interactions with social media policy
* Fed officials see more rate hikes ahead, minutes show
* New US vehicle sales rise 13% in first half of year–ahead of expectations
* How long can Germany’s business model rely on China?
* Meta launches Threads, a rival to Twitter
* US factory orders rise for third straight month in May, but fall vs. year-ago level
* US 10-year Treasury yield rises to four-month high on Wednesday:
Total Return Forecasts: Major Asset Classes | 5 July 2023
The long-run performance for the Global Market Index (GMI) rose to a 6.3% annualized pace in June, moderately above the previous month’s estimate. The shift marks the second month of firmer estimates. The forecast is based on the average estimate for three models (defined below) and remains near the lower range for realized performance in recent history, based on a rolling 10-year return.
Macro Briefing: 5 July 2023
* Global manufacturing activity continues to contract modestly in June
* US preparing limits on Chinese firms’ access to US cloud-computing services
* China’s export controls on metals used in semiconductors is “just a start”
* Rate hikes aren’t fully taming inflation, at least not yet
* Oil prices stall despite OPEC’s extension of production cuts
* Eurozone economy “grinds to a halt” in June: PMI survey data
* China economic growth eases to slowest pace since January via PMI survey data
* US manufacturing slump deepens in June via ISM Manufacturing Index:
Happy 4th Of July!
There are no guarantees. On the other hand…
Major Asset Classes | June 2023 | Performance Review
Global markets rebounded in June after widespread losses in May, based on a set of proxy ETFs. The downside outlier to last month’s rally for the major asset classes: US bonds, which continued to lose ground.
Macro Briefing: 3 July 2023
* Treasury Secretary Yellen will visit China this week
* Is the US payrolls survey overestimating the labor market’s strength?
* Automakers pushed into lithium mining to compete in electric vehicle market
* China factory activity remains sluggish in June via PMI survey data
* Does AI signal the start of fourth industrial revolution–or is it a bubble?
* Apple becomes world’s first $3 trillion company based on market cap
* Will the US avoid a recession this year? Economists are still debating
* US stock market begins trading this week at 14-month high:
