* Hurricane Ida’s remnants bring widespread flooding to US Northeast
* Global mfg growth slipped to six-month low in August via PMI survey data
* US construction spending ticked up to 9.0% annual gain, a pandemic high
* Will ending eviction protections harm the economic recovery?
* The outlook for merger arb trades looks encouraging, predicts GMO
* US manufacturing posts slightly stronger growth in August
* US private payrolls grew faster in August, but less than forecast via ADP data:
Is it risk-on again for emerging markets? It’s an intriguing question that resonates a bit more these days, courtesy of rallies in several of the leading EM nations.
The winning streak for American shares rolled on in August. US stocks rose for a seventh straight month and posted the strongest gain for the major asset classes.
* Assessing the shift in global power relations in wake of US exit from Afghanistan
* China mfg sector posts slight decline in Aug–first drop in 1-1/2 years
* OPEC+ lifts forecast for oil demand in 2022
* India’s economy rebounded at record rate in second quarter
* German retail sales fell far more than expected in July
* US home prices post record gain in June
* Chicago PMI pulls back to 2-month low in Aug, but still reflects strong growth
* Is the stock market immune to bad news?
* US Consumer Confidence Index fell in August to six-month low:
The resurgence in coronavirus cases, hospitalizations and fatalities in the US hasn’t taken a bite out of third-quarter growth estimates, at least not yet.
* Last US military planes left Afghanistan, marking end of America’s longest war
* Assessing the damage in Louisiana after Hurricane Ida
* Pandemic complicates Fed’s task of defining employment goals
* Eurozone inflation rises to 3% pace in August, highest in a decade
* China’s economy comes under pressure in August via PMI survey data
* Factory growth in China slows to a crawl in August via PMI survey data
* Supply shortages continue to bedevil the economy
* Dallas Fed Mfg Index indicates softer growth in August
* US pending home sales fell for a second straight month in July:
US bonds were last week’s outlier, posting a slight decline. Otherwise, all the major asset classes rose last week, based on a set of ETFs for the trading week through Aug. 27.
* New Orleans loses power as Hurricane Ida rages over Louisiana coast
* Kabul airport subject to multiple but apparently failed rocket attacks
* Europe considers blocking non-essential travel from US due to Covid-19
* N. Korea appears to have restarted operations for producing nuclear weapons
* US Covid-19 hospitalizations rebound to highest level since last winter
* Weighing the outlook for China tech stocks as regulatory crackdown continues
* Veteran investor Mark Mobius recommends a 10% allocation to gold
* US personal consumption expenditures rose for a second month in July:
David Sumpter
Summary via publisher (Flatiron Books/Macmillan)
Is there a secret formula for getting rich? For going viral? For deciding how long to stick with your current job, Netflix series, or even relationship? This book is all about the equations that make our world go round. Ten of them, in fact. They are integral to everything from investment banking to betting companies and social media giants. And they can help you to increase your chance of success, guard against financial loss, live more healthfully, and see through scaremongering. They are known by only the privileged few – until now… mathematician David Sumpter shows that it isn’t the technical details that make these formulas so successful. It is the way they allow mathematicians to view problems from a different angle – a way of seeing the world that anyone can learn.
The anti-taper-tantrum rally: Earlier today, Fed Chairman Powell attempted to navigate the treacherous waters of 1) reminding markets that the central bank was approaching the start of winding down its asset purchases without 2) triggering a sell-off of risk assets on the view that such comments meant that rate hikes are near. In fact, the two are separate and distinct, he emphasized.