Greetings,
United States: The Chicago PMI rebounded sharply last month, suggesting that Midwest manufacturing activity is back in growth mode. We should see substantial gains in the ISM manufacturing index today.
The US velocity of money has collapsed. The rapidly rising money supply has been generating far less economic growth (less GDP per unit of new credit).
China: The renminbi continues to climb, …
… helped by the US-China rate differential (2 charts).
Energy: Cushing, OK oil inventories are now below last year’s levels.
Equities: This chart shows the tech mega-caps’ price/sales ratio vs. revenue growth.
Credit: The number of potential fallen angels spiked in the second quarter.
Food For Thought: Trump/Biden TV ad spending:
Edited by Daniel Moskovits
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