Few news pressurizing the market today.
plus
news of fake orders of NVDA chips and enhanced China’s banning of iPhone for government officials.
There’s also some banning of Tesla cars in China. Did they ever report those in Western media? Xi doesn’t trust Elon cars with its many cameras and sensors to be near government assets.
China only wants Elon to make cars in China, to export those cars to other countries, and to steal its technology. Not to sell them in mass quantity inside China.
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Government and defense officials are always fearful of cameras and sensors in government departments. I remember all forms of devices with cameras and recording features are banned in Singapore government departments… it took them many years before they are comfortable with allowing officials to carry them.
Key difference is not that they are banning cars with cameras and sensors. It is that China bans just Tesla or Apple devices. Xi doesn’t worry about Huawei or Nio. He knows where the families of those companies’ execs live. They can be made to vaporize in thin air if they dare do anything funny.
Where is that FM Qin guy anyway? And he was a high level cabinet member.
Xi doesn’t control Tim Cook and Elon Musk. That’s why he doesn’t trust Apple and Tesla.
Oil price rocketing
On average, more NYSE stocks are making new one-year price lows.
Interest rates are scarier. Over 4.4% on the 10 year now. Knock-on affects to the dollar which is strengthening. Bad for exports which make up 40% or more of S&P earnings.
Sep 28
Sep is almost over and many green shoots sprout today.
Update:
Coincidentally, yield of T decline…
Sep 29, 2023
Green shoots continue to grow taller as Sep month about to end.
U.S. stocks shot higher at the open while Treasury yields retreated after a reading on core inflation from the PCE price index rose a scant 0.1% in August, a smaller increase than the 0.2% economists had expected.
That pushed the year-over-year increase for core prices, which excludes volatile food and energy prices, up just 3.9% year-over-year, the slowest 12-month pace in two years. The Fed favors the core inflation rate because it sees the data as better indicators of long-term inflation trends.
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Market reverses to red.
There have been more of these shutdowns than I can remember. It never amounts to anything economically. If anything there is a slight uptick as all those useless government workers are off the road so traffic congestion is eased.
And they always say “essential workers will remain at their jobs.”
Why in God’s green earth are we paying for nonessential workers?
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