We touch on several bases in today’s letter that are not entirely related. We begin with the 800-pound gorilla in the room – the fact that the US national debt topped $20 trillion last week.
After a sustained period of return leadership by U.S. stocks, a number of diversifying assets now appear poised for outperformance.
As Germany prepares to go to the polls in its general election, David Zahn, Franklin Templeton Fixed Income Group’s head of European fixed income, considers what the result could mean for Europe, the European Union and the eurozone.
This morning's release of the August Existing-Home Sales decreased from the previous month to a seasonally adjusted annual rate of 5.35 million units. The Investing.com consensus was for 5.46 million. The latest number represents a 1.7% decrease from the previous month and a 0.2% increase year-over-year.
We've updated this series to include Thursday's release of the Consumer Price Index as the deflator and the August monthly update. The latest hypothetical real (inflation-adjusted) annual earnings are at $37,272, down 12.6% from 44 years ago.
Over the long haul the two series offer a compelling study of trends in residential real estate. Here is an overlay of the two series since the 1959 inception of the Starts data and the Permits data, which began being tracked a year later. The monthly data points are preserved as faint dots. The trends are illustrated with 6-month moving averages of data divided by the Census Bureau's mid-month population estimates.
Today’s low bond market volatility won’t last forever. But knowing whether a correction will come next week or next year isn’t so important. Having an efficient trading strategy that can execute in both tranquil and turbulent markets is.
The upcoming IMF and World Bank annual meetings offer a critical opportunity to start a serious discussion on how to arrest the lose-lose dynamics that have been gaining traction in the global economy. The longer it takes for the seeds of reform to be sown, the less likely they will be to take root.
What might the German election mean for markets?
Future growth projections for electric vehicles vary dramatically, but all reflect real opportunities for fundamentals-focused investors surveying the links in supply and production chains.