Hints and tips:
...If the gain holds, it would mark the S&P 500’s first-ever close above 5,000. The tech-heavy Nasdaq Composite gained 0.5 per cent....
...After an early move higher, the S&P 500 swung into negative territory during late-morning trade and finished down 0.7 per cent from Thursday’s record closing high....
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...The BLS data showed the unemployment rate at 3.8 per cent, in line with August’s figure and slightly above expectations of 3.7 per cent....
...And municipalities employ nearly 20 million Americans, compared to the federal government’s roughly 3 million (that’s including the Postal Service), BLS data shows....
...US stocks advanced, with the S&P 500 and Nasdaq Composite both up about 0.5 per cent. The latest read on inflation comes just before the Fed begins its two-day policy meeting....
...The benchmark S&P 500 fell 1 per cent, while the tech-heavy Nasdaq fell 1.6 per cent....
...Stay tuned for the real CPI release tomorrow at 8:30 AM ET,” the BLS wrote on Twitter....
...Stocks sold off sharply on Friday, with the S&P 500 closing down 2.9 per cent in New York and the Nasdaq Composite dropping 3.5 per cent....
...The potential for more hawkish policy from the US central bank also weighed on the country’s $53tn stock market, with the benchmark S&P 500 sliding further from a record closing high struck on Friday....
...The BLS itself views houses as capital goods rather than consumption items which is why house price changes are not directly reflected in the index....
...Meanwhile the consumer price index, published by the BLS last week, increased 6.8 per cent year on year, the fastest pace since 1982....
...The S&P 500 closed down 0.84 per cent, while the technology-heavy Nasdaq Composite slipped nearly 2 per cent....
...Hiring in the construction sector also failed to pick up, with “little change” in the employment picture, according to the BLS....
...Despite the disappointing figures, the S&P 500 rose 0.3 per cent by afternoon trading....
...The valuation is attractive, in our view, at P/TNAV of 0.85x in CY20E falling to 0.78x in CY21E....
...US equities rose, with S&P 500 opening 1.2 per cent higher. “It was a solid number”, said Marvin Loh, senior global markets strategist at State Street Global Markets....
...This scenario still presents 15-20% potential downside risk on a P/E basis when we compare valuation in our scenario of 17.7x 2022E P/E to the historical implied P/E of 14.9x reached during the GFC....
...HFE’s Rubeela Farooqi notes: “The data look much higher than seems consistent with consensus expectations for the private sector portion of payrolls in the BLS [Bureau of Labor Statistics] report on Friday...
...Saudi Arabia’s economic need for a production volume of 12-13m bl/day in a $50/bl world, and Russia’s strong distaste for production cuts as a means for achieving higher prices, are fundamentals which the...
...The BLS also revised June’s monthly pace slightly higher to 0.3 per cent....
...In Russia, our preferred pick remains Rosneft (O/P, TP $6.5/GDR from $7.0/GDR)....
...BL’s retail parks now more fairly priced?...
International Edition