|  | *past 24-hour performance |
| | Fake data: The BLS on Wednesday revised down its total tally of jobs created in March by 306,000, indicating that payroll growth was likely slower than initially believed in the period from April 2022 to March 2023 (Fox)
SEC revamps private fund Industry: The SEC has introduced new rules to increase transparency and fairness in the private fund industry by requiring quarterly reporting and annual audits (Reuters)
Nvidia soars past expectations: Nvidia (NVDA) exceeded analysts’ expectations with its latest earnings announcement, riding the AI boom on its advanced chips and announcing a $25 billion stock buyback (Bloomberg)
Home sales fall again: US home sales fall 2.2% in July from June, down 16.6% over last July; median price of $406,700 is up 1.9% over last year (CNBC)
Bets on yields falling hits record: Interest in the popular iShares 20+ Year Treasury Bond ETF (TLT) rose to a record 4.05 million contracts on Wednesday. More than 3/4 of those wagers are on yields falling, after they recently climbed to the highest levels since 2011 (WSJ)
Xi Jinping visits Africa: China's President Xi Jinping visits Africa, promoting stronger alliances with developing nations and encourages expanding the BRICS group as a counter to Western dominance (NYT)
Esmark scraps bid for U.S. Steel: The company is abandoning its attempt to acquire United States Steel (X) amid pressure from the United Steelworkers union, which has thrown its support behind the rival bid from steelmaker Cleveland-Cliffs (CLF) (Reuters)
BRICS expansion: The BRICS group of emerging nations has invited 6 additional countries (Saudi Arabia, Egypt, Argentina, Iran, Ethiopia & the UAE) to join the bloc in an effort to grow its global importance and ability to challenge the West on key political and economic issues (NYT)
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| | Making sense of the China meltdown story: In recent weeks, the media have been pushing stories about an impending financial crisis in China. Amid all the hyperbole, Gave Vincent wonders why China’s financial markets don’t seem to be signaling fresh trouble, why Chinese households continue to consume, and why commodities are holding up. Plus, why is no attention being paid to the collapse in the US treasury market. Read more » | AI funds are missing out on the AI stock boom: It is early yet, but so far AI doesn’t make much of a portfolio manager. At least 13 ETFs have put AI applications in charge of managing their portfolios… almost all have missed out on this year’s tech-led market rally and are lagging behind benchmark indexes such as the S&P 500. Read more » | Finally making money on bonds and CDs? Be prepared to pay taxes: Americans are taking advantage of higher returns on their Treasury bills and other fixed-income investments. That joy might be dampened when they see their tax bills. Read more » |
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| | Declines of truth, trust, and the rule of law have throughout history led to, and are now leading to, disorder (Ray Dalio) Chamath Palihapitiya: The scam in the arena (Newcomer) Plane carrying Wagner’s Prigozhin crashes in Russia, all aboard killed (WSJ) India becomes fourth country to land on the moon, first on the south pole, with Chandrayaan-3 spacecraft (Ars Technica)
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| |  | zerohedge @zerohedge |  |
| All the 2023 monthly jobs data was revised lower and now all the housing data has also been revised... drumroll... lower |  | | | Aug 23, 2023 | | |  | | | 913 Likes 348 Retweets 53 Replies |
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