Currencies
Figure 1 Source: Eikon Reuters, Bloomberg We actually think that the US dollar has bottomed last week, and we should expect a period of bull retracement. We expect the US dollar to continue its recent slide against the euro, but believe the bulk of the move might be behind us. Figure 4 Source: Eikon Reuters In the past two weeks, we have been questioning if the US dollar has found its bottom following the recent months of weakness. In other news, the EURUSD has witnessed a spectacular rise of 9.45% since May 2020 and the dollar has fallen sharply against the emerging market currencies.
The recent money printing of American dollars has had an adverse effect on the strength of the dollar which could be a blessing in disguise for Verso. A break below that support will definitely confirm the bull momentum in the US dollar in the near to medium term. The dollar should continue to hold up better against safe havens such as JPY and CHF, given resilient risk appetite.
On the flip side, a company in Finland is also seeing a weaker dollar compared to the euro. This liquidity and low-interest-rate regime has solidified the negative real yield portrayal for the dollar, and there have been consequences. Let’s consider Dollar General (DG), probably the best retailers in the world, and Broadcom (AVGO), a key player in the semiconductor industry. Asana’s dollar-based net revenue retention rate was 120% for fiscal year ended 2020, rising from 110% for the previous fiscal year.
Bentley’s dollar-based revenue retention rate was 110% in the most recent period. Moreover, further integration and cooperation thanks to the European Recovery Fund have helped remove fears of a euro-zone breakup.
The recent money printing of American dollars has had an adverse effect on the strength of the dollar which could be a blessing in disguise for Verso. A break below that support will definitely confirm the bull momentum in the US dollar in the near to medium term. The dollar should continue to hold up better against safe havens such as JPY and CHF, given resilient risk appetite.
On the flip side, a company in Finland is also seeing a weaker dollar compared to the euro. This liquidity and low-interest-rate regime has solidified the negative real yield portrayal for the dollar, and there have been consequences. Let’s consider Dollar General (DG), probably the best retailers in the world, and Broadcom (AVGO), a key player in the semiconductor industry. Asana’s dollar-based net revenue retention rate was 120% for fiscal year ended 2020, rising from 110% for the previous fiscal year.
Bentley’s dollar-based revenue retention rate was 110% in the most recent period. Moreover, further integration and cooperation thanks to the European Recovery Fund have helped remove fears of a euro-zone breakup.
Metals
The World Gold Council recently released a report saying gold still has some room to run higher given all of the dynamics in the market. ” Peter went on to say having gold right now is particularly important given how much money central banks are printing. He said he thinks the World Gold Council is underestimating just how high gold will climb. When a market like Gold puts in a move like it did earlier this summer – people have a tendency to remember. I think Warren Buffett had it right by buying Barrick Gold, which I own myself, and I’ve owned for a long time.
I think storing it in gold is historically much better than just relying on a piece of paper. In Gold, the trend got red-hot in early-August as that parabolic like move broke away to a fresh all-time-high. Peter made the case for gold, saying if you understand its role as money, you know you should always have some. Gold gained after rebounding from early weakness… Bonds were bid all day with the long-end outperforming…
So, where does Peter think gold will go from here? Australian BHP plans to use LNG-powered vessels to ship iron ore to China to cut down on carbon emissions.
I think storing it in gold is historically much better than just relying on a piece of paper. In Gold, the trend got red-hot in early-August as that parabolic like move broke away to a fresh all-time-high. Peter made the case for gold, saying if you understand its role as money, you know you should always have some. Gold gained after rebounding from early weakness… Bonds were bid all day with the long-end outperforming…
So, where does Peter think gold will go from here? Australian BHP plans to use LNG-powered vessels to ship iron ore to China to cut down on carbon emissions.
Oil
Associated natural gas volumes might return with higher crude oil prices because of eventually higher oil drilling activity. The natural gas market will need additional volumes from the North-East region.Cabot Oil & Gas (COG) is almost at the price I pitched it in July. Source: Bloomberg Natural gas prices rose because of positive fundamentals: production is falling, LNG export volumes are recovering. Class actions might bring much more financial damage, but it is obvious that the shares had been sliding for the last years because of the falling natural gas prices.
Meanwhile, the average natural gas price for the next 12 months is almost $3 per MMBtu and almost $2.9 per MMBtu for the next 24 months.
Source: BloombergNEF, Genscape That is why the natural gas price needs to go higher to incentivize producers to increase their drilling activity. It seems likely that investors do not believe in the stable character of the current natural gas price levels. Gassy equities are likely to catch up to natural gas prices. Next year it is likely to be the opposite situation comparing to the current elevated U.S. natural gas inventories.
Given the increased level of uncertainty, abysmal industry conditions, and weakening oil prices, investors should continue to avoid the shares. Oil prices are under pressure again: Prices rebounded pretty quickly from the lockdown-caused sell-off. It makes the fundamental picture for the U.S. natural gas market quite attractive. The crude oil market looks weak, while the LNG export volumes are recovering. It’s undisputed up there that natural gas is naturally occurring in all the areas of Northeast Pennsylvania.
Source: Bloomberg Crude oil prices’ upside potential looks limited. Energy fell in sympathy with the oil market. Meanwhile, the LNG market is visibly recovering. On the supply side, there is a weakening discipline among OPEC+ countries. The LNG from the U.S. has become much more attractive to customers in Europe and Asia.
Meanwhile, the average natural gas price for the next 12 months is almost $3 per MMBtu and almost $2.9 per MMBtu for the next 24 months.
Source: BloombergNEF, Genscape That is why the natural gas price needs to go higher to incentivize producers to increase their drilling activity. It seems likely that investors do not believe in the stable character of the current natural gas price levels. Gassy equities are likely to catch up to natural gas prices. Next year it is likely to be the opposite situation comparing to the current elevated U.S. natural gas inventories.
Given the increased level of uncertainty, abysmal industry conditions, and weakening oil prices, investors should continue to avoid the shares. Oil prices are under pressure again: Prices rebounded pretty quickly from the lockdown-caused sell-off. It makes the fundamental picture for the U.S. natural gas market quite attractive. The crude oil market looks weak, while the LNG export volumes are recovering. It’s undisputed up there that natural gas is naturally occurring in all the areas of Northeast Pennsylvania.
Source: Bloomberg Crude oil prices’ upside potential looks limited. Energy fell in sympathy with the oil market. Meanwhile, the LNG market is visibly recovering. On the supply side, there is a weakening discipline among OPEC+ countries. The LNG from the U.S. has become much more attractive to customers in Europe and Asia.
United States
In total, July consumer credit rose at a 3.6% annual rate to $4.13 trillion according to the Fed’s latest G.19 statement. The US went from an agrarian economy in the early 1900s to the post WW II manufacturing economy, and then tilted over to a Services economy in the 1970s. A few Fed districts were pessimistic about economic recovery because of the virus-related uncertainty and its impact on consumer activity. Tensions between the US and China have risen significantly, but both sides are likely to avoid costly economic consequences that could derail the nascent recovery.
This will rely on how much the M&A activity in the US middle market improve as the economy picks up pace. Though consumer spending picked up to some extent, many Fed districts witnessed a sluggish pace of growth in tourism, retail, and vehicle sales. Conversely, 40% of the Nasdaq Biotechnology Index is allocated to companies with market values of $50 billion and higher.
The Fed is unsure when the economic rebound will occur and that’s why it has decided to maintain low interest rates till employment stabilizes. However, in that same spirit of freedom and respect, I’d like to suggest that President Trump show some respect for American taxpayers by withdrawing all federal funds from WLU. As per the Fed’s Beige Book update of August 2020, the economy witnessed a modest but choppy recovery. In their letter to President Trump, the lawmakers urged the administration to enact additional sanctions if it’s determined that chemical weapons were used against Navalny.
The Defiance Nasdaq Junior Biotechnology ETF IBBJ is the newest addition to the biotechnology exchange traded funds fray, having debuted about a month ago.
One measure comes from the US Total Credit Market Debt Owed. The onus now sits with the US, where Congress must pass the CARES Act 2 to prolong unemployment benefits and support the consumption recovery. Over the longer term, however, a number of structural winners in the US should maintain strong performance there. Obviously, the US economy today is very different than what it was like in 1926.
The new ETF tracks the Nasdaq Junior Biotechnology Index (NBIJR), the small-cap offshoot of the widely followed Nasdaq Biotechnology Index. This is Nasdaq’s worst 3-day performance since March (3rd worst 3-day drop since 2001). Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. We followed eight Wall Street Journal reporters in four countries to see if they, and the world, are ready to make the switch.
This will rely on how much the M&A activity in the US middle market improve as the economy picks up pace. Though consumer spending picked up to some extent, many Fed districts witnessed a sluggish pace of growth in tourism, retail, and vehicle sales. Conversely, 40% of the Nasdaq Biotechnology Index is allocated to companies with market values of $50 billion and higher.
The Fed is unsure when the economic rebound will occur and that’s why it has decided to maintain low interest rates till employment stabilizes. However, in that same spirit of freedom and respect, I’d like to suggest that President Trump show some respect for American taxpayers by withdrawing all federal funds from WLU. As per the Fed’s Beige Book update of August 2020, the economy witnessed a modest but choppy recovery. In their letter to President Trump, the lawmakers urged the administration to enact additional sanctions if it’s determined that chemical weapons were used against Navalny.
The Defiance Nasdaq Junior Biotechnology ETF IBBJ is the newest addition to the biotechnology exchange traded funds fray, having debuted about a month ago.
One measure comes from the US Total Credit Market Debt Owed. The onus now sits with the US, where Congress must pass the CARES Act 2 to prolong unemployment benefits and support the consumption recovery. Over the longer term, however, a number of structural winners in the US should maintain strong performance there. Obviously, the US economy today is very different than what it was like in 1926.
The new ETF tracks the Nasdaq Junior Biotechnology Index (NBIJR), the small-cap offshoot of the widely followed Nasdaq Biotechnology Index. This is Nasdaq’s worst 3-day performance since March (3rd worst 3-day drop since 2001). Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. We followed eight Wall Street Journal reporters in four countries to see if they, and the world, are ready to make the switch.
China
Businesses from the world’s second-biggest economy have raised billions of dollars in Hong Kong this year even as relations between Beijing and Washington have plunged to multi-decade lows.
Europe
Some volatility on sterling is likely as the Brexit deadline approaches and the UK and Europe remain far from an agreement. We thank Chancellor Angela Merkel and our German allies for opening their doors to Mr. Navalny and his family so that he may be treated in Germany.
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