Global stocks and US equity futures rose to a fresh record high on - what else - optimism that a firehose of fiscal spending will revive economic growth and bolster corporate earnings, which coupled with more pandemic relief and speedy vaccine rollouts under the new Biden administration would lead to...
Steel Prices Are Exploding To Record Highs
One of our readers writes in that a client just got a letter from US Steel:"Dear valued client, effective immediately price of “seamless steel” has gone from $900 to $1350 per net ton."Yes, a 33% price increase. This is what the Fed would call "inflation" if only the Fed measures...
China Imports Of Corn, Wheat Hit Record High Amid Soaring Food Prices
On the same day that China published a much stronger than expected (if largely laughable as we first noted and Michael Pettis subsequently confirmed) GDP print, making China the only major economy to grow in the "year of covid", China customs data showed that grains imports soared to record highs...
Bagholder’s Row: Condo At NYC’s One57 Sells For A Record 51% Discount
Exemplifying just how bad things in New York have gotten - and just how willing many are to simply get out of Bill de Blasio's city - a condo on NYC's famed Billionaire's Row sold for a record 51% discount this week.The property is a 58th floor apartment in New...
Record Investor Euphoria Is Now Literally Off The Chart
The past few months can best be characterized as a period of unprecedented market optimism and sheer euphoria, and we have done just that with several recent articles...... and so on. But whereas in the recent past, the euphoria was always bounded by the upper limit reached during the insatiable...
US Reports Another Daily Case Record; COVID Deaths In UK, Germany Top 1K: Live Updates
Summary: US sees record 310K new casesNJ reported nearly 20K new casesCA reports 50K casesUK, Germany daily deaths top 1KUK tops 3MM casesUK deaths top 80KPortugal reports 9K+ casesJapan may extend emergency orderChina moves to expedite vaccinations* * *Yesterday, we reported on speculation about a new hyper-infectious COVID-19 strain that...
China Power Demand Hits Record As Polar Vortex Split Pours Arctic Air Into Region
The Beijing meteorological station recorded one of the coldest temperatures in decades this past week, sending power demand through the roof. Lei Lei, the chief forecaster for Beijing meteorological station, told China Daily that the first cold wave in 2021 features a "dramatic temperature drop," "significant wind-chill effect," and "prolonged period of low...
S&P Futures Hit Record High Above 3,800 Ahead Of Dismal Payrolls Report
While there is broad consensus that today's payrolls report will be ugly, with economists expecting a sharp slowdown in December job growth in the U.S. due to the second wave of covid lockdowns and a quarter of those surveyed (including Goldman) predicting a negative print when the data is published...
Brevan Howard’s Main Macro Fund Rose A Record 27.4% In 2020
In keeping with the rich getting richer narrative that has washed over the street for most of 2020 (all it took was unlimited QE, who would have thought?), Brevan Howard is the latest fund to report a record year despite a global pandemic and the ensuing recession. The firm's main...
US COVID Cases Top 20MM As California Deaths Hit New Record
Summary:US cases top 20MMCalifornia sees new death recordRussia new cases topped 27KPortugal reports nearly 7K new cases* * * Several US states have been plagued by reporting delays over the holiday, but with California expanding lockdowns around the state, and more cases of B.1.1.7, the mutant strain first discovered in the...