David Fuller and Eoin Treacy's Comment of the Day
Category - General

    Migration to Substack Complete

    This is the last Comment of the Day which will be both posted on our site and Substack. Starting October 2nd 2023 all of the video, audio and written commentary will only be available via fullertreacymoney.substack.com. 

    The Chart Library will still be available here. 

    Subscribers also have the option to sign up for the Substack chat feature which will provide an online forum for discussion both with me and other subscribers.

    Markets Now Zoom events for pro-subscribers will be monthly. I believe the best start time will be 7pm UK time. This will be via zoom and pro subscribers will be provided with the link closer the time. 

    Here is a link to the brochure for The Chart Seminar. 

     

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    Migration to Substack Now Complete

    Comment of the Day, the daily audio and video commentary are now exclusively available via fullertreacymoney.substack.com. 

    The Chart Library will still be available here. 

    Subscribers also have the option to sign up for the Substack chat feature which will provide an online forum for discussion both with me and other subscribers.

    I am planning the first Markets Now event for pro-subscribers on October 13th. I believe the best start time will be 7pm UK time. This will be via zoom and pro subscribers will be provided with the link closer the time. 

    Major international luxury brands to open stores in Mumbai�s new luxury mall

    This article from cpp-luxury may be of interest to subscribers. Here is a section:

    Global luxury brands such as Gucci, Cartier, and Louis Vuitton, among others, have signed leases for retail spaces in a new Mumbai mall developed by Asia’s richest Mukesh Ambani, as the brands and Reliance Industries look to tap lucrative prospects presented by India’s robust economic growth and the swift increase in the number of millionaires.

    Jio World Plaza is likely to open this year, Reuters said citing an unnamed source. The new mall is situated within Reliance Industries’ extensive $1 billion business and cultural complex in Mumbai’s bustling business district.

    More than a dozen luxury consumer goods brands are entering the country ahead of the festive season, as they look to attract consumers in a market riding on the growing affluence of Indians with higher incomes, spurring greater discretionary spending even in small towns.

    While a K-shaped economic recovery in India is also seen to be a strong trend, according to several economists, the Asian economy has beaten almost all countries in terms of rising wealth. Remember India is home for some of the world’s richest including Mukesh Ambani and Gautam Adani.

    Read entire article

    Hot Job Markets Spur Brazil, Mexico Economies Against All Odds

    This article from Bloomberg may be of interest. Here is a section:

    Economists doubt labor market gains in Brazil and Mexico will be cut short, even as their key interest rates stand at lofty levels of 12.75% and 11.25%, respectively. 

    Brazil’s central bank has reiterated plans to relax monetary policy through half-point rate reductions. On the other hand, Mexican policymakers led by Victoria Rodriguez are expected to start cutting only in 2024 as a resilient economy keeps them on watch for inflation.

    Elsewhere across the region, Colombia’s services sector is still creating jobs, with higher consumption defying odds of an economic slowdown. Chile’s unemployment rose more than expected in August, but is forecast to fall in coming months.

    Read entire article

    Americans are demanding more: Desired salary for new jobs now nearly $79,000

    This article from USAToday may be of interest. Here is a section:

    There’s definitely a gap between the $78,645 a year that people want to get paid to switch jobs and the average $69,475 people received over the past four months, the New York Fed said. Despite the difference, employees were doing much better than the average $60,764 they earned a year ago.  

    Read entire article

    Eoin's personal portfolio: breakeven stop triggered on commodity position September 5th

    The Massive Scale of China's Property Sector

    This article from Reuters is filled with wonderful graphics that help to highlight the divergence between private and government-funded property developers. Here is a section:

    The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar.

    Country Garden, once considered to be financially sound and stable, failed to pay the interest on two of its bonds due in August and narrowly avoided default by making the interest payment hours before a 30-day grace period ended on September 5.

    It also failed to pay an interest of $15 million on a bond that was due in September but was granted a 30-day grace period.

    Country Garden’s liabilities of 1.54 trillion yuan were the highest among the top-25 real-estate companies in China, and it was among seven to have reported a loss.

    Read entire article