Daily Briefing

Today, the PMI reading for August came out to be 56, up from 54.2 in July and above the median projection of 54.8, indicating the fastest rise in U.S. manufacturing since late 2018.

U.S. consumer spending is slowing, Prime Minister Abe resigning, market vol increasing, mega corps like Coca Cola shedding thousands of jobs, and the Paycheck Protection Program riddled with fraud

Fed Chair Jay Powell gave an official update to the Fed’s policy on inflation targeting. It was one of the most significant revamps in their policy strategy since 2012.

Are credit markets tightening? There’s some data that indicates that they are across almost all loan types.

The technology sector is continuing with its takeover of the broader market with the recent announcement of Exxon, Raytheon, and Pfizer being removed from the Dow Jones Industrial Average Index.

TikTok sues the U.S. government, President Trump announced expanded access to convalescent plasma as a COVID-19 treatment, and what’s contributing to the soaring lumber futures prices.

Divergent PMI readings between the U.S. and Europe indicate a stark contrast forming between the two continents. While Europe was hit with a wake-up call today, it looks like the American dream has yet again bought itself more time.

The European Central Bank, the Bank of Japan, the Bank of England, and the Swiss National Bank have all announced today that they would be scaling back their US dollar liquidity operations.

Yesterday, the S&P hit a record-breaking closing high of 3,389.78. At least for now, this new high has held up, trading slightly above yesterday’s close.

Yesterday, the Democratic National Convention kicked off and will run through this Thursday, where the Democratic Party will formally nominate Joe Biden and Kamala Harris as president and vice president for this election.


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