Daily Archives: August 1, 2020

Americas

U.S. Gets a Debt Warning From Fitch as Stimulus Battle Rages – Bloomberg
*Credit assessor revises outlook on AAA rating to negativehttps://t.co/nlMwMaWodZ

— Christophe Barraud (@C_Barraud) August 1, 2020

#Trump to Ban Chinese-Owned #TikTok From Operating in U.S. – Bloomberghttps://t.co/JAtVashCet

— Christophe Barraud (@C_Barraud) August 1, 2020

#Apple Tops Saudi Aramco as World’s Most Valuable Company – Bloomberg
*Link: https://t.co/6PohGMkUtL pic.twitter.com/JZCfQ4AbIY

— Christophe Barraud (@C_Barraud) August 1, 2020

U.S. imposes sanctions on Chinese company over abuse of Uighurs – Reutershttps://t.co/LqtpOWfEmB

— Christophe Barraud (@C_Barraud) August 1, 2020

Asia

#SouthKorea July Exports Y/Y: -7.0% v -10.9% in June
*Average Daily Exports Y/Y: -7.0%❗v -18.4% in June
*Link (Korean): https://t.co/rvTMQEiop1 pic.twitter.com/UDmZ8cC7jD

— Christophe Barraud (@C_Barraud) August 1, 2020

#Macau July #Gaming Rev (MOP) 1.34B v 0.72B prior, Y/Y: -94.5% v -95.0%e (-97.0% prior)
*May YTD Rev 35.06B, -79.8% y/y
*Link: https://t.co/beJw4IVvh7 pic.twitter.com/GJxyC4FSaJ

— Christophe Barraud (@C_Barraud) August 1, 2020

Europe

#Europe | Belgian, German and Polish infection rates inched higher and Switzerland ordered the closure of nightclubs in #Geneva after a 40% increase in #Covid_19 cases in the canton – Bloomberghttps://t.co/xmfsHawsb4

— Christophe Barraud (@C_Barraud) August 1, 2020

#Russia preparing mass vaccination against #coronavirus for October – Reutershttps://t.co/WGwuizipYL

— Christophe Barraud (@C_Barraud) August 1, 2020

Britain, European Union set new timetable of meetings for post-#Brexit deal – Business Standardhttps://t.co/6z8OUBTLeg

— Christophe Barraud (@C_Barraud) August 1, 2020

Analysts expect U.S. new vehicle sales to keep rebounding in July after increasing by 42.3% MoM in May and 6.9% in June according to Wards data. However, June’s level remained quite low at 13.05m (SAAR), far below February’s level of 16.83m, which offers room for another rise in July:

1- According to Cox Automotive, “ the seasonally adjusted annual rate (SAAR) of auto sales in July is expected to be 13.3 million, up from last month’s 13.0 million pace, but down from last year’s 16.9 million level..”

 

July 2020 should see modest month-over-month improvements in auto sales. But increasing COVID-19 cases and economic uncertainty loom larger than ever. Our July Sales Forecast: https://t.co/Gf7FoW2DGQ #autoretail #automotivenews #automotiveindustry #autosales

— Cox Automotive (@CoxAutomotive) July 29, 2020

 

2- ALG, Inc., a subsidiary of TrueCar, Inc. projects “total new vehicle sales will reach 1,098,960 units in June 2020, down 24% from a year ago when adjusted for the same number of selling days. This month’s seasonally adjusted annualized rate (SAAR) for total light vehicle sales is an estimated 14 million units.”

 

3- Industry consultants J.D. Power and LMC Automotive saidThe seasonally adjusted annualized rate (SAAR) for total sales is expected to be 14.3 million units, down 2.5 million units from a year ago..”

 

4- Finally, Wards Intelligences notedSales have continually surprised on the upside”. More precisely, they expect sales to reach 14.1 million SAAR.

Citi Panic/Euphoria pic.twitter.com/aZZ2bLR9LA

— Helene Meisler (@hmeisler) August 1, 2020

Except for tech sector, buybacks have been virtually nonexistent in past 3 months @SoberLook @DeutscheBank pic.twitter.com/xQhyJURUB5

— Liz Ann Sonders (@LizAnnSonders) July 31, 2020

'Everybody' is in #recession! pic.twitter.com/PwzHgNKT0N

— jeroen blokland (@jsblokland) August 1, 2020

Get ready.

71% of the government debt issued this past year matures in less than 12 months.

Treasury Bills’ outstanding shot up to $5 trillion!

No way around this…

The Fed’s balance is set to explode. pic.twitter.com/7nYgKahzpi

— Otavio (Tavi) Costa (@TaviCosta) August 1, 2020

Lastly:

Avg maturity of outstanding government debt just plunged to 64 months.

Bottom line:

A tsunami of $8.5T of Treasuries will be maturing by the end of 2021!

Monetary stimulus will have to be astronomic to cover this.

What a time to be a precious metals investor. pic.twitter.com/9WU53XU9rc

— Otavio (Tavi) Costa (@TaviCosta) August 1, 2020