Friday Aug 11 2023
The Consumer Price Index rose a mild .2% I July, same as June.
Inflation Eases, Fueling Hope on FED Rates
The Real World
We Work WE was designed to offer competitive office space in creative way post Covid. Its IPO came at $ 10 in late 2020 and spiked to $15 in 2021. But as individuals chose to work from home, commercial real estate entered its own crisis, as did WE. From its website,
Get the privacy and personalization you expect from your own space, with the flexibility you deserve. Find a solution for all the ways you and your team work.
Today WE is hiring bankruptcy experts. The stock dropped to 13 cents. But the rage for Meme stocks is back, investing in companies losing money. And so WE has soared to 20 cents.
China is officially the world’s second largest economy. Here is Reuters reporting on Chinese real estate developer Country Gardens.
Country Garden (2007.HK) said on Tuesday it has not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles.
This week Moody’s downgraded regional banks. That sent all bank stocks into the red for that day.
Stocks were unable to hold early gains yesterday closely higher but no much. The rally in tech stocks has cooled.
The streaming services remind me of the cable television. Cable television took the three networks to a couple of hundred but near none of them have market share. The same is true of streaming services. Disney now plans to raise its monthly rate to $24.95. And all are fighting password sharing. This industry is due for a shake out and mergers.
Interest rates have probably topped for the time being with the three month T bill offering 5.2%.
Energy
Our prediction of higher crude prices continues to perform well. West Texas crude is ow over $83. Natural gas has risen to $2.76 from its low of $2.00.
Politics
Washington reminds me of the Ukraine-Russia war. Social mood is totally negative in both domains. Trump declares he is only one more indictment from returning to the White House as legal bills drain his campaign chest. Republicans have now found millions of dollars in various Biden accounts. Is anyone there working for you and I?
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