Stock

Richmond Fed: “Manufacturing Activity Strengthened in October”

Earlier from the Richmond Fed: Manufacturing Activity Strengthened in October Fifth District manufacturing activity strengthened in October, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index rose from −9 in September to 8 in October, as all three components — shipments, new orders, and employment — increased. Manufacturing […]

Stock

Comments on September Existing Home Sales

Earlier: NAR: Existing-Home Sales Decreased to 5.38 million in September A few key points: 1) Existing home sales were up 3.9% year-over-year (YoY) in September.  This was the third consecutive YoY increase – following 16 consecutive months with a YoY decrease in sales 2) Inventory is still low, and was down 2.7% year-over-year (YoY) in […]

Stock

NAR: Existing-Home Sales Decreased to 5.38 million in September

From the NAR: Existing-Home Sales Decrease 2.2% in September Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines. Total existing-home sales, completed transactions that include […]

Tax

Why the Withdrawal Bill is bad law

There is one phrase that appears time and again in the European Union (Withdrawal Agreement) Bill 2019. It is this: A Minister of the Crown may by regulations make such provision as the Minister considers appropriate In other words, the Bill effectively passes most power to Ministers. And I do not trust our Ministers. Which […]

Tax

The psychopathic argument against corporate responsibility

A biographer of Milton Friedman called Jennifer Burns was in the FT yesterday saying: Corporate social responsibility is back — and that’s bad news for anyone who cares about corporate behaviour. August’s US Company Roundtable statement embracing stakeholder capitalism is only the latest iteration of a mantra gaining currency around the world. On the surface, […]

Stock

Slowing growth demands the right style

Despite the recent weakening in U.S. survey data, a recession is not imminent; a slowdown is. The September ISM surveys, both manufacturing and non-manufacturing, sent a clear signal: The economy continues to decelerate. The question for investors now is how to best protect their portfolios? The slowdown is not just evident in the economic data, […]