It is the 17th of September 2019

News

Dow Rises To 9th Straight Record Close On Lowest Volume In Years

The 9th record close in a row for The Dow (and 10th straight day higher - longest streak since Feb).

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China's "Bubble Prophet" Sees Unprecedented Surge In Home Prices

Beijing's ability and eagerness, to create and roll from one bubble, whether it is in housing, equities, commodities, cars, bitcoin and so on, into the next has been extensively documented, however, of all recurring bubbles to impact the Chinese economy, housing is by far the most important. The reason for that is that housing provides Chinese society with a dramatic wealth effect, far greater than the stock market, and as Deutsche Bank calculated in March, in 2016 the rise of property prices boosted household wealth in 37 tier 1 and tier 2 cities by CNY 24 trillion, almost twice their total disposable income of RMB12.9 trillion (fig.11).

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The Chart That's Keeping Goldman Up At Night

The spread between "hard" and "soft", or survey and sentiment data, ever since the election has been extensively noted and discussed on this website in recent months (especially since over the past two months the soft data has rolled decisively over, while the Citi economic surprise index has crashed at the fastest pace on record). Which is why it will come as no surprise to readers that, as Goldman writes in a note looking at "Peak Sentiment", over the past six months, US “sentiment surveys” have outpaced both “activity surveys” and “hard data”. This rise in sentiment has accelerated in the post-election period, prompting many (Goldman included) to link the surge in sentiment with optimism about the new administration’s pro-growth policy. It has also spilled over into equity markets in general, and institutional and retail traders in particular.

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Goldman Warns The Gap Between Stock Investors' Hopes & Reality Is Close To An All-Time High

If US GDP growth were tracking sentiment data alone, Goldman estimates the US economy would be growing at its fastest rate of the post-crisis period... But as many saw yesterday - crushing the hopes and dreams of a multitude of over-confident asset-gatherers and commission-takers.

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New Book Reveals Inside Details Of Hostile Clinton Campaign: "We Got An Ass-Chewing"

Anyone who has consumed any bit of mainstream media over the past several months is undoubtedly aware of that fact that Hillary Clinton only lost the 2016 presidential election because of the hostile actions of a bitter foreign Superpower colluding with the Trump campaign to undermine her destiny of becoming the first female Supreme Ruler President of the United States.

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