Week 6 of the Collapse of the U.S. Labor Market

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US unemployment claims 2020 04 30 detail

Florida ascends to Number One as it tries to catch up. “Insured unemployment rates” already over 20% in some states as of Apr 11. By Wolf Richter for WOLF STREET. Over the six reporting weeks since mid-March, state unemployment departments have processed a gut-wrenching 30.3 million initial claims for unemployment insurance. In the week ended April 25, according… Read More

World Won’t Be Much Different After COVID-19

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guggenheim

Low Income Workers Usually Get Hurt A non-consensus viewpoint is in this cycle the lowest paid workers will get hit less badly than they usually do in relation to the rest of the labor market. As you can see from the chart below, the bottom 50% of workers by net worth had the biggest decline… Read More

The Looming Gold Derivative Crisis

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One of the scares at the time of the Lehman crisis was that insolvent counterparties risked collapsing the whole over-the-counter derivative complex. It was for this reason that AIG, a non-bank originator of many derivative contracts, had to be bailed out by the Fed. By a mixture of good judgement and fortune a derivative crisis… Read More

REFILE-Unilever, L'Oreal among firms looking to buy makeup brand Charlotte Tilbury – Bloomberg

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(Reuters) – Unilever Plc (ULVR.L), L’Oreal SA (OREP.PA) and Estee Lauder Companies Inc (EL.N) are among firms vying to buy British makeup brand Charlotte Tilbury Beauty Ltd, Bloomberg reported here on Tuesday. The London-based brand, founded by makeup artist Charlotte Tilbury, is working with advisers at Goldman Sachs Group and Jefferies Financial Group, and could… Read More

Jeffrey Gundlach: We Will Take out the March Lows

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Submitted by Taps Coogan on the 28th of April 2020 to The Sounding Line. Enjoy The Sounding Line? Click here to subscribe. Jeffery Gundlach, founder of DoubleLine Capital, recently spoke with CNBC about his outlook for markets and the economy. He emphasizes that we are witnessing a transformative event and that the pain is not… Read More

The LNG Market Is “Imploding”

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While everyone is watching the meltdown in the crude oil market, the global market for natural gas is also cratering. By Nick Cunningham of Oilprice.com: At least 20 cargoes of U.S. liquefied natural gas (LNG) have been cancelled by buyers in Asia and Europe, according to Reuters. The global pandemic and the unfolding economic crisis have… Read More

How to Invest in Oil and How NOT to Invest in Oil

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With crude oil prices having gone negative, everyone and his sister is scrambling to figure out how to invest in oil and make bank where banks have failed: There must be a way to get someone to pay me to take oil off their hands so I can resell it when the world is normal again… Read More

FDA approves MenQuadfiTM, the latest innovation in meningococcal (MenACWY) vaccination

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FDA approves MenQuadfiTM, the latest innovation in meningococcal (MenACWY) vaccination  Latest innovation in quadrivalent meningococcal vaccination designed for use in persons 2 years of age and older in the U.S. Safety and effectiveness studied in five double-blind, randomized clinical trials with nearly 5,000 individuals Helps protect an expanded age group and elicits a high immune… Read More

Fed Cut Back on Helicopter Money for Wall Street & the Wealthy

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US Fed Balance sheet 2020 04 23 total assets

Tapered QE-4 Further, Still Hasn’t Bought Junk Bonds or ETFs, Was Just Jawboning. By Wolf Richter for WOLF STREET. Total assets on the Fed’s balance sheet rose by $205 billion during the week ending April 22, to $6.57 trillion. Since the week ending March 11, when the bailout of the Everything Bubble and its holders began, the Fed… Read More

How Far Will the U.S. Economy Plunge During Lockdown?

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US weekly economic index WEI 2020 04 21

“Three times deeper than the Great Recession?” By Wolf Richter for WOLF STREET. No one has ever been through an economy where enormous shifts have occurred, from one day to the next, shutting down part of the economy but also generating sectors that are vastly more vibrant than ever before. Monthly or quarterly economic indicators leave us in… Read More

SUPER CONTANGO CATASTROPHE

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My plan was to write about oil, so over the weekend I sketched out my post and figured I could polish it off during my lunch hour with some up-to-date charts. Then it happened… Shortly after 1pm, the May 2020 WTI crude oil futures contract went into an unprecedented free fall that took prices to… Read More

Morgan Stanley: Rushing To Reopen The Economy Would Backfire

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Authored by Andrew Sheet, Morgan Stanley chief global strategist Short-Term Pain for Long-Term Gain Late last year, I met with the pension fund for a physicians’ association in the western United States. I’ve been thinking a lot about that meeting recently, especially when some aspect of the market, or working from home, is particularly frustrating.… Read More