China Backs Off,
withdrawing Hong Kong’s extradition bill. It may bring the violence in the former British colony to an end by assuring continued semi autonomy. This downplays the risk of a Tiananmen Square type massacre, no end to the trade war, and a sudden 1,000-point plunge in the Dow Average. Stocks like it, up 200 points at the opening.
US Manufacturing Hits a 3-Year Low,
the ISM Manufacturing PMI diving from an average 56.5 to 49.1 in August. Anything below 50 is a recession indicator. Hoping that China will bleed worse than us in a trade war is not a winning strategy. Stocks dove 300 points and the Volatility Index (VIX) shot up to $21 on the news. Avoid risk as this is going to be a terrible month.
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Hard Brexit Fails in Parliament,
a huge failure for Prime Minister Boris Johnson, whose own party voted against him. Elections to follow which will finally plunge a dagger through the heart of Britain’s attempt to leave the European Community. This is the beginning of the end. Get ready to buy the pound.
The Latest “Tesla Killer” Hits the Market,
with the all-electric Porsche Taycan. It goes zero to 60 in 2.4 second, but at $150,000 for the turbo model Tesla (TSLA) is secure. Porsche has already collected 30,000 deposits, mostly from existing Porsche owners. The Taycan has a 279 mile range, versus 378 miles for the top end Tesla Model S.
“Flight Shaming” Becomes a Thing,
criticizing air travelers for their excessive use of commercial airlines which are causing environmental damage. I guess I’d be target number one, with 100,000 miles a year in air travel.