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United States
PPI trade services, a leading indicator of underlying retail sales growth, has slowed sharply, signaling further weakness in consumer spending, according to Pantheon Macroeconomics.
Euro Area
French business uncertainty jumped in September.
Asia-Pacific
Australia’s rare-earth stocks have fallen back to earth.
China
Total nonfinancial credit topped 300% of GDP last year, well above the US level.
Equities
Since 1974, every S&P 500 bull market that reached its fourth anniversary has gone on to complete a fifth year, with the four most recent cases delivering double-digit gains without a correction exceeding 10%.
Rates
As of September 30, $10.7 trillion, or 33% of outstanding marketable Treasury debt, was set to mature within 12 months, exposing the federal government to refinancing costs above 4%.
Global Developments
Over the past 125 years, major fiat currencies have lost nearly all their value relative to gold.
Food for Thought
An optimized route connecting one landmark in each of the 48 contiguous states and Washington, DC, spans 13,949 miles and an estimated 224 driving hours, excluding traffic and time at stops.
