Housekeeping: Good Morning.
Today:
Premium Analysis: Very special piece of the puzzle just dropped
News: Gold market Recap
Premium Analysis: MUFG Outlook
Very special piece of the puzzle just dropped hinting at the Buy-Season allocations
Set to breach the USD3,000/oz handle in 2025
"Fears" where confidence in the USD-backed monetary system is challenged, alongside the 2024 drivers of gold, will catapult bullion higher in 2025
We have the full MUFG analysis includind everything you see below and will share our breakdown of it with premium subscribers noon today.
MORE EXCERPTS AT BOTTOM With Some frank comments on this report
News: Market Recap
Market Recap
Here is a straight recap
Equity Recap:
US equities rallied on Thursday, led higher by tech shares. Large caps lagged small caps: S&P 500 (+0.75%) vs. Russell 2000 (+1.22%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) added 0.83% and 0.82% respectively.
Market News:
OpenAI is releasing a new artificial intelligence model known internally as “Strawberry” that can perform some human-like reasoning tasks, as it looks to stay at the top of a crowded market of rivals. Bloomberg
"The European Central Bank has cut interest rates by a quarter percentage point to 3.5 per cent in response to falling Eurozone inflation and signs that the bloc’s economy risks grinding to a halt. FT
"Wholesale prices rose in August about in line with expectations, the final inflation data point as the Federal Reserve gets set to lower interest rates. CNBC
"Microsoft on Thursday said it is cutting 650 roles at its Xbox gaming division, in the latest major round of layoffs to hit the video game industry.CNBC
"US household wealth reached a fresh record in the second quarter, fueled by a steady rise in the value of real estate and Americans’ stock holdingsBloomberg
"Billionaire Steve Cohen’s Point72 Asset Management is preparing to return some capital to investors for the first time, joining multistrategy hedge fund peers looking for ways to restrict their assets after a period of explosive growth. The firm is considering handing profits to clients after the end of the year... The amount could run into billions of dollars." Source: Bloomberg
"General Motors and Hyundai Motor have entered into an agreement to explore “future collaboration across key strategic areas” in an effort to reduce capital spending and increase efficiencies, CNBC
Politics/Geopolitics:
Russian President Putin warned the UK and the US that they will be "at war" with Russia if they allow Ukraine to use long-range missiles to strike targets inside Russia, according to The Times.
US Ambassador to Ukraine strongly condemned Russia's attack on a vessel carrying grain from Ukraine.
Russian Deputy Defence Minister said the China-Russia relationship is a model of nation-to-nation collaboration and is a peace guarantee.
China's Defence Ministry said major countries must the take lead in safeguarding global security and should never interfere in other countries' internal affairs.
Some headlines via NewSquawk or DataTrek
Data on Deck: NFIB, CPI, PPI
MONDAY, SEPT. 9 Wholesale inventories
TUESDAY, SEPT 10 NFIB optimism index
WEDNESDAY, SEPT. 11 CPI year over year
THURSDAY, SEPT 12 PPI year over year
FRIDAY, SEPT 13 Consumer sentiment.1
Final Market Check…
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