Authored by James Rickards via DailyReckoning.com,
I managed a track and field in team in high school. I was not the team coach, I was a student-manager who helped out with equipment, scheduling, training and other logistics.
Back in the days before internet I was the kid in the locker room phoning in athlete times and results to the local newspapers before the deadline for the next day’s edition.
Last month, we discussed how Frankfurt was emerging as the clear winner. When UBS staff were asked to rank which city they would prefer to be relocated to, their options were Frankfurt, Amsterdam and Madrid. Our top picks would have been Paris and Dublin, which didn’t even make the short list. On 19 October 2017, Goldman’s Chairman, Lloyd Blankfein, garnered lots of media attention after he tweeted.
"Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there. #Brexit."
While online spending surged, the overall picture for Thanksgiving weekend spending was more mixed as the traditional “bricks and mortar” retailers continued to struggle. Nevertheless, overall spending was about 4% higher. The National Retail Foundation (NRF) estimated that 174 million Americans shopped online or in stores over the period (Thursday to Monday), versus 164 million the previous year, although the latter excluded Cyber Monday. According to Bloomberg.
Former Goldmanite and current Minneapolis Fed president, Neel Kashkari, conducted another #AskNeel session on Twitter where the dovish FOMC voter (he was the only one to dissent to the Fed's rate hike decision earlier this year) received numerous questions. Among them was the following one from Zero Hedge:
While FANGs cratered in US markets, the turmoil in tech stocks has spread to AsiaPac with Hong Kong down hard as TATS tumble to one-month lows at the open...
Asia's "FANG" equivalent - accounting for 16% of MSCI Emerging Market Stock index is TATS - Taiwan Semi, Alibaba, Tecent, and Samsung...
All four names are down notably in the last week...
Following the biggest tumble in South Korea Industrial Production (and the first rate hike by Bank of Korea in 6 years), it appears there are no dip-buyers yet. KOSPI is down at one-month lows...