Morning 12-10

Top News:

  • Out yesterday afternoon,” Facebook risks Instagram-Whats app breakup in Antitrust case-BBG
  • ECB extended stimulus packages, did not increase them   Euro Small bid Dax little changed post announcement
  • Today FDA panel meet   to determine if Pfizer Covid vaccine drug clears final regulatory hurdle (bbg) yesterday saw> 3000 deaths in U.S., watch for headlines throughout day. Per trump officials “a vaccine could start reaching healthcare workers, first responders and nursing home residents as soon as Sunday, though more likely early next week, “reuters. Moderna regulatory approval meeting is next week
  • No progress on Stimulus deal and Brexit deadline extended GBP -100 ticks
  • Hottest Covid spot “Over the past week, Indiana, Rhode Island, South Dakota and Utah racked up an average of at least 100 new cases per day for every 100,000 residents” Morning money


 Crude Oil 9-month highs yesterday’s massive build in oil stocks quickly forgotten. What also is forgotten is Winter in the eyes of Nat Gas, new contract lows in negative territory for H-J spread things could be worse if it wasn’t for the strong LNG exports. USDA Monthly crop report today   historically not a big mover but this is a different year so attention will be paid. Soybean support at 1142

Lumber back to her old tricks of Limit up bids January 10 consecutive higher closes yesterday was a gap higher and then press to limit up from Morning Money

“Middle-income housing across America — particularly in big coastal cities — is growing scarcer than ever, as the wealthy bid up properties that might once have been considered “affordable,” Jennifer A. Kingson writes.

  • Why it matters: The pandemic’s effects on the housing market may turn out to be permanent. Renters and buyers alike face rising prices that outstrip income growth and favor people with cash savings.

The median price of a single family home in California crossed the $700,000 mark this summer — a record.

  • Nationally, the story is the same: The cost of buying a house was up 7% in September, the Case-Shiller index showed. Phoenix, Seattle and San Diego were the cities with the biggest price leaps, Case-Shiller found.
  • Starter homes in cities that attract young people are almost nowhere to be found.

The backdrop: The last five months have seen a real estate frenzy. Even as many Americans have struggled to pay rents and mortgages, the wealthy have paid above-asking prices for homes that used to be worth a lot less.”

  Just released Cpi a touch higher and Jobless claims Very ugly a big miss having little impact on markets so far. A lot of noise in jobless claims but number missed by 3 standard deviations or so and highest in 9 weeks  doesn’t bode well for a strong economic start to 2021 due to many Govt program aid programs expiring at year end.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.