Following yesterday’s sharp drop in the equity markets we have a slight rebound this morning … as reports claim the Chinese currency has “stabilized” and … as Daily Shot claims … we have: “… global markets breathing a sigh of relief.” Note, however that the “sigh” that is mentioned is a quiet one … as there is still a long, long way to go to make up for yesterday’s carnage.
Speaking of the Chinese currency … there seems to be a dispute of sorts going on between the White House and former U.S. Treasury Secretary Larry Summers. The administration named China a “currency manipulator” … which one article I just read on Bloomberg says is little more than a public shaming. If that’s the case, I’m sure China will care (a little sarcasm there). But what Larry Summers seems to claim is the administration is wrong … and the manipulator decision by the U.S. Treasury does not have “… much justification.”
Meanwhile, according to The Guardian, China is accusing the U.S. of “deliberately destroying world order.”
Oh my. Traders who thought the dog days of August would be unexciting in the markets … had their hands bitten over the last few days
And do you remember a couple of years ago when there was talk that the U.S. dollar would no longer be considered the world’s global currency (to be taken over by the Chinese yuan)? I think you can certainly forget about that for now.
My sister was in town yesterday and I ordered another “Impossible Burger” at a restaurant, as I am just gearing up for Thursday’s move by Burger King to offer the “Impossible Whopper” at all of its locations.
As a result, I took special interest in the last article below … as now there is a move underfoot to use “whey” … in the creation of … are you ready? … animal-free ice cream!
You might think all this animal-free stuff is a fad … but I really don’t think it is. Peas used in Beyond Meat products … lab-produced whey in ice cream … soy in Impossible Burgers.
I can see it now as one day, ice cream makers will be standing in their crowded labs screaming:
“get out of my whey!”
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
… as of 11:10 AM today …
Quick Look at the News
Here we go again! The recession watch ... which has been in hibernation for quite a long time ... is back on again, according to some nervous CEOs (Fortune)https://fortune.com/2019/08/06/the-recession-watch-is-back-on-ceo-daily/
... still, some strategists look at the jobs report ... which shows an increase in employment ... and refuse to believe a recession is even close (NPR)https://www.npr.org/2019/08/02/747370063/with-jobs-numbers-like-these-its-hard-to-see-why-the-economy-is-slowing
... but we have seen countries that are appearing to do quite well suddenly run into economic trouble. China is, of course, a prime example ... if Larry Kudlow is actually correct (CNBC)https://www.cnbc.com/2019/08/06/trump-economic-advisor-larry-kudlow-says-chinas-economy-is-crumbling.html
Have you considered cutting your cable cord? If so, you have a lot of company ... as more household are making changes (Forbes)https://www.forbes.com/sites/tonifitzgerald/2019/08/06/cord-cutting-is-about-to-go-way-way-up/#31af649e337e
... but if you get an inviting phone call ... touting some kind of service (cable or not) ... hang up without saying "yes" to ANY question ... or they could consider it consent (TheEpochTimes)https://www.theepochtimes.com/can-you-hear-me-phone-scam-hooks-victims-to-utter-yes-to-make-money-off-them_2991007.html
Technology exists to help save kids from remaining in hot cars (by forgetful parents). But few have plans to install this option (NBCNews)https://www.nbcnews.com/news/us-news/technology-save-kids-hot-cars-exists-so-why-isn-t-n1038281
It was only recently that "fake meat" became all the rage ... so get used to ice cream where no cow is required (NPR)https://www.npr.org/sections/thesalt/2019/08/02/747026144/dairy-ice-cream-no-cow-needed-these-egg-and-milk-proteins-are-made-without-anima