* The FDA has approved booster shots for Pfizer’s vaccine for older and high-risk populations.
* Experts forecast a rise in new COVID-19 cases in the upcoming weeks.
* The Federal Reserve anticipates that ‘transitory’ inflation will persist for a while.
* Fed Chair indicates that tapering may begin ‘soon,’ potentially as early as November.
* The U.S. economy continues to strengthen, albeit at a slower pace, according to the Fed report.
* Eurozone growth slips to a five-month low in September according to PMI survey data.
* The U.K.’s economic output increases at its slowest pace in seven months, based on PMI data.
* The chip shortage is expected to significantly impact auto manufacturers’ revenues in 2021.
* U.S. existing home sales declined more than anticipated in August:
In an exciting development, The ETF Portfolio Strategist introduces two actively managed strategies, which will be regularly updated and discussed here. You might wonder why we are doing this, and we are thrilled to share the details with you.
In the first part of our exploration of alternatives to the traditional 60/40 U.S. stock/bond asset allocation, I examined three moderate approaches. The outcomes were unimpressive, likely influenced by the recent surge in U.S. markets. Now, let’s dive into a more radical strategy involving a volatility ETF.
* The House passed a spending bill, setting up a confrontation with the Senate regarding the debt ceiling.
* President Biden addressed the UN, stating “the world must wake up.”
* Iran expressed readiness to resume nuclear negotiations.
* Biden downplayed the chances of a U.S.-U.K. free-trade agreement following Brexit.
* Today’s Fed meeting will focus on the tapering timetable.
* A CNBC survey indicates the Fed might postpone taper announcements until November.
* An ex-advisor to China’s central bank warns that the Evergrande crisis will slow economic growth.
* Analysts express concerns that cracks in China’s growth engine could pose risks for emerging markets.
* Discussions arise about whether the U.S. is falling behind in determining the future of currency.
* U.S. housing starts rose slightly in August, returning to a level just above average for 2021:
If your portfolio includes a diverse range of global stocks, particularly with a notable exposure to China, you’ve likely felt the impact this year. Stocks in the world’s second-largest economy continue to decline, a situation further complicated by the liquidity crisis at Evergrande, a major Chinese property developer whose financial troubles are causing turmoil in global markets.
* The Delta variant hampers complete recovery for the U.S. economy.
* Democrats are concerned about the potential collapse of Biden’s domestic agenda.
* World leaders returned to the UN after a two-year hiatus, confronted by numerous crises.
* Canada’s Prime Minister won re-election but did not secure a parliamentary majority.
* The increasing number of Haitian migrants at the U.S. border poses a fresh challenge for the Biden administration.
* COVID-19’s death toll in the U.S. has exceeded fatalities from the 1918 flu pandemic.
* The OECD warns about rising inflation’s risk to the global economy.
* The Evergrande crisis in China is not expected to resemble another Lehman moment.
* Questions arise about Evergrande’s ability to make bond interest payments this week?
* China may step up its military efforts in response to the U.S.-Australia submarine deal.
* U.S. homebuilder sentiment increased in September, marking the first rise in three months:
There was a noticeable decline across various sectors of global markets in the week leading up to Friday, September 17, based on a collection of ETFs. This decline appears set to continue into the following week, fueled by concerns surrounding the escalating liquidity crisis at the Chinese developer Evergrande, which is impacting markets as of Monday, September 20.
* The liquidity crisis at Evergrande poses a global threat.
* According to Ed Yardeni from Yardeni Research, Evergrande is becoming a ‘too big to fail’ risk.
* The Delta variant pressures worldwide economic growth.
* U.S. Treasury Secretary calls on Congress to act swiftly on the debt ceiling to avoid economic disaster.
* Haiti is experiencing an uptick in migrants as the U.S. begins deportation flights from the Texas border.
* The United Russia party, supportive of Putin, maintains the parliamentary majority.
* German producer prices surged by 12% year-on-year in August, marking a 45-year high increase.
* In early September, U.S. consumer sentiment rose slightly but remains close to a decade low:
● Rule of the Robots: How Artificial Intelligence Will Transform Everything
Martin Ford
Review/excerpt via IEEE Spectrum
In his earlier book, *Architects of Intelligence*, Martin Ford interviewed 23 leading AI and robotics researchers. While those interviews still hold considerable value today, Ford’s latest work, *Rule of the Robots: How Artificial Intelligence Will Transform Everything,* reflects on several years of accelerated advancements in AI alongside the economic shifts prompted by the pandemic. The book combines well-researched insights with a generally optimistic outlook on AI’s societal trajectory. While there remain risks and uncertainties, Ford provides a balanced and nuanced perspective, making this book a compelling read.
- Another predominantly negative week for global markets
- Broad declines in our strategy benchmarks this week
Global markets continue to face challenges this week. Notably, Japanese stocks are among the limited number of winners in our global opportunity set, concluding Friday, September 17, on a high note.
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