Dow dropped 286 after yesterday's rally, decliners over advancers better than 2-1 but NAZ gained 100. The MLP index was even in the 225s & the REIT index fell 1 to the 387s. Junk bond funds crawled higher & Treasuries saw modest buying, lowering yields. Oil jumped 3 to the 89s & gold rose another 13 to 1766.
AMJ (Alerian MLP index tracking fund)
Pres Biden claimed his economic plan is working, as he boasted that Americans are "starting to feel" its impact. "Folks, my economic plan is showing results. The people are starting to feel it," Biden said. "We're making progress on bringing down inflation without losing jobs." He added: "Americans are already paying around $1.20 less per gallon of gas than they were this summer." Gas prices were the highest ever recorded this summer & some experts attributed this to Biden's discontinuation of domestic oil production & failure to allow oil companies to boost their supplies. "Folks are seeing a much-needed break in inflation at the grocery store as we head into the holidays. People are shopping for health insurance and [are] continuing to save $800 a year because of the actions we took," he continued. Economic reports from the month of Oct showed inflation cooled more than expected. Consumer prices, however, remain near a multi-decade high, the burden of which continues to be mostly carried by US households & small businesses who are forced to pay more for everyday necessities. "Folks are seeing a much-needed break in inflation at the grocery store as we head into the holidays. People are shopping for health insurance and [are] continuing to save $800 a year because of the actions we took," Biden added. Economic reports from the month of Oct showed inflation cooled more than expected. Consumer prices, however, remain near a multi-decade high, the burden of which continues to be mostly carried by US households & small businesses who are forced to pay more for everyday necessities. Despite most voters claiming the country is on the wrong track, Biden claimed everything is going according to plan. He also said the economic forecast was looking up. "We’re on the right track," he added. "We’re not losing jobs. In the meantime, I’m going to keep fighting to build an economy from the bottom up and the middle out."
Biden says his economic plan 'is showing results,' vows to fight inflation: 'We're on the right track'
Southeast Asian leaders kicked off the ASEAN summit in the Cambodia, with Myanmar's political crisis & the US-China rivalry expected to dominate discussions. Cambodia, this year’s chair for the Association of Southeast Asian Nations (ASEAN), is hosting the weekend summit in Phnom Penh — the group's first in-person meeting since the Covid pandemic. The 10-nation bloc is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, & Vietnam. Myanmar, however, was not invited to this year’s summit, following the military coup in 2021 which saw its elected leader Nobel peace laureate Aung San Suu Kyi ousted from power. Leaders from the US, China, South Korea & Japan will also be meeting ASEAN leaders. “Looking to the future, ASEAN needs to strongly promote the values that have made ASEAN successful over the past five decades. It is a result of hard work and perseverance that we all need to cherish to continue to record success in the time ahead,” said Hun Sen, Prime Minister of Cambodia at the opening ceremony. “The U.S.-China relations are the most important relations, not just to the two countries, but also to our regional development as well,” said Kung Phoak. Secretary of State of the Ministry of Foreign Affairs & Intl Cooperation, Cambodia, said before the summit officially started. He said the bloc is “looking at ways on how we can strengthen ourselves.” “We put forward a number of frameworks, strategies and policies and also expand partnerships with not just the U.S. and China, but with many other countries as well,” added Kung.
Southeast Asia leaders kick off ASEAN summit in Cambodia
Russia's announcement of its completed withdrawal from Kherson, the only Ukrainian provincial capital it captured since the war began, has been met with celebration by many in Ukraine & the West — even prompting some in the US gov to suggest an opening for diplomatic talks. Pres Biden, however, maintains that the timing of talks must be up to Ukraine. Meanwhile, analysts warned that the Russian pullout Kherson in southern Ukraine is likely to be fraught with danger for both sides. Ukraine's gov said it was skeptical about Russia's withdrawal, although its forces on the ground appeared to be exploiting the opportunity to target large groups of Russian troops preparing to withdraw. Octavio Marenzi, CEO of management consultancy Opimas said people had “basically started to ignore” the war in Ukraine, although it is “likely to heat up” in the coming months. “I think that’s going to catch markets off-guard quite substantially,” Marenzi said. Marenzi continued that people were focusing on earnings, inflation & Bitcoin rather than the conflict.
Dow Jones Industrials
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