(if you can believe govt data anymore)

Large speculator positions and weekly change.

GBP long decreasing
Oil long increasing
Gold long decreasing
Nas short decreasing
S&P short decreasing
AUD short decreasing
JPY short increasing
EUR long decreasing

No events Monday






China Enters the Doom Loop

"China's authoritarian gerontocracy has built a Doom Loop with Chinese characteristics, with over half the economy now crashing."

https://www.profstonge.com/p/chinas-empty-factories

The Kobeissi Letter @KobeissiLetter
1d
Homeowners are now spending a record 40% of their gross income on their mortgage. This is ABOVE the 2008 high of 39% and up sharply over the last 2 years. After paying income taxes and mortgage costs, most homebuyers have less than 30% of their income left. This is concerning.

"After paying income taxes and mortgage costs, most homebuyers have less than 30% of their income left."



‘Infinity mortgages’ have arrived that stretch far beyond 50 years.

When George Chalmers looked at how long his mortgage had grown due to rising rates, he saw something he never though he’d see: An infinity symbol where the amortization period should be.

https://archive.ph/Ig4kc#selection-4439.26-4439.93

Investing.com @Investingcom
16h
BREAKING:

*U.S. 30-YEAR FIXED MORTGAGE RATE RISES TO 7.54%, HIGHEST SINCE 2000

Japan's trade balance fell back into the red in July with a deficit of 78.7 billion yen ($538 million) as exports dropped for the first time in over two years, raising uncertainty over economic growth prospects, government data showed Thursday.

Ogee wrote: Thu Aug 17, 2023 3:46 pm Japan's trade balance fell back into the red in July with a deficit of 78.7 billion yen ($538 million) as exports dropped for the first time in over two years, raising uncertainty over economic growth prospects, government data showed Thursday.

Ouch

Hopefully just a bump in the road. Nikkei is still heading towards 35,000 mark and at an all time high