Highs

Steel Prices Are Exploding To Record Highs

One of our readers writes in that a client just got a letter from US Steel: “Dear valued client, effective immediately price of “seamless steel”  has gone from $900 to $1350 per net ton.” Yes, a 33% price increase. This is what the Fed would call “inflation” if only the Fed measures rising prices correctly….

Railroads Slashed Jobs In Nov To Lowest In Decades… As Stocks Soared To Record Highs

Authored by Wolf Richter via WOLF STREET, Railroads responded to structural challenges by slashing jobs. Did nothing for volume but did everything for their stocks. The North American Class 1 freight railroads – BNSF, Union Pacific, Norfolk Southern, CSX, Canadian National, Kansas City Southern, and Canadian Pacific – have been shedding employees since 2015, and in…

Existing Home Sales Tumble For First Time Since May, Prices Hit Record Highs

After a big surprise jump in October, existing home sales were expected to drop MoM in November (as homebuilder sentiment rolled over from record highs) after 5 straight months higher and sales did slump – more than expected. Existing Home Sales fell 2.5% MoM (worse than the 2.2% drop expected) and the first MoM drop…

2020 Is Ending With 93% Of Global Economies Contracting … With Markets At All Time Highs

By Tyler Durden As BofA’s European credit strategist, Barnaby Martin, puts it in one of the final issues of his European Credit Strategist report for the year, “2020 is ending with one of the most predictable and potent themes of the last decade: central bank activism.” Case in point: on Thursday the ECB doubled down…

2020 Is Ending With 93% Of Global Economies Contracting… And With Markets At All Time Highs

As BofA’s European credit strategist, Barnaby Martin, puts it in one of the final issues of his European Credit Strategist report for the year, “2020 is ending with one of the most predictable and potent themes of the last decade: central bank activism.” Case in point: on Thursday the ECB doubled down on more of…

“Pandemic Of Crime” – LA Homicides Hit Decade Highs

This past weekend, a surge in violent crime resulted in Los Angeles’ 300th homicide for 2020, a bloody benchmark not seen since the dark days of the 2009 financial crisis, reported LA Times.  Killings have risen 25% over last year, and shootings climbed by more than 32%, reflecting a similar trend across many other US metro…

Number Of 401(k) Millionaires Hit New Highs Amid Worsening Economic Inequality

Fidelity, the largest 401(k) provider in the US, has just released its third-quarter analysis titled “Building Financial Futures” that outlines the number of 401(k) millionaires hit a new high during the pandemic, reported WaPo.  Fidelity said client balances of more than one million dollars for 401(k) accounts increased to 262,000, up 17% from the previous quarter….

US COVID-19 Hospitalizations Match April Highs As US Tops 100k Cases For 6th Day: Live Updates

Summary: US cases top 100k for 6th day Hospitalizations match April records Pfizer vaccine to be offered at below-market rates Global cases near 51 million New study shows COVID patients could be at higher risk of mental-health issues Denmark warns of mink farms’ threat to human health * * * The trajectory, and potential, of…

US COVID-19 Cases Top 100k For Record 3rd Straight Day As Hospitalizations Near New Highs: Live Updates

Summary: US tops 100k new cases for 3rd straight day Globally, world nears 49 million cases Deaths slow after global record JNJ launches new clinical trial England rate of increase starts to slow Norway’s capital imposes new restrictions Singapore allows some bars to reopen * * * Update (1600ET):The US surged to a new record…