Archive for August 8th, 2016

Week of Aug 5 2016 Weekly Recap & The Week Ahead

Monday, August 8th, 2016

“If you want to catch a wave you need to grab a board and get in the water!” — strategist Stan Salvigsen

1. Japan Cabinet Approves $130 Billion In Fiscal Steps As Part Of Stimulus — Japanese Prime Minister Shinzo Abe’s cabinet approved 13.5 trillion yen ($132.04 billion) in fiscal measures as part of efforts to revive the flagging economy. The stimulus package ranks among Japan’s biggest since the global financial crisis, and to increase GDP by 1.4%, include childcare benefits, provide $150 handouts to 22M low income people, loan ¥10.7T for infrastructure and provide ¥7.5T for direct fiscal spending.
2. New Zika Cases Prompt Miami Travel Warning — Federal health officials have advised pregnant women to avoid a Miami neighborhood – marking the first time the CDC has warned against travel to any area within the continental U.S. – as a Zika outbreak led to 10 more local cases. CDC Director Tom Frieden said that extensive spraying of insecticides in the area over the past several weeks has not reduced the local population of mosquitoes capable of transmitting the virus.
3. BOE Cuts Key Rate For The First Time In Over Seven Years to 0.25% — the central Bank Of England has made its biggest quarterly downgrade of growth forecasts, reducing expectations for 2017 growth from 2.3 percent to 0.8 percent, citing “substantial uncertainty” after the referendum on the U.K.’s membership of the European Union (EU) in June. The bank also slashed growth forecasts and launched a new monetary policy weapon in the battle to stop a post-Brexit slump in the U.K.
4. US Created 255,000 Jobs In July vs. 180,000 Jobs Expected — the economy added 255,000 positions, according to the Labor Department. The headline unemployment rate held steady at 4.9 percent, though a more encompassing measure that includes those not actively looking for work and those working part-time for economic reasons moved up a notch to 9.7 percent. Economists had been looking for an increase of 180,000 and a decline of the unemployment rate to 4.8 percent.
5. S&P 500 Index Traded To New All-Time Highs — chart below shows the index breaking out to the upside of a reverse head-and-shoulders bottoming formation. In the process it has traced out a bullish “flag” formation in the charts.

The week ahead — Economic data from Econoday.com:

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