Read the transcript
Hi there, welcome to my financial markets recap for the week, it’s John Brown here from Comhlatech.com.
We’ll update the system before we get to the news and what happened in August this week. We’re in a new trade at the end of the week. Nothing happened this week in terms of trading activity apart from that, so nothing really this year.
The last time we made was last week, the previous week, we closed that one, and we made a new equity peak, so that’s great, and so that was a great outcome. Obviously, the market’s continually making new highs over and over. So it has actually been a bit of a challenge to keep up with it from a trader’s perspective. But we’re certainly over the top and, and more healthily beating the market this year, which is great. But we’re going into very volatile periods. So I’m expecting some turbulence or next, you know, a couple of months as normal seasonality this time of year.
But certainly, you know, looking for some good trades in that time, this is where the system really, really takes advantage of this, the big falls, will happen and then something’s going to happen, just doesn’t keep going up and up and up all the time, so something’s coming. But in the meantime, we’ll keep trading as this coupon system. So far, so good. So that was just an update.
What happened in the news this week? Well, the big news this week, in terms of the market was the non-farm payrolls report, which was this morning, the report was terrible, it was expecting the unexpected. Similarly, 20,000 jobs and ended up with 235,000. So really awful numbers, not what was expected at all, and, you know, there you have it. So the market tanked naturally at that news but then realizing that you know, what the Fed is probably not going to do anything here.
Therefore, the market news, the bad news is even good news, sometimes in the markets in a bull run. So that’s what happened, basically. So they’re not expecting the Fed to do anything, not to tamper. Because the news is so bad, the jobs are so bad. So they’ll be looking at that one. And that’s why the markets seem to recover most of the day.
In other news, the deadly hurricane Ida had shores this week, and you know, it’s left a million households. It’s, you know, unfortunately, taken very tragically taken over 40 lives. It’s left about a million households in Louisiana without power, you know, surely sparked criticisms of the state’s electric grid, which was you know, last updated in the 50s and 60s. So it’s been around a while.
So another reason the House needs to pass this infrastructure deal for places like that, right and obviously needing a lot of help to rebuild that that infrastructure that is tiring and cannot handle this kind of storm.
In further news, there was the biggest, the biggest sort of settlement as Charleston, but it’s the biggest settlement in the history of the IRS, with the largest, most successful, hedge fund in history, in essence, technologies.
They have been settled for like $7 billion, which is dwarfed since the last time. The company got heavier than they are, I suppose about $3 billion dollars, I think I was a pharmaceutical company that was you know, boys seem to be dodging some taxes. This is something that Renaissance has been charged with for many years now. And they’re finally going you know, it’s not worth fighting anymore, it could be worse.
So they’re just settling with the IRS for $7 billion. So, you know, they were charged with doing with hiding or cash basically, by you know, doing short term trading but high net worth instruction on long term results so that it seems to be doing something that was naughty right? holding their money. So with some European banks or one European Bank at least. So anyway, that looks good. It’s gonna get settled for $7 billion so there, it’s gonna be quite a chunk of change now.
The last thing I’ve got for you is the energy news, the term leaded gasoline is definitely out now, because I grew up with the term leaded gasoline, and some of you younger people probably don’t have a clue what that means. But that was what we used to call gasoline, you go for leaded, and wasn’t leaded or unleaded.
You know, I grew up with that term, it’s now no longer being used anywhere in the world. Algeria finally ran out of its last supplies, so it is no longer using it, and that was the last place on earth that was using leaded gasoline. Leaded gasoline goes back to the early 20s when they were using it for something called engine knocking. But it sort of helped the engine from making a lot of noise. But it has now been the opposite.
Having lead in anything, this scene is very bad for health. So it’s been taken away from mainstream Muslim countries for many years now. But Algeria still had some supplies. They use what’s no longer being made. So the term leaded gasoline is now very much in the history books and it’s gone forever.
That is it for me, it is the weekend, it’s the long weekend. Happy Labor Day everyone. Have a great long weekend and I will talk to you next week. Bye