Diamond News Archives
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Earnings season for banks begins Oct. 15, when J.P. Morgan Chase, Citigroup and Wells Fargo are scheduled to announce their third-quarter results, with Bank of America following up the next day.
Banks’ earnings are expected to have held up well despite low interest rates. Still, the Federal Reserve’s policy change means difficult times ahead for most banks.
Standing out among dismal sectors
Here are expected changes in earnings per share for the 11 sectors of the S&P 500 SPX, +0.80%[1], based on weighted aggregate consensus earnings estimates among analysts polled by S&P Global Market Intelligence:
| S&P 500 sector | Expected change in Q3 EPS from year-earlier quarter |
| Health Care | 1.81% |
| Financials | 1.73% |
| Industrials | 0.94% |
| Communication Services | 0.07% |
| Consumer Discretionary | -0.01% |
| Consumer Staples | -0.54% |
| Utilities | -3.77% |
| Information Technology | -8.56% |
| Real Estate | -14.34% |
| Materials | -20.65% |
| Energy | -31.58% |
| S&P 500 Index | -4.11% |
| S&P Global Market Intelligence |
...
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Grant Williams of Real Vision - Gold & The Macro Economy
Today Grant Williams of Real Vision & I sit down to discuss everything that's going on in the macro economic environment. How is monetary policy effecting markets? What was it like to work in Japan during their bubble? Where do gold & Bitcoin fit into the modern portfolio? All these questions & more will be answered in this great interview!
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The market is failing to price in the likelihood of a recession that would push stocks down by about 30%, according to a study by The Leuthold Group summarized by Bloomberg[1]. Leuthold compared previous highs and lows in S&P 500 valuations based on EPS[2] calculated under GAAP[3] accounting rules. They found that the S&P 500 now trades at roughly 19.4 times earnings, a valuation within the top 10% of historical measurements.
“If we do stumble into recession over the next year, which I think is likely, I think we’ll see below 2,000s on the S&P,” as Doug Ramsey, chief investment officer (CIO)[4] of Leuthold Weeden Capital Management, told Bloomberg. “It’s very easy to get there. We don’t need to assume that you go back to old bear market lows," he added.
The current valuation multiples of 19.4 for the S&P 500 and 24.4 for the Nasdaq 100[5] are reasonable only during economic expansions, especially when interest rates are as low as they are today, Bloomberg observes. When the last 12 bear markets during the past 70 years hit their respective bottoms, the valuation multiple has ranged from 5.6 to 14.4, with the latter figure coming at the low point of the dotcom crash[6].
Harris Kupperman, the president of Praetorian Capital Management and CEO of Mongolian Growth Group, is among those concerned about valuations. "These things literally have no economic rationale to exist [except] for the fact that liquidity[7] has been pushed through the system, and people keep buying shares because they believe that there's some other sucker who's even dumber than they are," Kupperman told Business Insider...
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(IDEX Online) - SCS Global Services (SCS) has announced the launch of a pilot program to audit and analyze the sustainability of lab grown diamonds. SCS is a third-party certifier and standards developer that has been retained by the Lab Grown Diamond Council to create an independent "product" sustainability certification standard for diamonds.
"The pilot audits mark an important step in the process of certifying sustainability," says Stanley Mathuram, SCS vice president.
Sustainability areas to be addressed cover environmental, social and governance (ESG) issues, including a commitment to becoming climate neutral. These criteria will be reviewed through a multi-stakeholder process, informed by the results of the pilot assessments.
The certification will support the lab diamond growers' business-to-business sustainability claims to distribution and retail customers.
Recent consumer research by MVI Marketing found that over 85 percent of jewelry purchasers view independent, third-party verification of the social and environmental impact of any diamond they consider purchasing as important....
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(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes.
The U.S. economy’s loss of momentum isn’t severe enough to warrant a further reduction to interest rates, two hawkish Federal Reserve board members said.
Speaking at the weekend, both Kansas City Fed President Esther George and the Boston Fed’s Eric Rosengren singled out consumer spending, which accounts for 70% of the economy, as a key variable and said that so long as it remained vibrant there was no need to add additional accommodation even as the manufacturing sector suffers and the trade war weighs on sentiment.
“If the economy grows at 1.7%, consumption continues to be strong, inflation is gradually going up and the unemployment rate is at 3.5%, I would not see a need for additional accommodation” at the Fed’s October or December policy meetings, Rosengren said on Saturday. He downgraded his growth forecast from 2% but said that overall, “the economy is right where we want it to be.”
In the U.S., the once-red hot labor market is losing steam, and data showing weak activity in the services and manufacturing industries, along with purchasing managers’ disappointing assessments of employment, have significantly boosted the odds traders are placing on a Fed interest-rate cut later this month.
Chairman Jerome Powell has been under relentless public pressure from President Donald Trump to reduce rates. On Friday Powell gave no clear signal as to whether he favors the Federal Open Market Committee making another rate cut this year, saying that the U.S. economy was in a “good place” but faced risks.
At the September FOMC meeting, just seven of the 17 participants projected another rate cut following reductions at the prior two...