Weekend Update 9/10/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
“Goldilocks” optimism reverses on extended OPEC production cuts and stronger jobs data
📱 China iPhone ban. China ordered government workers to stop using iPhones and other foreign devices at work. While claiming national security concerns, the ban is similar to the US banning Chinese products at work like TikTok. It’s the latest in the #ChinaTension spat.
🛢️ OPEC extends cuts. Saudi Arabia and Russia extended voluntary production cuts through the year end. Higher costs already creeping back with gas prices on the rise since summer. Investors worry higher near-term pricing could impact odds for the #Goldilocks soft landing.
💼 Labor market resilience. Jobless claims declined for the 4th straight week vs. expectations to increase. Investor optimism regressing as stronger #LaborMarkets may extend #RisingYields and miss the #Goldilocks soft landing. The S&P 500 ends the week down -1.3%.
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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.