Damage from Hurricane Harvey is expected to total tens of billions of dollars. Current estimates range from $20 billion to $40 billion, but only one in six have insurance. Bloomberg reports Harvey’s Cost Reaches Catastrophe as Modelers See Many Uninsured. Hurricane Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance, according to early estimates. Harvey’s cost could mount to $24 billion when including the impact of relentless flooding on the labor force, power grid, transpo...
We’ve all seen the tales and photographs of death and destructions from Harvey……. …..which, naturally, in this psychotic market of hours, has meant equities have been creeping up all night long…… ……leading, as shown below, to a bullish engulfing candlestick pattern. Now, the ES is only up 0.17% as I’m typing this, but it’s up nonetheless, having shaken off an equally modest rest number early in the session. We’ve been stuck around 2445 for nearly a week now, as the market has returned to its boring self, after some excitement early in August. It’s all become a tiresome drag once more, and it’s up to our goofy leaders...
In our week ahead preview we talked quite a bit about the implications of this week’s data deluge for yields, the dollar, and especially for EURUSD. The context for that discussion is of course the exceptionally dour sentiment around the greenback and the widely-held belief that the euro has become something of a “sure thing” – at least in the near-term. Yellen and Draghi did nothing to disabuse the market of that on Friday in Jackson Hole. Quick aside: spot the central banker who doesn’t see what everyone is so goddamn concerned about… As former trader Richard Breslow writes in his first daily missive of the week, one reason for ...
Occasionally, things work out perfectly. I am sitting here in front of my screens, and ALL NINE of my current positions are in the green. That includes four “RISK ON” positions (X), (GS), (AAPL), (HD), and five hedging “RISK OFF” positions, (GDX), (AAPL), (ABX), (NEM), (GS). As a result the Mad Hedge Fund Trader alert services has just posted its best month since inception a decade ago, up an eye-popping 16.30%. It’s a performance you only dream about, even after you have been at the game for a half century. That brings us a net profit of 40.95% for 2017 year-to-date, and 56.40% for the past 12 months. Our average annualize...
Background Singapore Technologies Engineering Limited is a Singapore software and engineering conglomerate with a major focus on the electronics and aerospace sectors. Via a subsidiary, it has the largest mechanical airframe maintenance, repair and overhaul (MRO) operations for commercial aircraft in the world. Business operations are conducted in 20 separate countries. Business Description The group’s biggest division, which accounts for a bit more than 1/3 of sales, is the aerospace division that maintains airframes for airlines worldwide. Air frames refer to the mechanical engineering areas of the plane. The electronics division, which m...
Harvey could result in $10B-$20B of industry insured losses, making it one of the top 10 most costly hurricanes to hit the U.S., JPMorgan analyst Sarah DeWitt tells investors in a research note. The analyst lists Validus (VR), RenaissanceRe (RNR), Everest Re (RE), XL Group (XL), Arch Capital (ACGL), Travelers (TRV), Chubb (CB), Allstate (ALL) and Progressive (PGR) as the property casualty insurers with the most exposure to Texas hurricanes. ...
August has been a great month of trading so far. I’d encourage you to give it a try and make the rest of 2017 the best five months of your trading careers! Long Team (TISI) Long General Motors (GM) Short Terex (TEX)...
Oil markets were roiled, sending gasoline prices surging on Monday after Tropical Storm Harvey wreaked havoc along the Gulf Coast over the weekend, crippling Houston and its port, and knocking out numerous refineries as well as some crude production. As noted on Sunday, gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. Meanwhile crude futures fell as the refinery shutdowns could reduce demand for US crude production. As a reminder, Texas is home to 5.6 million barrels per day (bpd) of refining capacity, and Louisiana has 3.3 million bpd. Over 2 million bpd of refining capacity was...
Good morning/afternoon everyone! It may be a quiet morning in the foreign exchange market but the weakness we saw in the dollar last week carried over this morning as the greenback is trading lower against all of the major currencies this morning. The market is still disappointment with Yellen and pleased with Draghi. However with Donald Trump focused on dealing with Hurricane Harvey, the lack of a reaction to North Korea’s launch of 3 short range ballistic missiles into the Japanese sea helped USD/JPY avoid immediate losses at the Asia open. Harvey has caused significant damage in the region and while it is now a Tropical Storm, more rain ...
The people of Angola did something last week that they had not done for a long time: They elected a new president. The winning candidate, João Lourenço, will take over from President José Eduardo dos Santos, who came into office in 1979. Lourenço, who is from the same party as dos Santos, the People’s Movement for the Liberation of Angola, received two thirds of the vote. That result is expected to stand, despite doubts about the count voiced by his opponents. During the first two decades of dos Santos’ rule, Angola struggled with a deadly, on-again, off-again civil war. After the MPLA prevailed in 2002, Angola embarked on a peace-and...