Headlines discussed at LNWM’s Monday morning briefing:
— About 400,000 fewer US homes have been listed for sale since Covid-19 began; roughly a 3-month supply of both existing and new homes is on the market (6-month supply is considered balanced).
— U.S. business activity expanded at a slightly slower paced in Sept., with the service sector down and manufacturing up, per a key index.
— The FTSE Russell index will add Chinese bonds to its flagship World Government Bond Index, allowing more foreigners to invest in Chinese debt.
— The European Central Bank is planning to bypass Wall Street by selling online hundreds of billions of dollars in bad bank loans directly to interested investors.
— US gasoline demand (the latest 4-week average) was down 9% from a year ago, driving oil prices lower along with renewed concerns a rebound in Covid-19.
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