Salute to Labour Day Weekend, when we honour workers by taking the following Monday off to partake in what may be the final barbecues of the season. It is entirely logical to me. Labour Day is observed by the rest of the world on May 1 while Lei Day is observed in Hawaii on May 1.
Even though the stock market had a disappointing month overall in August, the S&P 500 index posted a solid 2.5% increase last week, its second straight uptick and best performance since June. Investors dismissed worries about increased interest rates as surveys indicated that everything from wage growth to consumer confidence had moderated just enough without indicating a recession.According to Max Kettner, the senior multi-asset strategist at HSBC, investing in US stocks is a better option than doing so in Europe or China. Even while the local economy expands at slightly over 2%, inflation is slowing down, and worries of a recession are more than offset by interest in artificial intelligence.
In contrast, rising interest rates pose a threat of plunging Europe into stagflation similar to that of the 1970s, while consumer spending in China is still being restrained by real estate woes. Check out our newsletter from Beijing for more information on China’s economic slump.
The day will be spent in Florida with President Biden and Republican Senator Rick Scott assessing the hurricane’s devastation. The Republican candidate for president in 2024, Governor Ron DeSantis, isn’t anticipated to join them. For the Southeast, which was devastated by hurricanes, as well as other areas stricken by fires or flooding, such as Maui, Louisiana, and Vermont, Biden has requested Congress for a total of $16 billion in help.
That is an increase of $4 billion from only a few weeks earlier. On Capitol Hill, Republicans are opposing the request. In a scholarly editorial for Bloomberg Opinion, columnist Jonathan Levin discusses prefabricated home parks in the Sun Belt and the need for better planning and regulation of both these inexpensive housing developments and the investors that own them. The conservative National Review is calling for Mitch McConnell to resign as minority leader of the Senate after the 81-year-old had his second public speech freeze in as many months. Some Republicans doubt that their best fundraiser and tactician will be capable of regaining the majority in the 2024 elections.
Recall NFTs? A Singapore-based collector recently paid $69.3 million for a non-fungible token of a digital artwork by Beeple (real name Mike Winkelmann), which was created barely two years ago. NFTs were then the upcoming big thing in crypto. Not so much anymore. It’s also important to note that according to CCData, the stablecoin market shrank in August for the 17th straight month, falling 0.4% to over $125 billion. But at least the technology that powers cryptocurrencies and NFTs is gaining acceptance in the high-end market. Blockchain can now tell you if your Miu Miu purse is a fake via your phone.
Jimmy Buffett, an American musician and businessman who built a successful empire off of his beach bum folk-rock classics, passed away at the age of 76. With songs like “It’s Five O’Clock Somewhere” and “Cheeseburger in Paradise,” Buffett developed a laid-back and light-hearted brand that was associated with drinks and fun.
Finally, you may have heard about a group of extremely wealthy IT professionals who are discreetly purchasing farmland in Northern California with the intention of developing a utopian city. All the best to them. It won’t be simple or quick to rezone agricultural land for residential and commercial use, and it might take years. The villagers are also indignant. Fairfield Mayor Catherine Moy declares, “We’re going to do everything we can to stop this.Keep having a great Saturday.