Created by: Sam Tenney
- Federal Reserve chairman Jerome Powell has not laid out any roadmap for tightening the Fed’s balance sheet at the Jackson Hole Symposium, unlike many market participants expected. Other Fed members have hinted tightening talks may come on the September fed minutes.
- One highlight of both the PMI and durable goods data is that supply backlogs are ongoing, as the ratios of new orders-to-inventories and unfilled durable goods orders-to-shipments both remain above their long-term averages of 1.2x and 6.1x, respectively suggests that an inventory rebuild could act as a tailwind for growth over the coming quarter.
- China has recently unveiled legislation to limit minors access to videogames, limiting any Chinese citizen under 18 to three hours a week of videogames on Friday nights. This has had a huge impact on international gaming stocks, with Chinese gaming giant Tencent having lost nearly half its market cap since the introduction of the legislation.
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