In this report, I cover the early market action from Florence, Italy on Friday, October 4th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I talk about the recent economic data from the U.S. that have been surprising on the downside and how falling treasury yields are pointing to probably a severe economic slowdown. Yesterday we saw the ISM Non-Manufacturing survey come out a lot lower than expected at 52. A reading below 50 would most probably confirm a recession for the U.S. economy.
The other subject I bring up today is the one of Central Bankers and their reckless policies of the last decade. We are now seeing big financial institutions and their leaders starting to criticize the bankers' policy of zero and in some cases even negative interest rates. Allianz CEO, Europe's biggest insurer, came out recently and heavily criticized outgoing ECB President Mario Draghi.
My conclusion is that the fact that people like the CEO of Allianz are coming out of the woodwork to criticize Central Banks does not bode well for the markets and the economy going forward. Up until very recently mainstream investors and financial leaders tended to give people like Mr. Draghi the benefit of the doubt.
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