Money-management giant BlackRock Inc. is waiving costs typically borne by customers for certain money-market funds to prop up investor yields, said people familiar with the matter. Fidelity Investments, Federated Hermes Inc. and J.P. Morgan Asset Management are also ceding some fees to stave off negative yields.
-- Dawn Lim, WSJ
Short interest as a proportion of market capitalisation for the median stock in the S&P 500 index fell to 1.8 per cent at the beginning of this month, according to figures from Goldman Sachs, the lowest since the bank began tracking the data in the 2004. That compares to 2 per cent at the start of the year, and an average of 2.4 per cent over the past 15 years.
-- Richard Henderson, Financial Times
Los Angeles County’s economic picture was particularly dire, with a July jobless rate of 17.5%, down from 19.4% in June. A year earlier, it was 4.4%.
-- Margot Roosevelt, Los Angeles Times
Traditionally, a rally in the Dollar Index has proven to be very beneficial for Managed Futures. That’s because it typically means the other currency markets are also moving with the same sort of depth. The other part of the reason managed futures tends to do well when the U.S. Dollar is trending, is because the U.S. Dollar index impacts almost all commodity futures markets simply because those markets are priced in the U.S. dollar. That means, for example, a falling U.S. Dollar can translate to rising prices in dollar denominated futures markets (all else being equal).
China's official manufacturing purchasing managers' index rose to 51.1 in July from 50.9 in June, the National Bureau of Statistics said Friday.
In July, 11,456 China-built Teslas were registered in the country, according to data from state-backed China Automotive Information Net. That’s a 24% decrease from June.
China's retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world's second-largest economy failed to shake off wariness about the coronavirus, while the recovery in the factory sector struggled to gain momentum.
-- Fox Business
U.S. retail sales increased less than expected in July as consumers cut back on purchases of motor vehicles, and could slow further in the months ahead amid spiraling new COVID-19 infections and a reduction in unemployment benefit checks.
Robinhood saw 4.3 million daily average revenue trades, or DARTS, in June, the company told CNBC Monday. This is the first time the start-up has shared monthly totals. Robinhood’s debut total was higher than all of the major incumbent brokerage firms, and more than E-Trade and Charles Schwab combined.
-- Kate Rooney, CNBC
It’s still way too early to tell what the long-term ramifications from the pandemic are going to be but one thing is for certain — it’s speeding up trends in the real estate market. I think we could look back at the pandemic as a turning point for the housing market.
-- Ben Carlson