Financial News and Portfolio Management Discussion through October 7th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

Stocks fell over the weak on concerns about the state of the US economy.  The S&P 500 was down 0.3% and the Dow fell 0.9% for the week.  Abroad, the FTSE All World Ex-US fell 1.7% for the week. The 10-year Treasury yield finished the week at 1.52%, down from 1.68% at the end of the previous week, as investors moved to safe havens.

A US manufacturing index contracted for a second straight month and fell to its lowest level in over a decade in September.

The September jobs report showed employers adding 136,000 new hires, slightly below estimates, but August and July’s hiring numbers were revised.  The unemployment rate fell to a half-century low of 3.5% from 3.7% in August.

Surveys of purchasing managers in Europe and Asia pointed to a slow down in factory activity in September.  The UK saw factory activity decline for the fifth straight month the worst stretch since the financial crisis.

Australia’s central bank cut its benchmark rate for the third time this year.

US auto sales were down 1.4% over the first nine months of the year compared to last year.

A private sector jobs report showed the rate of hiring has slowed.

The WTO agreed to allow the US to apply tariffs on EU goods due to their ruling that Airbus receives subsidies.  The US plans to apply tariffs on $7.5B of aircraft, food products and other goods from the EU.  The tariffs will begin on October 18th with 10% levies on airlines and 25% taxes on other products.

The US service sector expanded at its slowest pace in three years raising concerns that a slow down in manufacturing is spreading across the US economy.

The UK services purchasing managers index fell to a six month low and indicated contraction.

 

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