May 12, 2017

Perspective

Bloomberg – The Crop That Ate America – Alan Bjerga, Jeremy Diamond, and Cindy Hoffman 5/11

  • Corn and Soy… the cash crops that just keep giving, and so the harvested acreage continues to grow.

Real Estate

WSJ – The Next Hot Housing Market: Starter Homes – Laura Kusisto and Chris Kirkham 5/11

  • “The share of first-time buyers fell to 32% in 2015, its lowest level in nearly three decades and down from a historical average of around 40%, according to the National Association of Realtors. That number climbed back up to 35% last year.”
  • “‘They’re crawling out of their parent’s basements, they’re forming households and they’re looking to buy,’ said Doug Bauer, chief executive of Tri Pointe Group Inc., which operates in eight states.”

Energy

Zero Hedge – “There’s No Growth”: World’s Largest Oil Trader Has  A Stunning Warning For OPEC – Tyler Durden 5/10

  • “‘The specter of American supply is real,’ Roy Martin, a Wood Mackenzie research analyst in Houston, said in a telephone interview. ‘The level of capital budget increases really surprised us.'”

Doesn’t help that global demand has been softening as well.

FT – Are US drivers losing their reputation as gas guzzlers? – Gregory Meyer 5/10

WSJ – Daily Shot: DOE – US Total Crude Oil Production 5/10

  • “The most bearish news for oil remains the relentless climb of US crude production.”

China

WSJ – Daily Shot: China 10yr Government Bond Yield 5/10

  • China is sucking credit out of the system to target shadow banking within the country.

WSJ – Daily Shot: China AA+ 5yr Corporate Bond Yield 5/10

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