Daily Tidbits

Today’s market tids that caught my attention bits.

Author

Philip Kurzrock
September 04, 2024 • Today's Reading Time: 3 minutes

Evening all

ISM readings, job reports and September stock market vola. None of these news hooked me as much as reading about the cruise passenger Odyssey. The round-the-world cruise that cost close to 700k for some passengers, has now been stuck at the Belfast port since May. Hoping my own Odyssey with Deutsche Bahn will not strand me for more than 3 months, I share today’s tidbits.

Cheers
Philip

Read

  • We had dynamic pricing yesterday. And just as Oasis rose from the ashes so did this topic in my news feed. UK officials are looking to push price regulations. Reason being: Ticketmaster. The platform’s demand-based pricing has quickly seen 180 turn into 460. That’s the price for tickets to see Wonderwall being performed by the Gallagher brothers themselves rather than a stranger with a guitar at a house party

  • 2024 has been tough for GPs looking to raise capital. Consumer-focused investor Vendis Capital shares their experience with liquidity constraints in raising their 500m hard cap fund. Existing LPs commit are putting capital to work in Vendis’ fourth vintage but the tickets are a lot smaller. Let’s see if they get to close by year-end as currently targeted.

  • Meanwhile, Finland-based Mandatum Asset Management closed its second growth equity fund on 140m. Most recent acquisition: HR and payroll company Integrata

  • Dollar General with a double miss last week. This week it’s Dollar Tree. Also with a double miss. 0.67 EPS comes in 0.38 short of the midpoint of their previous outlook. Sentiment read across on consumers definitely strained.

Visual

  • US job openings fell in July. 7.67m vs. 7.91m the month prior. The lowest since the start of 2021. for now the weaker job data fuels expectations of stronger rate cuts. The 2/10 yield curve disinverts. The first time in ages. A sign usually associated with strong economic growth and perhaps stickier or resurgent inflation. A drop in short-term rates pushing investors to drive capital into the rate most influenced by FED decisions - the 2Y that is. Locking in current rates, pushing up prices, lowering yields. Dynamics to keep an eye on. Unemployment report incoming on Friday.