WSJ: COVID rules hamper Hong Kong business: https://www.wsj.com/articles/covid-19-rules-take-shine-off-hong-kongs-bid-to-reopen-11667036658 .
WSJ: The future of the stock market: https://www.wsj.com/articles/where-are-markets-headed-six-pros-take-their-best-guess-11667016037 . My take on the comments of these 6 “heavyweights”: The order of the comments runs from least to most useful. Arnott’s permabear offsets Blankfein’s Little Orphan Annie. As interest rates will continue to rise significantly over the next several months, of course Britton is correct that volatility will continue. But rising interest rates means the trend of stocks is downward.
As readers know, I agree with Ms. Davis that inflation will be with us for a while. Grantham is extremely bearish, but based on the data. Rieder is correct that bonds will bounce back at some point. However, the Fed is continuing to raise rates and the market has not fully priced in the increases. For the bold who are trying to time the market, I would watch 30 year bonds. Not only must yields rise because of the coming Fed actions, but also the correction will come most heavily in long-term bonds due to the inversion of the yield curve. So if you can call the peak in the bond market, you can make a lot of money in long bonds. More analysis and predictions: https://www.marketwatch.com/story/what-the-dows-stellar-october-and-big-techs-ugly-rout-say-about-the-stock-market-right-now-11667002239 .
Russia suspends Ukraine grain deal: https://apnews.com/article/russia-ukraine-europe-government-and-politics-3b563bd6f79f815c7e9f33505dd25334 . The UN brokered this deal to prevent starvation around the world. What is Russia gaining by this antisocial behavior? WSJ: More: https://www.wsj.com/articles/blasts-hit-crimean-port-where-russian-fleet-is-based-11667048899 .
More problems in the Metaverse: https://apnews.com/article/technology-social-media-seattle-fa79f701099205ed2d2b612f6a15f4ca . Once again, Rule No. 1 is Don’t piss off the judge. When a judge orders a corporate defendant to pay legal fees to the government, the judge is shouting that repeat violations have consequences. This is almost an equivalent to punitive damages in a situation where the law does not allow for them.
Seoul Halloween stampede kills at least 151 young adults: https://www.usnews.com/news/world/articles/2022-10-29/about-50-people-reported-hurt-in-stampede-in-south-korea-yonhap . WSJ: More: https://www.wsj.com/articles/halloween-celebrations-in-seoul-lead-to-stampede-possible-injuries-11667064286 .
WSJ: Portland Thorns win NWSL title despite off-field turmoil: https://www.wsj.com/articles/nwsl-championship-game-portland-thorns-kansas-city-current-11667097637 . Soccer City wins its third championship in the 10 years of NWSL soccer.