DC Lite #448

In partnership with

1. Flash PMIs. "US business activity growth slowed for a second successive month in September ... While growth was again seen across both manufacturing and service sectors, both categories reported weakened expansions, leading to slower hiring in both cases."

2. Gold reserves. "How long can America afford to sit out the global rush for gold? US gold reserves are now at 90-year lows, while the rest of the world has pushed their holdings to near 50-year highs. At one point, America held over 50% of global gold reserves. Today? Just 20%."

3. Weekly ETF flows. "Over past week, U.S. large caps dominated in terms of fund inflows ... thematic saw most outflows, followed by consumer cyclical sectors."

4. Sector relative performance. "Ever since the S&P 500 broke out to new all-time highs, the bull market playbook has been in full swing — leaders leading, laggards lagging."

5. Highest global P/E. "The U.S. stock market is far more heavily weighted to tech than the rest of the world ... Yes there is a bit of a chicken and egg issue here, but a higher tech concentration implies a higher valuation."

ICYMI