- The People’s Republic of China celebrated its 70th anniversary last week, just as the protests in Hong Kong escalate. This summer, China’s economic growth slowed to an almost 30 year low thanks to the trade war, swine flu epidemic, and unrest in Hong Kong.
- Tuesday of last week the Institute of Supply Management (ISM) reported the purchasing managers’ index (PMI) for September fell below the contraction level for the second straight month. The reading of 47.8 last month was the lowest level since June of 2009, but still a ways off of recessionary levels. The manufacturing sector represents roughly 11% of the U.S. Economy. Markets sold off, but rebounded Friday as unemployment fell to a 50 year low of 3.5%. https://www.reuters.com/article/us-usa-economy/u-s-factory-activity-sinks-to-10-year-low-in-september-idUSKBN1WG47G
- Charles Schwab announced last week that it is cutting its trading commissions to zero on all ETF, stock, and option trades. I’m sure Schwab didn’t specifically have HighTower Bellevue clients in mind when the decision was made, but we’ll take it! https://www.npr.org/2019/10/01/766110889/schwab-cuts-commissions-to-zero-as-free-trading-edges-toward-the-norm
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