Daily Briefing – August 6, 2020 – GDP Looks Backward; Stock Market Looks Forward : David Bahnsen

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Real Vision

Investing, Business News, News, Business

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🗓️ 6 August 2020

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Senior editor Ash Bennington speaks to David Bahnsen, founder and managing partner of The Bahnsen Group, about the economics of re-opening and the state of the U.S. equity markets. Bahnsen weighs the risks and rewards of reopening the U.S. economy during the ongoing pandemic, using the Swedish "no-lockdown" model as an example. Bahnsen and Bennington also discuss the methodology of calculating GDP change as well as the widening chasm between the S&P 500 and the drastic economy contraction. Bahnsen explains this bifurcation by noting that the GDP looks backward while the stock market looks forward. In the intro, Jack Farley reviews the latest initial claims data and gives a strategic overview of the dramatic price action in the Turkish Lira. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:28.1	Te's and sees apply. It's Thursday, August 6, 2020, just after market close in New York. This is the Real Vision Daily Briefing. I'm Ash Bennington in New York
0:46.3	joined shortly by David Bonson, founder and managing partner of the Bonson group.
0:52.5	But first, Jack Farley is back with the introduction.
0:56.5	Thanks, Ash.
0:57.5	The initial claims numbers came in today
0:59.3	just shy of 1.2 million,
1:01.5	a decrease of almost a quarter million from the prior week.
1:04.3	But the labor market is still in profound turmoil,
1:07.1	as this marks the 20th week in a row that initial claims exceeded 695,000, which prior to the pandemic had been the record.
1:15.5	In other news, the Turkish Lira is in free fall today, with the dollar Lira bursting
1:20.0	past the seven level, it now stands at 7.25. This is a record low for the
1:24.6	Lira. Due to this extreme price action today is now the most volatile day the
1:28.7	dollar Lira has had since August 2018. You could see the Lira flashing warning signals on Monday night when the overnight
1:35.3	forward implied yield on the Turkish Lira went into hyperspace soaring to over a thousand percent
	...

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