North American News
Markets Steady After In-Line CPI Data, Select Stocks Shine
Market Performance:
- Dow Jones Industrial Average: +242.75 points (+0.6%) at 40,008.39
- Nasdaq Composite: +4.99 points (+0.03%) at 17,192.60
- S&P 500: +20.78 points (+0.4%) at 5,455.21
- Russell 2000: -0.5%
The stock market exhibited more restrained action today following an in-line CPI print, contrasting yesterday’s rally driven by favorable PPI data. The S&P 500 (+0.4%) and Dow Jones Industrial Average (+0.6%) closed with gains, while the Nasdaq Composite edged slightly higher. However, the Russell 2000, which tracks smaller companies, saw a decline of 0.5%.
Economic Data:
- July CPI: The Consumer Price Index (CPI) increased by 0.2% month-over-month, in line with expectations, with core CPI (excluding food and energy) also rising 0.2%. On a year-over-year basis, CPI increased by 2.9%, down from 3.0% in June, while core CPI rose by 3.2%, down from 3.3%.The slight disinflation trend evident in these figures led the market to maintain its expectation of a 25 basis points rate cut in September. However, the probability of a more aggressive 50 basis points cut decreased to 35.5% from 53.0%.
Market Highlights:
- Kellanova (K): Kellanova shares surged 7.8% after the announcement that Mars would acquire the company for $83.50 per share, amounting to $35.9 billion, including debt. This made Kellanova the top performer in the S&P 500 today.
- Alphabet (GOOG): Alphabet’s shares fell by 2.4% following a Bloomberg report suggesting the Department of Justice may seek to break up the company after last week’s court ruling that found Alphabet violated search-related antitrust laws. This decline, alongside a drop in Meta Platforms (META -0.3%), put pressure on the S&P 500’s communication services sector, which ended the day down 0.9%.
- Sector Performance: The financial sector (+1.3%) and information technology (+0.6%) posted some of the largest gains, with financials benefiting from expectations of a stable interest rate environment.
Economic Data Summary:
- Weekly MBA Mortgage Applications: +16.8%
- July CPI: +0.2% month-over-month (as expected), +2.9% year-over-year (down from 3.0%)
- Core CPI: +0.2% month-over-month (as expected), +3.2% year-over-year (down from 3.3%)
Upcoming Economic Events:
- Wednesday: Retail Sales, Industrial Production, Business Inventories, NAHB Housing Market Index, Empire State Manufacturing Survey, among others, will be in focus, potentially influencing market sentiment.
Year-to-Date Performance:
- Nasdaq Composite: +14.5%
- S&P 500: +14.4%
- S&P Midcap 400: +6.2%
- Dow Jones Industrial Average: +6.2%
- Russell 2000: +2.8%
In summary, today’s market action was more subdued as investors digested the CPI data, which aligned with expectations. Select stocks like Kellanova shined due to specific catalysts, while Alphabet weighed on the communication services sector. The market remains focused on upcoming economic data that could influence the Fed’s next move.
US July CPI +2.9% vs +3.0% y/y expected
- US July 2024 consumer price index
- Prior was +3.0% y/y
- m/m reading at +0.2% vs +0.2% expected
- Month-over-month unrounded +0.1549%
Core measures:
- Core CPI +3.2 vs +3.2% expected
- Core CPI m/m +0.2% vs +0.2% expected
- Core unrounded +0.166%
- Real weekly earnings -0.2% vs +0.3% prior
- Supercore m/m +0.205% vs +0.054% prior
- Supercore y/y +4.468% vs +4.651% prior
Key Details:
- Shelter index rose 0.4%, accounting for nearly 90% of the monthly increase
- Shelter +0.4% m/m vs +0.2% prior
- Rent +0.5% vs +0.3% prior
- Owners’ equivalent rent +0.4% vs +0.3% prior
- Lodging away from home +0.2% vs -2.0% prior
- Energy index unchanged after two months of declines
- Food index up 0.2%, matching June’s increase
- Used cars and trucks index fell 2.3%
- Airline fares down 1.6% vs -5.0% prior
- Motor vehicle insurance +1.2% vs +0.9% m/m prior
US MBA mortgage applications w.e. 9 August +16.8% vs +6.9% prior
- Latest data from the Mortgage Bankers Association for the week ending 9 August 2024
- Prior +6.9%
- Market index 251.3 vs 215.1 prior
- Purchase index 137.7 vs 133.9 prior
- Refinance index 889.3 vs 661.4 prior
- 30-year mortgage rate 6.54% vs 6.55% prior
Fed’s Goolsbee: Rising unemployment may indicate worsening job market
- Goolsbee spoke in an interview with Bloomberg
- Would focus much more on employment if job market weakens
- Policy is ‘very restrictive’ economy not overheating
- Economic conditions will warrant size of rate cuts
Blackstone sees signs of slowing US economy, Fed cut would “soften this blow”
- Fed can help now due to falling inflation
Chief operating officer of Balckstone spoke on CNBC on TRuesday:
- US economy has been resilient
- but now there are signs of a slow down
- pointed specifically to weaker consumer sector
- says with inflation coming down, including in rental housing, the Federal Reserve could help the economy with rate cuts
- “… as this slowdown continues it gives the Fed room to cut to hopefully soften this blow”
Nomura says FOMC focused on bolstering the US economy … “inflation less important”
- A controversial view from Nomura, though they do add the ‘event premium’ on today’s CPI is “fairly high”.
Nomura with remarks on the US equity markets and the Federal Reserve.
On equities:
- downside risk has dropped, says Nomura
- cite macro hedge funds buying into the pullback … if not for these the softness would have been prolonged
- Also, “We think the downside risk posed to U.S. equities by systematic investors is much less serious now than it was before”
Nomura say volatility levels will stay elevated, due to
- uncertainty on the US economy
- November presidential election
- “The event premiums the market assigns to economic indicators also look likely to rise, given the increased uncertainty over the outlook for the US economy”
- “Members of the FOMC are already signaling an emphasis on keeping the US economy healthy, which presumably means that indicators of inflation are seen as less important than before, but even so, the event premium assigned to this week’s CPI announcement is fairly high.”
Ulta Beauty Shares Surge Following Warren Buffett’s New Stake, Alongside Heineken
Market Overview: Shares of Ulta Beauty skyrocketed by 11% in post-market trading after Berkshire Hathaway’s Q2 2024 13F filing revealed that Warren Buffett’s investment firm had taken a new position in the beauty retailer. The filing also disclosed a new stake in Heineken (HEIA), highlighting Buffett’s continued interest in diversifying into new sectors.
Key Developments:
- New Investments:
- Ulta Beauty (ULTA): Buffett initiated a stake in Ulta Beauty, acquiring 0.69 million shares. This move reflects Berkshire Hathaway’s growing interest in the beauty and retail sector, which has seen robust performance in recent years. The Ulta Beauty stake is estimated to be worth around $260 million, making it a relatively small position in Berkshire’s vast portfolio.
- Heineken (HEIA): Buffett also took a new position in Heineken, purchasing 1.04 million shares. This investment indicates a strategic move into the beverage sector, where Heineken is a leading global player.
- Significant Increases:
- Sirius XM (SIRI): Buffett dramatically increased his holdings in Sirius XM, boosting his stake from 36.68 million to 132.88 million shares, signaling strong confidence in the satellite radio company.
- Other Additions: Positions in Occidental Petroleum (OXY), Liberty Media (LSXMK, LSXMA), and Chubb (CB) were also notably increased, reflecting Buffett’s ongoing interest in energy and media sectors.
- Portfolio Reductions:
- Apple (AAPL): One of the most significant moves was the reduction of Berkshire’s stake in Apple, trimming it from 789.37 million shares to 400 million shares. Despite this sizable reduction, Apple remains one of Berkshire’s largest holdings.
- Other Trims: Positions in Chevron (CVX), Capital One (COF), Floor & Decor (FND), Louisiana-Pacific (LPX), and T-Mobile (TMUS) were also reduced.
- Complete Exits:
- Paramount Global (PARA): Berkshire fully exited its position in Paramount Global, continuing its trend of reducing exposure to media companies.
- Snowflake (SNOW): Buffett also sold off the remaining shares in Snowflake, which has seen fluctuating performance since its IPO.
- Bank of America (BAC): Although Buffett maintained a substantial position in Bank of America through June, he recently disclosed that he sold 33.9 million shares over a three-day period, totaling about $1.5 billion. Despite this sale, Berkshire still holds a significant number of shares in the bank.
Market Reactions:
- Ulta Beauty (ULTA): The news of Buffett’s stake in Ulta Beauty led to a sharp 11% increase in its shares during post-market trading, highlighting investor enthusiasm about Berkshire’s endorsement.
- Snowflake (SNOW): Shares of Snowflake dipped by 1.4% following the news of Berkshire’s complete exit, reflecting investor concerns about the company’s future without the backing of Buffett’s firm.
Summary: Warren Buffett’s latest portfolio moves, as revealed in Berkshire Hathaway’s Q2 2024 13F filing, indicate strategic shifts with new investments in Ulta Beauty and Heineken, while reducing exposure to tech giant Apple and exiting Snowflake and Paramount Global. The market reacted positively to the Ulta Beauty stake, signaling confidence in the retail sector, while Snowflake shares declined amid news of Buffett’s exit. As always, Buffett’s moves are closely watched and often influence market trends.
Commodities
Gold Stalls at $2,475: Is a Breakout in the Cards?
Market Overview: Gold prices are down 1% today as the precious metal faces its third unsuccessful attempt to breach the $2,475 level. Despite a strong start to the week, gold has struggled to overcome this resistance and has since pulled back. The inability to push through July’s highs is partly due to shifting market expectations regarding Federal Reserve rate cuts.
Current Dynamics:
- Resistance Test: Gold has repeatedly failed to break above the $2,475 mark, which has acted as a significant barrier. This persistent resistance suggests that the market is currently not ready for a breakout.
- Fed Rate Cut Expectations: The recent retreat in gold prices is influenced by a recalibration of expectations around future Federal Reserve rate cuts. As the market reassesses the likelihood of aggressive rate cuts, gold’s rally has stalled.
- China’s Role: China’s desire to increase gold reserves remains strong, but recent developments suggest that China is now more price-sensitive. This sensitivity could mean a potential price floor for gold around $2,000 but not necessarily a catalyst for a strong upward move in the short term.
Technical Outlook:
- Price Action: Gold’s failure to maintain its momentum near $2,475 indicates a lack of bullish conviction at this level. While the metal is still up on the week, the retreat from the highs suggests caution.
- Support Levels: With the current resistance proving challenging, traders might consider a “buy the breakout” strategy if gold surpasses $2,475 or a “buy the dip” approach if prices fall further.
Summary: Gold’s recent performance highlights the challenges it faces in breaking through critical resistance levels. The market’s shifting expectations regarding Fed rate cuts and China’s cautious approach to gold reserves contribute to the metal’s current stagnation. Investors might need to wait for a decisive breakout or a deeper dip before taking significant positions.
Metals: LME Zinc inventories rise – ING
LME Zinc inventories grow, Copper inventories go down by quite a bit, ING’s commodity strategists Ewa Manthey and Warren Patterson note.
The lowest net longs for Copper in more than half a year
“LME Zinc inventories increased by 23,625 tonnes (the biggest daily addition since 22 November 2023) to 263,150 tonnes yesterday – the highest since 3 April 2024. The majority of the inflows were reported from warehouses in Singapore. On-warrant stocks reported gains after falling for four consecutive sessions, rising by 23,675 tonnes to 238,475 tonnes yesterday.”
“In Copper, recent statements from BHP suggest that the main union at the Escondida Copper mine in Chile declined to resume talks following a new company invitation to reach an agreement. The company said it initiated the demobilization of striking workers and activated contingency plans. Meanwhile, the mine workers who are not part of the negotiation are able to continue working.”
“The latest LME COTR report shows that investors decreased their net bullish position for Copper by 6,681 lots to 59,385 lots for the week ending 9 August 2024. This is the lowest net longs for Copper since the week ending 26 January 2024, following a weak demand outlook. A similar move has been seen in aluminium, with speculators decreasing their net bullish bets by 1,960 lots for a sixth consecutive week to 96,543 lots over the last reporting week.”
EIA weekly crude oil inventories +1357K vs -2200K expected
- Weekly oil inventory data from the US EIA
- Prior was -3728K
- Gasoline -2894K vs -1434K expected
- Distillates -1673K vs -636K expected
- Refinery utilization +1.0% vs +0.1% expected
- Production mbpd 13.3mbpd vs 13.4mbpd prior
Oil private survey of inventory shows a larger headline crude oil draw than was expected
- This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US.
- API Inventory
- Crude -5.205 million (exp. -2 mil)
- Gasoline -3.689 million
- Distillates +612,000
- Cushing -2.277 million
- SPR +700,000
EU News
European equity’s close higher
- Closing changes for the main European markets:
- German DAX, +0.4%
- France CAC +0.6%
- UK FTSE 100 +0.7%
- Spain’s Ibex +0.2%
- Italy’s FTSE MIB +0.9%
Eurozone June industrial production -0.1% vs +0.5% m/m expected
- Latest data released by Eurostat – 14 August 2024
- Prior -0.6%; revised to -0.9%
That’s a miss alongside a negative revision to boot. But at least it doesn’t take away from the Q2 GDP number released at the same time. Here is the breakdown:
Eurozone Q2 GDP second estimate +0.3% vs +0.3% q/q prelim
- Latest data released by Eurostat – 14 August 2024
No changes to the initial estimate as the euro area economy is seen expanding slightly in Q2. The economic challenge has become tougher in Q3 though, with fears surrounding a contraction or at least stagnation continuing to build.
France July final CPI +2.3% vs +2.3% y/y prelim
- Latest data released by INSEE – 14 August 2024
- Prior +2.2%
- HICP +2.7% vs +2.6% y/y prelim
- Prior +2.5%
UK July CPI +2.2% vs +2.3% y/y expected
- Latest data released by ONS – 14 August 2024
- Prior +2.0%
- Core CPI +3.3% vs +3.4% y/y expected
- Prior +3.5%
Asia-Pacific-World News
PBOC sets USD/ CNY reference rate for today at 7.1415 (vs. estimate at 7.1493)
- PBOC CNY reference rate setting for the trading session ahead
In open market operations:
- PBOC injects 369bn via 7-day RR, sets rate at 1.7%
- 252bn yuan mature today
- net 117bn yuan injection today
Goldman Sachs says signs of slowdown in Europe, China, & slower jobs growth in US
- But, says Goldman Sachs, the stock market is still positioned optimistically.
Goldman Sachs just a little wary over some of the weaker economic data.
- Says a US recession is not priced in
- and there are signs of a slowdown in Europe and China
- add the recent softening in the US labor market
But, says GS, equity markets are still positioned optimistically:
- cyclical stocks have underperformed during the correction
- US equity market does not appear to be pricing a recession
RBNZ Governor Orr: Confident inflation back in its target band
- Reserve Bank of New Zealand Orr press conference – NZD is falling further with his dovish remarks
Reserve Bank of New Zealand Orr:
- confident inflation back in its target band
- can commence re-normalising rates
- we considered a range of moves and consensus was for 25bps
- projections are NZ is headed towards a period of low and stable inflation
- broad range of indicators are consistently soft
- Reasonable first step for monetary easing, in strong position to move calmly
- Remarkably pleased with how economy has panned out with our forecasts
- High frequency data show economy weakening
- Its a good news story of pricing intentions changing
- Still have restrictive financial conditions
Reserve Bank of New Zealand announce cash rate cut to 5.25%
- Reserve Bank of New Zealand monetary policy decision, Wednesday, August 14, 2024
Reserve Bank of New Zealand from the statement:
- sees official cash rate at 4.1% in September 2025 (pvs 5.4%)
- sees TWI NZD at around 69.5% in September 2025 (pvs 71.0%)
- sees official cash rate at 4.92% in December 2024 (pvs 5.65%)
- sees official cash rate at 3.85% in December 2025 (pvs 5.14%)
- sees annual CPI 2.4% by September 2025 (pvs 2.2%)
- sees official cash rate at 2.98% in September 2027
- Inflation is declining
- Inflation returning into target band
- Service inflation expected to decline
- Pace of further easing will depend on commitee’s confidence that pricing behaviour remains consistent with a low inflation environment
- CPI expected to remain target mid-point over foreseeable future
RBNZ from the meeting minutes:
- Weakening in domestic economic activity observed in the July Monetary Policy Review has become more pronounced and broad-based
- Members noted that monetary policy will need to remain restrictive for some time to ensure that domestic inflationary pressures continue to dissipate
- New Zealand’s economic activity and near-term inflation indicators now resemble those in countries in which central banks have started cutting policy rates
- The pace of further easing will thus be conditional on the Committee’s confidence that pricing behaviour is continuing to adapt to a low-inflation environment
- A broad range of high-frequency indicators point to a material weakening in domestic economic activity in recent months
- Recent indicators give confidence that inflation will return sustainably to target within a reasonable time frame
- The output gap is now assessed to be more negative than was assumed in the May Monetary Policy Statement, indicating increased spare capacity
- Headline CPI inflation expected to return to the target band in the September quarter
- Committee agreed there was scope to temper the extent of monetary policy restraint
- Alongside restrictive monetary policy, an earlier or larger impact of tighter fiscal policy could be constraining domestic demand
- The Committee observed that the balance of risks has progressively shifted since the May Monetary Policy Statement
- While domestic financial conditions remain restrictive, they have loosened over recent months
- Broad range of indicators suggesting the economy is contracting faster than anticipated
- Committee felt that the OCR track in the projection reflected its view on the policy strategy that would best deliver on its remit
Reserve Bank of New Zealand meet today – BNZ calls for an immediate rate cut
- BNZ economists argue easing is “already overdue”
The Reserve Bank of New Zealand is at 0200 GMT Wednesday, which is 2200 US Eastern time on Tuesday evening.
Via BNZ, forthright views:
- BNZ economists argue easing is “already overdue”
- Economy “buckling” under tight conditions, slumping migration, government cuts
- Recent data shows manufacturing/services PMIs at GFC levels, retail spending down, job ads plummeting
- Inflation now “behaving itself” – June CPI came in 0.3% below RBNZ expectations
- BNZ forecasts 25bp cut in August, followed by consecutive cuts to 2.75% low
- Warns delay risks “unnecessary volatility in output and interest rates”
- Notes market pricing even more aggressive – 100bps of cuts by November
- Expects RBNZ to remove tightening bias, bring forward first cut substantially
- But cautions RBNZ’s “propensity to surprise” creates uncertainty
Key takeaway: BNZ sees risks tilted towards delay rather than earlier move. Market pricing looks overly aggressive in near-term.
Japan Kishida: Must promote wage, investment growth for full exit deflation-prone economy
- Japanese PM Kishida press conference
Prime Minister Kishida press conference.
He is announcing he won’t be running to stay on as PM.
- To make full exit from deflation-prone economy, we must promote wage, investment growth and achieve target to expand size of Japan’s GDP to 600 trln yen
- Important to show new face of LDP in leadership race
- First step to do so is for me to step down
- Won’t run for re-election as LDP leader
- Will fully support new leader
- Made this decision considering what’s best for public
- Have no hesitation in taking responsibility as head of LDP for issues caused by members
Japan – Reuters Tankan report for August: Manufacturing sentiment 10, from 11 in July
- Non-manufacturing sentiment down also
The monthly Reuters Tankan survey, a guide to the Bank of Japan’s quarterly tankan survey:
- August manufacturers sentiment +10, July was +11
- May non-manufacturers sentiment +24 vs +26 in July
- November manufacturers index seen at +5, non-manufacturers at +26
Japanese PM Kishida will not run for reelection in LDP race in September
- Kyodo report
Media in Japan with the political bombshell news that Japanese PM Kishida will not run for re-election in the ruling party leadership race in September.
By dropping out of the race to remain leader of his party he will step down as premier, local media reported.
Cryptocurrency News
Ethereum Primed for Rally Amid Fed Rate Cut Speculation and Rising ETF Inflows
Market Overview: Ethereum (ETH) faces a mixed scenario as it drops 1.7% on Wednesday, despite promising signals from the broader economic environment. The latest low CPI inflation data and consistent inflows into Ethereum ETFs suggest that ETH might be gearing up for a significant rally in the coming months. However, a critical trendline resistance indicates that consolidation may continue before a breakout occurs.
Current Dynamics:
- Low CPI and Fed Rate Cut Expectations: The U.S. Consumer Price Index (CPI) declined to 2.9% YoY, below the expected 3.0%, sparking speculation that the Federal Reserve might cut interest rates by 25 basis points. According to CME data, the probability of a rate cut has risen to 56.5%. A lower interest rate environment typically favors risk assets like cryptocurrencies, potentially setting the stage for Ethereum’s recovery.
- Ethereum ETF Inflows: Ethereum ETFs have recorded a second consecutive day of net inflows, with a total of $24.3 million on Tuesday. Notably, BlackRock’s ETHA saw substantial inflows of $49.1 million, pushing its total since launch to $950.2 million. Fidelity’s FETH also reported $5.4 million in inflows. Conversely, Grayscale’s ETHE continues to struggle, with $31 million in outflows, bringing its cumulative outflows to $2.32 billion.
- Jump Trading’s ETH Activity: On the bearish side, Jump Trading appears to be continuing its ETH selling strategy, having withdrawn 17,049 ETH worth $46.44 million from Lido Finance. The firm still holds $148 million worth of ETH across various wallets, and this potential selling pressure could pose a short-term risk to ETH’s price stability. Jump Trading had previously started offloading ETH worth over $400 million on August 2, which could dampen bullish momentum.
Technical Outlook:
- Trendline Resistance: Ethereum’s price is currently testing a key trendline that has rejected its upward moves in recent weeks. This trendline suggests that ETH may continue to consolidate before any substantial rally occurs. However, if ETH can break through this resistance, a more robust upward movement could follow.
Summary: Ethereum is positioned at a critical juncture with the potential for a rally fueled by favorable macroeconomic factors and sustained ETF inflows. However, key technical resistance and the possibility of continued selling by major players like Jump Trading could keep ETH in a consolidation phase before a decisive breakout. Investors should watch for a break above the trendline or further macroeconomic developments that could drive Ethereum higher.
Coinbase Prepares to Launch Tokenized Bitcoin on Base Network Amid Industry Concerns Over wBTC Transfer
Market Overview: Coinbase, the leading U.S. crypto exchange, is on the verge of launching a tokenized version of Bitcoin, cbBTC, on its Ethereum-based Layer-2 network, Base. The move comes at a time when the crypto community is grappling with concerns over BitGo’s decision to hand over control of wBTC (wrapped Bitcoin) to Bit Global, a platform associated with Tron founder Justin Sun.
Key Developments:
- cbBTC Launch on Base Network: Coinbase announced its plans to release cbBTC, a tokenized Bitcoin pegged 1:1 with Bitcoin’s market price, on its Layer-2 Base network. This development aims to provide Base users with direct access to Bitcoin, the largest cryptocurrency by market cap, while boosting liquidity on the network. The announcement was made through an X post, signaling that the launch of cbBTC is imminent.
- Community Reactions and Concerns Over wBTC: The announcement comes in the wake of significant unrest in the crypto community following BitGo’s decision to transfer wBTC custody to Bit Global. The transfer has sparked controversy due to Justin Sun’s reputation, with many community members expressing concerns that this move could negatively impact wBTC’s stability and functionality.
- Response from MakerDAO: In response to these concerns, MakerDAO’s risk team has proposed halting borrowing options for wBTC to mitigate potential risks associated with BitGo’s transfer. Despite reassurances from Justin Sun that wBTC will continue to function as usual, the crypto community remains wary.
Technical and Market Implications:
- Boosting Liquidity on Base: The introduction of cbBTC on Base is expected to enhance the network’s liquidity and expand its use cases by integrating Bitcoin into the Base ecosystem. This could drive more users and developers to the Base network, bolstering its position in the Layer-2 landscape.
- wBTC Uncertainty: The controversy surrounding wBTC could lead to a shift in market sentiment, with some users potentially migrating from wBTC to cbBTC or other alternatives. This could further impact the dynamics of Bitcoin liquidity across different platforms.
Summary: Coinbase’s upcoming launch of cbBTC on the Base network represents a significant step in expanding Bitcoin’s accessibility within the Layer-2 ecosystem. However, the timing of this announcement, amid widespread concerns over the future of wBTC following BitGo’s transfer decision, adds a layer of complexity to the crypto landscape. As the situation unfolds, the market will closely watch how cbBTC adoption compares to wBTC and how these developments influence Bitcoin’s broader liquidity and utility.
Bitcoin nears $60,000 as risk trades cool
- Bitcoin gives up gains, turns lower
Bitcoin continues to be a solid pre-cursor to the broader risk trade. And if you’re long stocks, that’s not a good thing at the moment.
BTC has turned lower after an initial pop following CPI and is now just above $60,000.
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