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☆ Nearly all world's population exposed to global warming over June-Sept - study
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexandros Avramidis/File Photo Acquire Licensing RightsSINGAPORE, Sept 8 (Reuters) - Nearly all of the world's population experienced higher temperatures from June to August as a result of human-induced climate change, according to a peer-reviewed research report published late on Thursday. A study by Climate Central, a U.S.-based research group, looked at temperatures in 180 countries and 22 territories and found that 98% of the world's population were exposed to higher temperatures made at least twice more likely by carbon dioxide pollution. "Virtually no one on Earth escaped the influence of global warming during the past three months," said Andrew Pershing, Climate Central's vice president for science. The heatwaves in North America and southern Europe would have been impossible without climate change, said Friederike Otto, a climate scientist at the Grantham Institute for Climate Change and the Environment. They have been made infinitely more likely because they would not have occurred without climate change."

Persons: Alexandros Avramidis, Andrew Pershing, Friederike Otto, David Stanway, Ali Withers, Gerry Doyle Organizations: Firefighters, REUTERS, Rights, Climate Central, Climate, Grantham Institute, Thomson Locations: Sesklo, Greece, Rights SINGAPORE, North America, Europe, U.S, Singapore, Copenhagen

☆ Insider Today: Y Combinator's Demo Day decline
▼ + stars: | 2023-09-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +10 min

Y Combinator's Demo Day, which will wrap up today, was long considered the event for early-stage startups. AdvertisementAdvertisementInvestors front-running Demo Day was previously considered a major faux pas. You might ask yourself: Who cares if startups line up investments before Demo Day? And companies that get investments before Demo Day might regret it in the long run. The new rating system for performance reviews determines pay — and managers were instructed to not share it with employees.

Persons: I've, that's, Madeline Renbarger, haven't, It's, it's, Samantha Lee, Madeline, There's, Martin, Ryan Reynolds, LeBron James, they're, Ed Yardeni, Jeremy Grantham, Brevan Howard, Peter Hornick, Eduardo Munoz, Sapna Chadha, Shopify, Arantza Pena Popo, YIMBYism, Elon Musk, Katy Perry, Hozier, Hayao Miyazaki's, Heidi Tissenbaum's, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NFL, Tech, Bank, Getty Images, REUTERS, Google, Google Asia Pacific, The Kansas City Chiefs —, Detroit Lions, 48th Toronto, Getty Locations: Wall, Silicon, Silicon Valley, Nevada, The, New York City, San Diego, London, New York

☆ Jeremy Grantham sounds the alarm on stocks, recession, inflation, and interest rates in a new interview. Here are his 8 best quotes.
▼ + stars: | 2023-09-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Jeremy Grantham rang the alarm on inflation, interest rates, markets, and the economy. We're now in an era that will average higher rates than we had for the last 10 years." "I suspect inflation will never be as low as it averaged for the last 10 years, that we have re-entered a period of moderately higher inflation, and therefore moderately higher interest rates." The power of interest rates rising and depressing the real estate market — very negative, slow-moving influence. When we sit here discussing the stock market, we're a little like Emperor Nero fiddling while Rome burns."

Persons: Jeremy Grantham, Grantham, David Rubenstein, We're, —, Nero Organizations: Service, Bloomberg Locations: Wall, Silicon, Grantham

☆ Jeremy Grantham warns the AI boom won't stop a recession – and stocks are still likely to crash
▼ + stars: | 2023-09-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The AI boom won't prevent a recession, according to Jeremy Grantham. Stock prices will fall when that economic slump hits, the legendary investor added. "Personally, I think AI is very important," the GMO cofounder said. And we will have a recession running perhaps deep into next year and an accompanying decline in stock prices." AdvertisementAdvertisement"It may start in 2023," Grantham added, in response to a question about when the recession is likely to begin.

Persons: Jeremy Grantham, hasn't, Bloomberg's David Rubenstein, Grantham, Grantham –, he's, We're Organizations: Bloomberg, Service, Grantham Locations: Wall, Silicon, ChatGPT

☆ Canadian economy set to show marked slowdown in second quarter, giving central bank cause to pause
▼ + stars: | 2023-08-27 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] Condominium and office towers are seen on the mountain-backed skyline of Vancouver, British Columbia, Canada September 30, 2020. The GDP report will be the last major piece of domestic data before the Canadian central bank makes its next policy decision on Sept. 6. The central bank has said it would study economic data closely before determining whether it raises interest rates further. The BoC has projected 1.5% growth for the third quarter, matching its second-quarter estimate. Some argue that the composition of growth in the second-quarter data, including the split between internal and external demand, could also be a consideration.

Persons: Jennifer Gauthier, Carlos Capistran, Bank of America Merrill Lynch, Benjamin Reitzes, we've, Stephen Brown, Andrew Grantham, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: REUTERS, Rights, Bank of Canada, BoC, Bank of America, BMO Capital Markets, Money, North, Capital Economics, CIBC Capital Markets, Thomson Locations: Vancouver , British Columbia, Canada, Canadian, Mexico, North America

☆ Quebec, Canada wildfires made twice as likely through climate change
▼ + stars: | 2023-08-22 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

The severity of Quebec’s fire season up to the end of July was also made 50% more intense by climate change, according to the report. French firefighters try to extinguish wildfires at Lac Larouche in Quebec, Canada, on June 28, 2023. It is by far the worst wildfire season Canada has ever experienced, and there are still more than two months left to go. They then used climate models to understand the role climate change played. Climate change also made the peak fire weather in Quebec during the same period at least twice as likely and 20% more intense, according to the report.

Persons: Friederike Otto, It’s, ”, Clair Barnes, Emma UIISC7, David Dee Delgado, “, James MacDonald, Kira Hoffman, ” Hoffman, Michael Flannigan, Otto Organizations: CNN, WWA, Grantham Institute, Anadolu Agency, Getty, Canada, Bloomberg, University of British, Research, “, Predictive Services, Emergency Management, Thompson Rivers University Locations: Canada, Quebec, Illinois, Canadian, Western Europe, Bronx, New York City, Northwest Territories, Yellowknife, British Columbia, Cameron, Port Alberni , British Columbia, University of British Columbia

☆ Legendary investor Jeremy Grantham sees shades of the dot-com bubble in markets - and predicts stocks will slump and recession will strike
▼ + stars: | 2023-08-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Grantham compared the post-pandemic boom in stocks to the dot-com bubble. The GMO cofounder doubts AI buzz can offset the impact of higher interest rates and tech woes. The buying frenzy was fueled by rock-bottom interest rates, stimulus checks, federal grants and loans, lockdown boredom, and other factors. The resulting surge in stocks was "in many ways about equal to the 2000 tech bubble," the veteran investor and GMO cofounder added. Grantham added that a recession could still hit this year, and forecasted moderately higher inflation and interest rates in the years to come versus the last decade.

Persons: Jeremy Grantham, Grantham, David Rubenstein, It's Organizations: Service, Bloomberg, Federal Locations: Wall, Silicon

☆ Jeremy Grantham warns a recession is still coming and the Fed is 'almost guaranteed to be wrong'
▼ + stars: | 2023-08-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Jeremy Grantham told Bloomberg he still sees a US recession on the way. High interest rates will keep dragging on financial markets and a downturn could last into 2024. Low rates push up asset prices. Higher rates push asset prices down. We are now in an era that will average higher rates than we had for the last 10 years."

Persons: Jeremy Grantham, Grantham, Jerome Powell's Organizations: Bloomberg, Service, Federal Reserve, Wall Street, Grantham Locations: Wall, Silicon

Poland's government, which faces October elections, is even suing Brussels over climate policies. Britain has already quickly gone from being a leader on the world stage to looking quite weak on green policies, he said. CITIZENS, BUSINESSESEurope's green policies are still more credible than U.S. ones, given see-sawing between electoral cycles in the United States, some analysts said. Rows over green policies have propelled right-wing populist parties to second place in both Dutch and German polls. "Otherwise citizens might start to feel that climate policy is always financially overwhelming and bad, and that sentiment is then exploited by populists."

Persons: Timm Reichert, Virginijus Sinkevicius, Sinkevicius, Anna Moskwa, Nathalie Tocci, Mats Engström, GREEN, Bob Ward, Ward, Rishi Sunak, Rob Jetten, Nina Scheer, Simone Tagliapietra, Tagliapietra, Kate Abnett, Sarah Marsh, Gloria Dickie, Anthony Deutsch, Angelo Amante, Pawel, Susanna Twidale, William James, Alexnder Smith Organizations: REUTERS, European Union, Reuters, European People's Party, European Council, Foreign, United States, Grantham Research, London School of Economics, Political, Climate, Energy, Democrats, Thomson Locations: Gruenberg, Germany, EU, BERLIN, BRUSSELS, Netherlands, Brussels, Europe, United States, Grantham, India, China, Britain, Berlin, London, Amsterdam, Rome, Warsaw

Pope Francis gestures on the day he meets with aid and charity representatives at "Centro Paroquial de Serafina" during his apostolic journey to Portugal on the occasion of the XXXVII World Youth Day, in Lisbon, Portugal, August 4, 2023. REUTERS/Violeta Santos MouraLISBON, Aug 4 (Reuters) - Pope Francis visited a Church-run social centre in a low-income Lisbon neighbourhood Friday, urging young people to shun "distilled," orderly lives where everything seems perfect but to "get your hands dirty" by helping the needy. "Tangible love is that which gets its hands dirty," he said. The 86-year-old pope is in Lisbon for the Catholic Church's World Day of Youth festival, which ends on Sunday. "Through your actions, your commitment, by getting your hands dirty, by touching the reality and misery of others, you are creating inspiration, you are generating life," he said.

Persons: Pope Francis, Violeta Santos Moura, Vincent de Paul, Francis, Amelia Grantham, Grantham, Philip Pullella, Louise Heavens Organizations: Centro, REUTERS, Violeta Santos Moura LISBON, Catholic, Thomson Locations: Portugal, Lisbon, Serafina, Spain, Italy, Guatemala, Birmingham, England

☆ Investors are making the same mistake they made during the dot-com and housing bubbles, analyst says
▼ + stars: | 2023-08-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Investors are so excited about stocks that they're missing the bigger, grimmer economic picture. Danielle DiMartino Booth said the complacency reminded her of the dot-com and housing bubbles. She pointed to a surge in bankruptcies and mounting pressures in the bank and real estate sectors. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. DiMartino Booth has made it clear she's in the latter camp for now.

Persons: Danielle DiMartino Booth, We're, BNN, DiMartino Booth, Biden, Sam, Jeremy Siegel, Paul Krugman, David Rosenberg, Jeremy Grantham Organizations: Service, QI Research, BNN Bloomberg, Nasdaq, Dallas Fed, Federal Reserve Locations: Wall, Silicon

REUTERS/Guglielmo Mangiapane/File PhotoSummaryCompanies Breaks previous record set in July 2019, by 0.2CHeatwaves searing Europe, North America and ChinaEarth may not have been this hot in 120,000 years - studyJuly 27 (Reuters) - July 2023 is set to upend previous heat benchmarks, U.N. Secretary-general António Guterres said on Thursday after scientists said it was on track to be the world's hottest month on record. Short of a mini-Ice Age over the next days, July 2023 will shatter records across the board," Guterres said in New York. It is statistically robust," said Piers Forster, a climate scientist at Leeds University in Britain. July is traditionally the hottest month of the year, and the EU said it did not project August would surpass the record set this month. However, scientists expect 2023 or 2024 will end up as the hottest year in the record books, surpassing 2016.

Persons: Guglielmo Mangiapane, 0.2C, António Guterres, Guterres, Karsten Haustein, Michael Mann, Haustein, Piers Forster, Friederike Otto, El Nino, “, Gloria Dickie, Ali Withers, David Stanway, Mark Heinrich, Alison Williams Organizations: REUTERS, Meteorological Organization, WMO, Germany's Leipzig University, University of Pennsylvania, Southern, Leeds University, Grantham Institute, El Nino, El, Thomson Locations: Italy, Rome, Europe, North America, China, New York, Rhodes, U.S, Leipzig, Britain, U.S ., California, France, Spain, Germany, Poland, Sicily, Florida, Australia, South Korea, Japan, India, Pakistan, London, Pacific, EU, London , Ontario, Copenhagen, Singapore

☆ Extreme summer heat in the U.S. and Europe ‘virtually impossible’ without climate change
▼ + stars: | 2023-07-25 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

More than 50 million Americans are set to bake under dangerously high temperatures this week, from California to Texas to Florida, as a heat wave builds across the southern United States. The heat waves stretching across North America and Europe this month would have been "virtually impossible" without the human-induced climate emergency, according to a new scientific study. Published Tuesday by the World Weather Attribution group, the study said heat waves are among the deadliest natural hazards with thousands of people dying from heat-related causes each year. Ever-increasing greenhouse gas emissions mean these events are not rare anymore, the study said. "Totally unsurprising but important result," Friederike Otto, a scientist and senior lecturer at the Grantham Institute for Climate Change in London, who contributed to the research, said via Twitter.

Persons: Rai Rogers, —, Friederike Otto Organizations: Grantham Institute, Twitter Locations: Las Vegas , Nevada, California, Texas, Florida, United States, North America, Europe, China, U.S, Mexico, London

☆ Heat waves in US and Europe would have been ‘virtually impossible’ without climate change, new report finds
▼ + stars: | 2023-07-25 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

The “heat hell” searing parts of the United States and southern Europe would have been “virtually impossible” without climate change, while climate change made China’s heat wave at least 50 times more likely, according to a rapid attribution analysis from the World Weather Attribution initiative. They found that “the role of climate change is absolutely overwhelming,” said Friederike Otto, a senior lecturer in climate science at the Grantham Institute for Climate Change and the Environment at Imperial College London. The scientists found that climate change not only drastically increased the likelihood of these heat waves happening, but it is also making them hotter. Planet-heating pollution made Europe’s heat wave 2.5 degrees Celsius hotter, the North American heat wave 2 degrees Celsius hotter and China’s heatwave 1 degree Celsius hotter, according to the report. More than 61,000 people died of heat-related deaths during Europe’s record-breaking heat wave last year, according to a recent study.

Persons: Greg Baker, ”, Friederike Otto, Otto, Lefty Damian, ” Otto, Richard Allan Organizations: CNN, Northern Hemisphere, WWA, Getty, Grantham Institute, Climate, Environment, Imperial College London, Anadolu Agency, University of Reading Locations: United States, Europe, Death, Phoenix, China, Spain, Italy, Beijing, AFP, Mexico, Southern Europe, Greece's Rhodes, Greece

☆ Climate change role in July heatwaves 'overwhelming', scientists say
▼ + stars: | 2023-07-25 | by ( David Stanway | ) www.reuters.com time to read: +3 min

REUTERS/Guglielmo... Read moreSINGAPORE, July 25 (Reuters) - Human-induced climate change has played an "absolutely overwhelming" role in the extreme heatwaves that have swept across North America, Europe and China this month, according to an assessment by scientists published on Tuesday. Without human-induced climate change, the events this month would have been "extremely rare", according to a study by World Weather Attribution, a global team of scientists that examines the role played by climate change in extreme weather. "European and North American temperatures would have been virtually impossible without the effects of climate change," said Izidine Pinto of the Royal Netherlands Meteorological Institute, one of the study's authors, during a briefing with journalists. They also drove up the North American heatwave by 2C and the one in China by 1C. "The events we have looked at are not rare in today's climate," said Friederike Otto, a scientist with the Grantham Institute for Climate Change in London, speaking at the briefing.

Persons: Roberto Klarich, Guglielmo, Izidine Pinto, El Nino, Friederike Otto, It's, David Stanway, Miral Organizations: REUTERS, Read, Royal Netherlands Meteorological Institute, Grantham Institute, Thomson Locations: Canada, Italy, Rome, SINGAPORE, North America, Europe, China, United States, Rhodes, London

☆ Bank of Canada seen hiking rates quarter point to tame stubborn inflation
▼ + stars: | 2023-07-10 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

In June, the central bank raised its overnight rate to a 22-year high of 4.75% after a five-month pause, saying monetary policy was not restrictive enough. Data in the past month showed some signs of a slowdown - inflation cooling to 3.4%, a tepid May jobs report and a surprise trade deficit in May. "We expect the BoC to take the policy rate 25 basis points higher to 5%." Twenty of 24 economists surveyed by Reuters expect the bank to lift rates by another quarter-point and then hold well into 2024. Reporting by Steve Scherer, additional reporting by Fergal Smith; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Jay Zhao, Murray, Andrew Grantham, Steve Scherer, Fergal Smith, David Gregorio Our Organizations: OTTAWA, Bank of Canada, BoC, Monex, Reuters, CIBC Capital Markets, Thomson Locations: Canada

☆ Legendary investor Jeremy Grantham revealed how the AI craze has changed the odds of an epic market crash. Here are the 8 best quotes.
▼ + stars: | 2023-07-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Grantham said AI was unlikely to interfere with the bubble bursting, but could limit the fallout. "I'm a little bit disturbed by the emergence of the kind of mini-bubble in artificial intelligence. We have a year or two to have a fairly traditional bubble losing air, recession, decline in profit margins, and some grief in the stock market. "Artificial intelligence has the biggest scrambling of opinions of the future that one has ever seen. They've played right into the strong speculation around artificial intelligence, they've made an unprecedented 25% over anything.

Persons: Jeremy Grantham, Grantham, who've, They've, they've Organizations: Service, Big Tech, Wall Street, Nasdaq Locations: Wall, Silicon, Grantham

☆ Global heat in ‘uncharted territory’ as scientists warn 2023 could be the hottest year on record
▼ + stars: | 2023-07-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

It works like this: As the world burns fossil fuels and pumps out planet-heating pollution, global temperatures are steadily warming. David J. Phillip/APWhile the record temperatures may have been expected, the magnitude by which some have been broken has surprised some scientists. Historically, global heat records tend to topple in El Niño years, and the current record-holder, 2016, coincided with a strong El Niño. The world gets hung up on blockbuster records but “these heat records are not exciting numbers,” she told CNN. CFOTO/Future Publishing/Getty ImagesUnheeded warningsFor climate scientists, this is the “I told you so” moment they never wanted.

Persons: –, Jennifer Francis, ” Carlo Buontempo, Copernicus, “, we’ve, ” Francis, El, ”, Friederike Otto, Andres Matamoros, David J, Phillip, Peter Stott, There’s, Robert Rohde, ” Otto, Prashanth Vishwanathan, Niño, El Niños, ” Stott, Otto said, “ Organizations: CNN, Climate Research, World Meteorological Organization, Grantham Institute, Climate, UK’s Met, ”, Bloomberg, Getty, Publishing Locations: Europe, Antarctica, Pacific, El, Houston, Berkeley, Patna, Bihar, India, Texas, Mexico, China, Beijing, Northern, Zhonghua, Handan, North China's Hebei

CNN —The planet’s temperature soared again on Thursday to levels not seen in the modern record-keeping era, marking the fourth straight day of record temperatures. On Monday, the average global temperature reached 17.01 degrees Celsius (62.62 degrees Fahrenheit), the highest in the NCEP’s data, which goes back to 1979. On Tuesday it climbed to 17.18 degrees Celsius, where it remained on Wednesday. Before this week, the record in NCEP’s data was 16.92 degrees Celsius and was set in August 2016. Temperature records aren’t just numbers, “but for many people and ecosystems it’s a loss of life and livelihood.”

Persons: Jennifer Francis, Francis, Angel Garcia, Robert Rohde, Niño, “ It’s, ” Friederike Otto, ” Otto Organizations: CNN, University of Maine’s, US National Centers for Environmental, Climate Research, Bloomberg, Getty, Berkeley, El, Grantham Institute, Climate Locations: “, Seville, Spain

☆ Canada port strike may add to inflation concerns ahead of rate decision
▼ + stars: | 2023-07-06 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/3] A view shows placards as longshoremen with the International Longshore and Warehouse Union Canada (ILWU) strike outside the Port of Vancouver's Neptune Bulk Terminals in North Vancouver, British Columbia, Canada July 5, 2023. Some 7,500 dock workers went on strike on Saturday for higher wages, upending operations at two of Canada's three busiest ports, the Port of Vancouver and Port of Prince Rupert. Money markets expect the central bank to tighten further, possibly as soon as at a policy decision next Wednesday. The Canadian Manufacturers & Exporters (CM&E) industry body said the strike is disrupting C$500 million in trade every day. ($1 = 1.3360 Canadian dollars)Reporting by Fergal Smith, editing by Steve Scherer and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Port of Prince Rupert, Andrew Grantham, Seamus O'Regan, It's, Robert Kavcic, Fergal Smith, Steve Scherer, Josie Kao Organizations: Warehouse Union, REUTERS, TORONTO, Bank of Canada, BoC, CIBC Capital Markets, Bank of, Reuters, Twitter, Canadian Manufacturers, BMO Capital Markets, Thomson Locations: of, North Vancouver, British Columbia, Canada, Port of Vancouver, Port of, Bank of Canada

☆ The planet saw its hottest day ever this week. The record will be broken again and again
▼ + stars: | 2023-07-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —This week saw the hottest global temperature ever recorded, according to data from the US National Centers for Environmental Prediction. On Monday, the average global temperature reached 17.01 degrees Celsius (62.62 Fahrenheit), the highest since records began. On Tuesday, it climbed even further, to reach 17.18 degrees Celsius. The average temperature for the month was 15.8 degrees Celsius (60.4 Fahrenheit), breaking the previous record by 0.9 degree Celsius. The new global average temperature record is another wake-up call, Otto told CNN.

Persons: Robert Rohde, It’s, ”, Friederike Otto, ” Paul Davies, Otto Organizations: CNN, US National Centers for Environmental, El, Grantham Institute, Climate, Met Office Locations: Berkeley, Texas, Mexico, India, Bihar, China

July 4 - Monday, July 3, was the hottest day ever recorded globally, according to data from the U.S. National Centers for Environmental Prediction. The average global temperature reached 17.01 degrees Celsius (62.62 Fahrenheit), surpassing the August 2016 record of 16.92C (62.46F) as heatwaves sizzled around the world. Ukraine's Vernadsky Research Base in the white continent's Argentine Islands recently broke its July temperature record with 8.7C (47.6F). "This is not a milestone we should be celebrating," said climate scientist Friederike Otto of the Grantham Institute for Climate Change and the Environment at Britain's Imperial College London. Scientists said climate change, combined with an emerging El Nino pattern, were to blame.

Persons: Friederike Otto of, Zeke Hausfather, Gloria Dickie, Mark Potter Organizations: U.S . National Centers for Environmental, Vernadsky Research, Argentine Islands, Grantham Institute, Climate, Britain's Imperial College London, El Nino, Thomson Locations: U.S, China, North Africa, Antarctica, Argentine, El, Berkeley

☆ Grantham Warns AI Boom Won’t Prevent Market Bubble From Bursting
▼ + stars: | 2023-07-01 | by ( Eric Wallerstein | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: grantham

☆ A notorious market bear who called the 2000 and 2008 crashes says stocks are set to suffer 'profound' losses as valuations remain at historic extremes — and dismisses the current rally as a 'narrow an
▼ + stars: | 2023-06-24 | by ( William Edwards | ) www.businessinsider.com time to read: +8 min

It also doesn't offer a fair characterization of the entire S&P 500's performance. Hussman's preferred valuation measure is total market cap of non-financial stocks to total revenue of non-financial stocks. According to Bank of America, 80% of the S&P 500's returns over a 10-year period can be attributed to valuations. The red line in the chart below shows the gauge, while the blue is the S&P 500's price action. Predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009.

Persons: John Hussman, Hussman, hasn't, Morgan Stanley, Mike Wilson, David Rosenberg, Solita, 18.5x, it's, Jeremy Grantham, Jeremy Siegel, Siegel, Michael Kantrowitz, Piper Sandler, Piper Sandler Kantrowitz Organizations: Hussman Investment Trust, Bank of America, Rosenberg Research, UBS, University of Pennsylvania, Housing

The economy shed a net 17,300 jobs in May, entirely in full-time work, while the jobless rate inched up to 5.2%, Statistics Canada said. Analysts surveyed by Reuters had forecast a net gain of 23,200 jobs and for the unemployment rate to edge up to 5.1% in May after staying at 5.0% since December. A series of surprisingly strong economic data and stubbornly high inflation led the Bank of Canada to raise its overnight rate to a 22-year high of 4.75% on Wednesday. "While this is an ugly set of jobs data, the labour force survey is notoriously volatile," said Royce Mendes, head of macro strategy at Desjardins Group. Reports on jobs, inflation and gross domestic product are due out ahead of the next policy announcement on July 12.

Persons: Andrew Grantham, Paul Beaudry, Beaudry, Royce Mendes, Ismail Shakil, Steve Scherer, Fergal Smith, Dale Smith, Susan Fenton, Nick Macfie, Jonathan Oatis Organizations: OTTAWA, Statistics, Reuters, Bank of Canada, Bank of, CIBC Capital Markets, Desjardins Group, Canadian, Thomson Locations: Canada, Statistics Canada, Bank of Canada, Ottawa, Toronto

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