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Paul Simon: So Beautiful Or So What (2011)
Paul Simon in “So Beautiful Or So What” tackles the subject of despair and the “sirens’ long melody” after the killing of King.
The song was hailed as one of the best Martin Luther King songs by Elvis Costello, who said that Simon’s song “rejects the allure of fashionable darkness” and instead “celebrates the endurance of the spirit and the persistence of love.”
Patty Griffin: Up To The Mountain (MLK Song) (2007)
Patty Griffin’s “Up To The Mountain,” from the album Children Running Through. Griffin takes the title from King’s 1968 “I’ve been to the mountaintop” speech, delivered the day before he was killed. It is a moving and soulful 21st-century tribute from the singer-songwriter, who was only four when King was assassinated.
U2: Pride (In The Name Of Love) (1984)
Bono was inspired to write “Pride (In The Name of Love)” after reading Stephen B Oates’ biography of King, Let The Trumpet Sound. Chrissie Hynde of Pretenders sings backing vocals.
The lyrics contain one factual error. Bono wrote, “Early morning, April four/Shot rings out in the Memphis sky,” though the assassination actually took place at 6.01pm.
Neil Diamond: Dry Your Eyes (1976)
Neil Diamond and Robbie Robertson of The Band wrote “Dry Your Eyes” for the album Beautiful Noise. Robertson said the song was inspired by “how many people felt after the assassination of Martin Luther King Jr.”
Nina Simone: Why (The King Of Love Is Dead) (1968)
“We want to do a tune written for today, for this hour, for Dr. Martin Luther King. This tune is written about him and for him,” said Nina Simone as she introduced one of the best Martin Luther King songs in history, “Why (The King Of Love Is Dead),” to the audience at The Westbury Music Fair in Long Island, New York, just three days after King was murdered.
The song, honoring the courage and compassion of “this great man,” was written by Simone’s bassist Gene Taylor.
Even quicker to emerge was the tribute from Otis Spann. On the day after King’s assassination, the blues pianist, a member of Muddy Waters’ band, performed two newly composed blues for the fallen civil-rights leader: “Blues For Martin Luther King” and “Hotel Lorraine.”
Watch factors other than earnings:
Monday – Aug. 1
All Day – Data watch for Macau GGR data, China monthly deliveries, Class 8 truck orders, firearm background check data.
All Day – DOJ trial to block Change Healthcare’s (NASDAQ:CHNG) planned sale to UnitedHealth (UNH) scheduled to start.
All Day- Day 2 of Alzheimer’s Association International Conference in San Diego. The conference takes place from Sunday through Thursday.Tuesday – Aug. 2
All Day – The New York Fed will release its Q2 Household Debt and Credit report.
Wednesday – Aug. 3
All Day – Arcellx (ACLX) IPO lockup.
All Day – OPEC+ ministers, including from Saudi Arabia and Russia, will hold a video conference to make a decision on production policy.
7 a.m. – July MBA Mortgage Applications.Thursday – Aug. 4
Premarket – Intercontinental Exchange (ICE) is scheduled to report Q2 results. ICE agreed to buy Black Knight (BKI) for $13 billion in early May.
5:30 p.m. – Tesla (TSLA) shareholder meeting.Friday – Aug .5
All Day – Russian President Vladimir Putin scheduled to meet with Turkish President Recep Tayyip Erdogan in Sochi, Russia.
8:30 a.m. – The U.S. jobs report for July is expected to show 250K jobs were added to the economy during the month and the unemployment rate held steady at 3.6%.
3 p.m. – The Federal Reserve releases June consumer credit numbers.Friday’s employment cost index in the US rose 5.1 per cent in the June quarter. The Fed will want to be sure the labour market is cooling before it can breathe easier on inflation.
The Fed still has plenty of work to do on inflation. The market sees US rates getting to about 3 per cent and then falling as the central bank tries to support a weakening economy.
Dead cat bounces happen frequently in real bear markets.
From March 2000 to April 2002, the Nasdaq lost 78 per cent. But during that time stocks rallied more than 10 per cent on 11 occasions, with one rally adding 45 per cent across 15 weeks.
US markets face several other readings beyond the key payrolls report.
ISM readings on the manufacturing (Monday) and service (Wednesday) sectors will provide fresh survey-based evidence on growth, supply chain challenges and inflationary pressures in updates for July.
The June trade deficit probably narrowed to just under US$80 billion (Thursday) given advance merchandise figures and an assumed fairly stable services surplus. That could reverse this year’s deterioration and put it back toward December’s level partly as oil prices have pulled off their peak.
Factory orders (Wednesday) should follow the 1.9% jump in durable goods orders at a more moderate pace given the prior month’s large jump in nondurables that might be hard to repeat.
Vehicle sales are expected to post a modest rise in July’s tally on Tuesday based upon industry guidance.
JOLTS job openings and quit rates during June could offer further insight into payrolls (Tuesday) and so could Thursday’s weekly claims.
About 150 S&P500 firms will release earnings but this phase of the earnings season is transitioning away from the knock-out punches. Loews, Caterpillar, Moderna and Starbucks will be among the names.The main market sensitivities over the coming week will be around nonfarm payrolls, expected rate hikes by four central banks.
Forecasts start at 290k with Scotia bank for July’s gain in nonfarm payrolls and with stable unemployment rate at 3.6%. If that’s anywhere in the right ballpark then it will be taken as a further sign of near-term resilience while saying nothing about where the economy is headed since jobs are a contemporaneous indicator and the unemployment rate is typically a lagging indicator. The drivers of the call are pretty shaky though.
Small business hiring sentiment gauges have recently been weakening (chart 2). Job vacancies have slightly declined and it’s probably reasonable to think that some of the ones that are still up are zombie postings with less of a desire by employers to fill them as the economy softens (chart 3). Consumers are indicating that jobs are not as plentiful as they were a few months ago (chart 4). We won’t get the latest employment subindices for either the ISM-manufacturing or ISM-services gauges until next week but both have been deteriorating for several months and have pushed into contraction territory
Gazprom said on Saturday it had stopped supplying gas to Latvia
It accuses Latvia of “violating conditions for gas withdrawal,” but did not give any detailsGazprom is a Russian state-owned energy company it is beholden to Putin’s machinations against Europe. The announcement is the latest escalation in the energy dispute
Putin also said on Sunday that the Russian navy would receive hypersonic Zircon cruise missiles within the next few months. Putin was cagey on deployment locations, saying the area of their deployment would depend on Russian interests.
I know we have heard it before …
Iran’s deputy Foreign Minister for Political Affairs and head of the country’s negotiations to reboot the nuclear deal (JCPOA).
“We shared our proposed ideas, both on substance & form, to pave the way for a swift conclusion of Vienna negotiations which were aimed at fixing the damaging complicated situation caused by the U.S. unilateral & unlawful withdrawal.
We work closely with our JCPOA partners, in particular the Coordinator, to give another chance to the U.S. to demonstrate good faith & act responsibly. As Iran, we stand ready to conclude the negotiations in a short order, should the other side be ready to do the same.”
Bitcoin lower after a relatively steady weekend on approach to $23200.
ETH is becoming a bit of the flavor of across crypto, threatening to displace BTC in usability and popularity.
Liquefied natural gas (LNG) exporters are expected to remove more gas from the domestic market than they expect to supply. A shortage of around 10% of demand is forecast.
As well as urging consideration of curtailing exports the ACCC is also prompting producers to increase their supply to local markets.
