Be in the know. 20 key reads for Thursday…

  1. China’s Leaders Plot Pivot Back Toward Boosting Economy (wsj)
  2. Pfizer’s Paxlovid Approved in China, State Council Emphasizes Domestic Consumption (chinalastnight)
  3. ‘Bond King’ Jeffrey Gundlach says the inflation threat is fading fast – and the Fed should end its interest-rate hikes now (businessinsider)
  4. Fed Officials See Higher Rates in 2023. The Path Isn’t Clear. (barrons)
  5. It’s Not Wrong to Take Fed Forecasts With a Grain of Salt (barrons)
  6. Billionaire investor Bill Ackman says the Fed’s inflation target isn’t realistic (businessinsider)
  7. Fed Raises Rate by 0.5 Percentage Point, Signals More Increases Likely (wsj)
  8. Powell Sees Rates Higher for Longer, But Market Doesn’t Buy It (bloomberg)
  9. com’s shares surge amid bets the end of zero-Covid will spark travel boom (scmp)
  10. Jerome Powell’s Grim Inflation Outlook Is at Odds With Markets (wsj)
  11. Xi Stays Silent as Covid Zero Strategy He Championed Crumbles (bloomberg)
  12. China Cranks Up Propaganda Defending Xi as Covid Surges (bloomberg)
  13. Beijing’s Pivot to Growth Comes Very Late (wsj)
  14. China to expand economy, offset ‘bullying’ by turning domestic market into ‘gravitational field’ (scmp)
  15. Opinion: History shows Powell won’t have to hammer the economy like Volcker did (marketwatch)
  16. Apple Supplier Foxconn Cuts Covid Rules at China iPhone Factory. The Damage Might Have Been Done. (barrons)
  17. ChatGPT Is Amazing—and Totally Overrated (barrons)
  18. Wharton professor Jeremy Siegel expects unemployment to spike – but says that could help the US escape a recession (businessinsider)
  19. Goldman Sachs, JPMorgan, and 9 other top Wall Street firms share their predictions for stocks and the economy in 2023 (businessinsider)
  20. US Retail Sales Drop Most in 11 Months, Missing Estimates (bloomberg)

“Take a Brea(d)th” Stock Market (and Sentiment Results)…

While no one was excited about the terminal rate being pushed to 5.1% (from 4.6%) in the Fed’s dot plot yesterday, the market doesn’t believe it anyway.  The 2-year treasury yield closed at 4.23% – now below the effective Fed Funds rate of 4.25-4.50%.  The first move in equities (following an FOMC decision) is often the wrong move, so we’ll see how things play out in coming sessions – after the dust settles… Continue reading ““Take a Brea(d)th” Stock Market (and Sentiment Results)…”

Be in the know. 20 key reads for Wednesday…

  1. Morgan Stanley upgrades its 2023 growth outlook for China (cnbc)
  2. China to Hold Meeting on Economic Targets Despite Covid (bloomberg)
  3. Stocks Wait for the Fed. Beware the Dots. (barrons)
  4. Opinion: The Fed should pause its rate hikes now that inflation has slowed significantly. But it won’t. (marketwatch)
  5. Here’s why Amazon is Citi’s top internet stock idea (marketwatch)
  6. This Treasury dealer just slashed its Fed interest-rate forecast on the eve of the FOMC decision (marketwatch)
  7. Home Buyers Are Inching Back Into the Market (barrons)
  8. Slowing Inflation Could Intensify Fed Debate Over When to Stop Raising Rates (wsj)
  9. Nuclear-Fusion Breakthrough Accelerates Quest to Unlock Limitless Energy Source (wsj)
  10. Moderna’s mRNA Cancer Vaccine Shows Promise in Preliminary Study (wsj)
  11. Hong Kong Scraps Covid-19 Entry Restrictions in Latest Reopening Move (wsj)
  12. How Costco keeps $1.50 hot dog-and-soda combo despite inflation (nypost)
  13. China Asks Banks to Buy Bonds Via Prop Desks After Market Slump (bloomberg)
  14. China’s New Covid Approach Is to ‘Let it Rip,’ Analyst Says (bloomberg)
  15. Here’s everything the Federal Reserve is expected to do Wednesday (cnbc)
  16. Sea Change (Howard Marks)
  17. Wharton professor Jeremy Siegel predicts the Fed will end its interest-rate hikes this month – and stocks will surge 15% next year (businessinsider)
  18. UK Inflation Eases More Than Expected From 41-Year High (bloomberg)
  19. CFO optimism falls for third quarter to 2020 low (foxbusiness)
  20. Over $1 Million Bet On Wolverine World Wide? Check Out These 4 Stocks Insiders Are Buying (benzinga)