China Stocks Rally in Hong Kong as Holiday Spending Recovers
Source: Bloomberg
Investors are flocking to Europe
Top European Stock ETF is Set for Largest Inflow Since ‘21 - Bloomberg. The Vanguard FTSE Europe ETF (#VGK) has lured almost $700 million in January so far. Source: Bloomberg, C.Barraud
US economy expanded at 2.9% annual pace in Q4 2022
US economy expanded at 2.9% annual pace from Oct-Dec, ending 2022 with momentum despite pressure of high interest rates & widespread fears of a looming recession. It nevertheless decelerated from Q3 3.2% annual growth rate. Source: HolgerZ, Bloomberg
Tough technical barrier for the Nasdaq
Nasdaq futures had started the year on a strong footing, but are losing steam near the 200-day moving average which has been a tough barrier to cleanly break in the past year.
Downward revision to S&P 500 next 12 month EPS estimates continues
Simple look at blended 12m estimate for S&P 500 earnings per share … +7.5% from start of 2022 into peak (June 2022); -4.5% since peak. Source: Bloomberg, Liz Ann Sonders
US wage growth: mind the the gap...
US workers who switched jobs received pay increases of 7.7% over the last year vs. 5.5% for those who stayed at their jobs. With data going back to 1997, this is the widest gap we've ever seen. Source: Charlie Bilello
Bears beware! US share buybacks are coming back with a vengeance...
Starting by January 27, buybacks will be back into the market, higher than before. Source: Alessio Urban, Goldman Sachs
M2 continues its record collapse
M2 continues its record collapse: down 5.4% over the final 3 months of 2022 & down 1.3% over the past year. Source: Willie Delwiche
