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
The future value of disruptive materials
A number of materials play a critical role in the expansion of next generation technologies—potentially leading to a surge in demand and increased market values. Source: Visual Capitalsit, Global X
According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967
The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons. This is interesting because the flow from central banks since 2020 had been eminently net sales. Source: www.zerohedge.com, Bloomberg
