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17 Jan 2024

This scatter plot shows where growth tech valuations stand based on 2024 metrics

Source: Shay Boloor

17 Jan 2024

UK Inflation Rises Unexpectedly, Tempering Talk of Rate Cuts

UK inflation disappoints at both the headline and core levels: Headline inflation rose to 4.0% in December, above the consensus forecast looking for it to fall from 3.9% to 3.8%. Core inflation, which was also expected to fall, remained unchanged at 5.1%. Source: Bloomberg

17 Jan 2024

The Influence of Family-Owned Businesses, by Share of GDP

by The Visual Capitalist

17 Jan 2024

The valuation gap between the S&P 500 $SPX and the rest of the world continues to widen

Source: FT, Barchart

17 Jan 2024

Trump's odds of winning the election are now at the highest, and 3 ppts above Biden.

As Goldman notes, on balance, a Republican 'sweep' looks likely to increase the chances of a stronger USD, higher breakeven inflation rates, higher yields, and a steeper yield curve. It may also increase the tails in both directions for energy prices. Source: Predictit, www.zerohedge.com, Bloomberg

17 Jan 2024

China stocks cbear market continues unabated

As Hong Kong’s Hang Seng index tumbled 3.06% afterweaker than expected GDP numbers were released, while China’s CSI 300 index shed 0.73%. Meanwhile, AMC Nomura Nikkei 225 ETF went limit up today after Chinese traders ignored warnings to avoid chasing gains in Japanese Stocks. This ETF trades with a 9.5% premium over its net asset value... Source: Bloomberg, Barchart

17 Jan 2024

U.S. Banks are facing unrealized losses of roughly $685 billion. They are desperately hoping the Federal Reserve will cut rates sooner rather than later.

Source: Barchart, FDIC

17 Jan 2024

On the timing of the first cut, Waller said he believes that the FOMC will be able to lower the funds rate “this year.”

Main culprits from yesterday's pullback in Wall Street were comments by Governor Waller in a speech and discussion as they raised the risk that the first cut could come slightly later than the market's expectation of March and that the pace of cuts could be quarterly from the outset, rather than the market's more aggressive forecast of three initial consecutive cuts followed by a switch to a quarterly pace. On the speed of cuts, Waller said the funds rate “can and should be lowered methodically and carefully” and that he sees “no reason to move as quickly or cut as rapidly as in the past,” when the FOMC was combating recessions. Waller also noted that next month's scheduled revisions to CPI inflation (the seasonal factors will be revised on February 9) could influence his thinking on rates cuts, especially if the revised data show a less clear deceleration recently. The result was most evident in the drop in the market's expectations for a rate-cut in March...

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