BofA (Woodward):
"the net supply of US equities has shrunk -$473bn. The steady growth of buybacks, a key source of demand, has overwhelmed sources of new supply such as share issuance, IPOs, and stock-based compensation." So basically we have: 1) US stocks: shrinking supply, (ever-) increasing demand 2) US Treasuries: rising supply, decreasing demand Source: Neil Sethi
🔉 President-elect Donald Trump’s choice of Senator Marco Rubio as his secretary of State
He is arguably the world’s most important diplomat, and could change the dial when it comes to the U.S.′ relationship with both its enemies, and its allies. 🚨 Rubio, considered a foreign policy hawk, has been highly critical of China and Iran, which are considered the hashtag#us′ top economic and geopolitical adversaries. 🦅 Trump’s choice for secretary of state, Marco Rubio, was a key sponsor of 2021 Uighur Forced Labour Prevention Act, which bans the import of all goods from Xinjiang unless companies offer verifiable proof that production did not involve such a violation. 🛢️ Marco Rubio, may intensify oil sanctions on Iran & Venezuela! Analysts note potential pushback from China could soften efforts. ❓ The Florida senator has also been ambivalent about ongoing support for Ukraine, echoing Trump’s stance that the war with Russia must come to an end. 👉 Rubio’s appointment as secretary of state and Trump’s focus on Latin America signals a potential shift in U.S. foreign policy priorities. While ‘America First’ often means pulling back globally, Latin America might indeed be an exception due to historic ties and regional security concerns. Source: CNBC
Both initial jobless claims and continuing claims were lower than expected last week.
🔊 Initial Jobless Claims came in at 217K versus the consensus forecast of 223K. 🔊 The 4-week average came in at 221K versus the consensus forecast of 226K. Source: CMG Venture Group
BREAKING 🚨 PPI data came out…
YoY Growth: • PPI (Oct), 2.4% Vs. 2.3% Est. (prev. 1.8%) • Core PPI, 3.1% Vs. 3.0% Est. (prev. 2.8%) MoM Growth: • PPI (Oct), 0.2% Vs. 0.2% Est. (prev. 0.0%) • Core PPI, 0.3% Vs. 0.2% Est. (prev. 0.2%) Source: Stocktwits
JUST IN:
President-elect Trump appoints Elon Musk and Vivek Ramaswamy to lead Department of Government Efficiency (DOGE). #elonmusk #doge
There are a record 23,470,000 government workers
(80% of that is 18,776,000...) #elonmusk #doge Source: www.zerohedge.com
Republicans officially retain control of the U.S. House, giving the GOP a Trifecta; Control of both chambers of Congress and the Presidency.
The Republicans have won control of the U.S. House of Representatives after the party took 218 seats in national elections, according to a Decision Desk HQ projection on NewsNation. Source: @america
Are you wondering why US smallcaps are surging?
As highlighted by GS: GOP House control could enable corporate tax reform, potentially reducing the tax rate from 21% to 15% and increasing EPS estimates by 4%. Source: Mike Zaccardi, CFA, CMT, MBA, GD
