Well, it looks like I’ll be the only one at Finom Group working this weekend. Edward and the Support team will be enjoying the extended holiday weekend, so bear with grammatical errors in this weekend’s Research Report folks, as editing will not be on my agenda 🤪! Don’t worry, my first Bachelor’s degree was in…...
Cross-Asset Strategy: US Q2 reporting delivered soft earnings growth and less upbeat corporate guidance, as corporates are seeing demand and prices soften with ongoing margin pressure. The consensus 2024 EPS growth rate of 12% appears too optimistic given an aging business cycle with very restrictive monetary policy, still rising cost of capital, lapping of very…...
The U.S. money supply is shrinking for the first time since 1949, as savings deposits decline and the Federal Reserve shrinks its $8 trillion balance sheet. The drop stems mostly from changes in Fed policy and rising interest rates, but it says little about the prospects for inflation or the likelihood of recession, according to Goldman Sachs Research.…...
Capital Economics We think the 10-year Treasury yield will end the year well below its current level. The sell-off in Treasuries seems to have abated somewhat today. But they haven’t had too much relief: the 10-year yield still isn’t that far below the fresh cycle peak it hit recently, which was its highest level since the…...
Keep it simple stunad! Permabears/doomsayers live in a world of predetermined, low probability, negative finality. Bulls/optimists get paid! You decide… ~Seth Golden If you would like to watch this week’s State of the Market, please click the provided link . We will not be publishing a weekend Research Report this weekend, but will be disseminating…...
Price momentum is a key driver of sentiment, especially in a late cycle environment when uncertainty about the outcome is high. With recent price action taking a decided turn lower, we think sentiment will follow. We like defensive quality, high FCF and operational efficiency factors. • It’s All About Price…In a world of price momentum,…...
August has proven itself to be a “Wall of Worry” and the point for which the former “good overbought” conditions have recoiled. In fact, August 2023 to-date has expressed the worst August returns since 2011. Does August, historically and seasonally, tend to get off to a rocky start? Yes, but not this rocky; not with…...
Question: “How do you perform well over time and never let the volatility deter you?” Answer: “Position long, hope for lower prices every day, accumulate when discounts arrive… and then wait.” ~Seth Golden If you would like to watch our Weekly State of the Market, please click the provided link. Be on the lookout for…...
The stock market rally off the washed-out lows of early last fall has run further and for longer than most had expected. U.S. large-cap outperformance has been largely powered by a handful of surging Tech and tech-related stocks, whose outsized weight in the benchmark index has left many fund managers running to avoid being left…...
Welcome to RBC’s Markets in Motion podcast recorded August 7th, 2023. I’m Lori Calvasina, head of US equity strategy at RBC Capital Markets. Please listen to the end of this podcast for important disclaimers. Today in the podcast, an updated overview on our market call. Three big things you need to know: First, we’ve tweaked…...
