The Morning Call---Will good news be bad news?

 

The Morning Call

 

2/4/22

 

 

The Market

         

    Technical

 

            Thursday in the charts.

            https://www.zerohedge.com/markets/tech-wreck-meta-stasizes-broader-market-credit-starts-crack

 

            More pain.

            https://www.zerohedge.com/the-market-ear/maxcontinues

 

            Government bond markets sell off.

            https://www.ft.com/content/0aaef09c-a5d9-48a7-844b-9f2487769f1b

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          December factory orders declined 0.4% versus predictions of -0.2%.

 

The January ISM nonmanufacturing index came in at 59.9 versus expectations of 59.5.

                          https://www.advisorperspectives.com/dshort/updates/2022/02/03/ism-services-report-growth-continues-in-january

 

The final January services PMI was 51.2 versus consensus of 50.9; the composite PMI was 51.1 versus 50.8.

                          https://www.advisorperspectives.com/dshort/updates/2022/02/03/january-markit-services-pmi-rise-in-business

 

January nonfarm payrolls were up 467,000 versus forecasts of 150,000; the January unemployment rate was 4.0% versus 3.9%.

https://www.zerohedge.com/markets/stocks-bonds-slammed-good-news-payrolls-surprise

 

                        International

 

                          December German factory orders rose 2.8% versus projections of +0.5%.

 

                          December EU retail dales fell 3.0% versus estimates of -0.4%.

 

The January EU construction PMI was reported at 56.6 versus predictions of 53.6; the January German construction PMI was 54.4 versus 49.5; the January UK construction PMI was 56.3 versus 54.5.

 

                        Other

 

            The Fed

 

              The Fed is trapped.

              https://www.zerohedge.com/markets/fed-trapped

 

              ECB follows Fed’s lead---dovish press release but hawkish press conference.

              https://www.zerohedge.com/markets/ecb-prepares-march-policy-recalibration-q4-rate-hike-db-says-ecb-pivot-here-buy-eurusd

 

            Inflation

 

              Bank CEO sees higher EU inflation than before pandemic.

              https://www.bloomberg.com/news/articles/2022-02-03/nordea-ceo-sees-eu-inflation-staying-higher-than-before-pandemic?srnd=economics-vp&sref=loFkkPMQ

 

            Geopolitics

 

              US says Russia planning a false flag attack in Ukraine.

              https://www.zerohedge.com/geopolitical/us-claims-russia-planning-false-flag-against-ukraine-using-graphic-video-crisis-actors

 

              At last, MSM challenges government propaganda.

              https://www.zerohedge.com/political/alex-jones-territory-watch-reporter-destroy-admin-spox-over-russian-false-flag-claims

 

              US apparently offering Russia serious arms control measures.

              https://www.zerohedge.com/geopolitical/leaked-docs-show-us-offering-russia-serious-arms-control-measures

 

     Bottom line.

 

            January dividends by the numbers.

            https://politicalcalculations.blogspot.com/2022/02/dividends-by-numbers-in-january-2022.html#.Yfv1lOrMKUk

 

 

    News on Stocks in Our Portfolios

 

 

 

What I am reading today

 

            How politics work.

            https://www.adamsmith.org/blog/how-does-anyone-think-politics-works

 

            A solution to the faint-sun paradox.

            https://www.quantamagazine.org/the-sun-was-dimmer-when-earth-formed-how-did-life-emerge-20220127/

 

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