The Morning Call
5/3/23
The
Market
Technical
Tuesday in the
charts.
More pain to come.
Fundamental
Headlines
The
Economy
US
Weekly mortgage applications
fell 1.2% while purchase applications were down 2.0%.
Month to date
retail chain store sales grew less rapidly than in the prior week.
March job openings
(JP)LTS) totaled 9.59 million versus expectations of 9.77 million.
March factory
orders were up 0.9% versus predictions of +1.1%; ex transportation, they were
down 0.7% versus +0.3%.
The April ADP
private payrolls report showed an increase in employment of 296,000 versus
forecasts of 148,000.
International
The March EU unemployment rate was 6.5% versus
consensus of 6.6%.
Other
March
median household income.
The
Fed
ECB considers another rate hike as eurozone
prices continue to rise.
https://www.nytimes.com/2023/05/02/business/eurozone-inflation-april.html
The Reserve Bank of Australia unexpectedly raises
rates.
Fiscal
Policy
The cost of economic nationalism.
https://www.econlib.org/the-cost-of-economic-nationalism/
Recession
Not dead yet.
https://alhambrapartners.com/2023/05/01/weekly-market-pulse-not-dead-yet/
Slowing demand for fuels increases fear of
recession.
https://www.ft.com/content/0557acef-29fe-4354-8ac0-df5890787454
Geopolitics
Assassination attempt against Putin---this can’t
be good.
https://www.zerohedge.com/geopolitical/putin-targeted-terrorist-assassination-attempt-drones-kremlin
The
Banking System
Dealing with ‘moral hazard’.
https://rationalwalk.com/moral-hazard-in-banking/
News on Stocks in Our Portfolios
CVS
Health press release (NYSE:CVS): Q1 Non-GAAP EPS of $2.20 beats by $0.11.
Revenue
of $85.3B (+11.0% Y/Y) beats by $4.63B.
What
I am reading today
More
history on the development of financial markets.
https://investoramnesia.com/financial-history-timeline/
Quote of the day.
https://cafehayek.com/2023/05/bonus-quotation-of-the-day-923.html
A massive cavern
beneath a west Antarctica glacier is teeming with life.
https://www.sciencenews.org/article/cavern-west-antarctic-glacier-life
Our law
enforcement is really busy chasing down dangerous criminals.
https://nalert.blogspot.com/2023/05/new-york-city-police-are-investigating.html
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
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