The Morning Call
5/26/23
The
Market
Technical
Thursday in the
charts.
The dollar is
going lower.
https://www.zerohedge.com/markets/fade-rally-dollars-destiny-lower
Fundamental
Headlines
The
Economy
US
April pending home sales were flat versus
expectations of +1.0%.
https://www.calculatedriskblog.com/2023/05/nar-pending-home-sales-unchanged-in.html
April durable goods orders were up 1.1% versus
estimates of -1.0%; ex transportation,
they were down 0.2% versus -0.1%.
April personal income was up 0.4%, in line;
April personal spending was up 0.8% versus +0.4%.
The
April PCE price index rose 0.4% versus projections of +0.2%.
https://www.zerohedge.com/personal-finance/feds-favorite-inflation-indicator-re-accelerated-april
The May Kansas
City Fed manufacturing index came in at -2 versus predictions of -11.
International
March Japanese
leading economic indicators were reported at 97.7 versus consensus of 97.5; May
YoY CPI was +3.2% versus +3.5%; May YoY core CPI was 3.4% versus 3.3%.
April UK retail
sales were up 0.5% versus forecasts off +0.3%; ex fuels, they were up 0.8%
versus +0.3%.
Other
Recession
More optimism from my favorite optimist.
http://scottgrannis.blogspot.com/2023/05/a-soft-landing-thanks-to-surplus-m2.html
Weak trucking market shows up in fleet lenders
data.
China growth disappoints.
Germany enters recession.
The
Debt Ceiling
Fitch puts US AAA rating on negative watch.
The
Banking System
The banking crisis is over say (some) top
executives.
No commercial real estate bailouts.
China
Decoupling is just going to happen.
https://www.noahpinion.blog/p/decoupling-is-just-going-to-happen
Bottom line
The importance of
dividend growth.
News on Stocks in Our Portfolios
McDonald's (NYSE:MCD) declares $1.52/share quarterly dividend, in line with previous.
What
I am reading today
The
Dunning-Kruger effect.
https://ritholtz.com/2023/05/the-first-rule-of-dunning-kruger/
Startups bring Silicon Valley ethos to
the military industrial complex.
https://www.nytimes.com/2023/05/21/us/politics/start-ups-weapons-pentagon-procurement.html
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