The Morning Call
5/4/23
The
Market
Technical
Wednesday in the charts.
https://www.zerohedge.com/markets/markets-shrug-powells-hawkish-pause-crude-collapse-continues
Breadth is lousy.
Market for debt
default risk.
https://econbrowser.com/archives/2023/05/market-on-debt-default-risk
Fundamental
Headlines
The
Economy
US
Weekly initial jobless claims totaled 242,000
versus projections of
240,000.
Q1 nonfarm productivity fell 2.7% versus expectations
of -1.8%; unit labor rose
6.3% versus +5.5%.
The March trade balance was -$64.2 billion
versus forecasts of -$63.3
billion.
April light vehicle sales totaled 15.9 million
versus 14.8 million in March.
The April ISM non
manufacturing index came in at 53.6 versus predictions of 53.7; the April ISM
composite index was 53.4 versus 53.5.
International
The March German trade
balance was E+16.7 billion versus consensus of E+16.1 billion; the April
services PMI was 56.0 versus 55.7; the April composite PMI was 54.2 versus 53.9.
March EU PPI was
-1.6% versus forecasts of -1.7%; the April services PMI was 56.2 versus 56.6;
the April composite PMI was 54.1 versus 54.4.
The April UK
services PMI was 55.9 versus expectations of 54.9; the April composite PMI was
54.9 versus 53.9; April new car sales were up 11.6% versus +18.2% in March.
Other
The
Fed
The FOMC wrapped
up its May meeting, raising rates another 25 basis points (largely expected)
and suggesting that it could be (versus was) done---described best as a hawkish
pause. Here is the official (red lined) statement:
https://www.zerohedge.com/markets/fomc-7
Here is an analysis of the Fed speak.
https://www.zerohedge.com/markets/one-and-donish
Wall Street’s take.
https://www.zerohedge.com/markets/wall-street-reacts-powells-hawkish-pause
The argument for a pause.
https://ritholtz.com/2023/05/press-pause/
The ECB raises rates by 25 basis points.
Fiscal
Policy
Government---a false savior.
https://www.city-journal.org/article/a-false-savior
Inflation
The government is destroying the dollar.
https://www.washingtontimes.com/news/2023/may/1/us-government-destroying-dollars-value-through-inf/
Recession
Tighter lending standards smother growth.
https://www.advisorperspectives.com/commentaries/2023/05/02/economic-carbon-monoxide
The Banking
System
The crisis isn’t over.
Another bank looks ready to fall.
Geopolitics
Russia responds just as expected.
https://www.zerohedge.com/geopolitical/putin-targeted-terrorist-assassination-attempt-drones-kremlin
Bottom Line
Update on the
Buffett indicator.
April dividends by
the numbers.
News on Stocks in Our Portfolios
FactSet
Research Systems (NYSE:FDS) declares $0.98/share quarterly dividend, 10.1% increase from prior
dividend of $0.89.
UPS (NYSE:UPS) declares $1.62/share quarterly dividend, in line with previous.
What
I am reading today
Visit Investing
for Survival’s website (http://investingforsurvival.com/home)
to learn more about our Investment Strategy, Prices Disciplines and Subscriber
Service.
No comments:
Post a Comment