The Morning Call
7/14/23
The
Market
Technical
Thursday in the charts.
https://www.zerohedge.com/markets/broke-buck-mounting-after-soft-ppi-bonds-crypto-gold-gain
Short selling just
hit $1 trillion.
This model says 10-year
Treasury yields are too high.
https://www.capitalspectator.com/10-year-us-treasury-yield-fair-value-estimate-13-july-2023/
Continue to watch
the dollar.
https://allstarcharts.com/its-that-catalyst-again/
Fundamental
Headlines
The
Economy
US
Weekly initial
jobless claims totaled 237,000 versus expectations of 250,000.
June PPI came in
at +0.1% versus predictions of +0.2%; June core PPI was up 0.1% versus +0.2%.
International
The May EU trade
balance was E-0.3 billion versus consensus of E-7.6 billion.
June Japanese
industrial production fell 2.2% versus estimates of -1.6%.
June German PPI
was -0.2% versus forecasts of -1.2%.
Other
The
Fed
The Fed’s job isn’t done.
Fiscal
Policy
Federal debt interest payments are about to
hit $1 trillion.
https://www.zerohedge.com/markets/endgame-us-debt-interest-payments-about-hit-1-trillion
Inflation
Barry Ritholtz on inflation.
https://ritholtz.com/2023/07/contrarian-inflation/
Recession
Shrinking US trade with the world.
https://politicalcalculations.blogspot.com/2023/07/shrinking-us-trade-with-world-with-and.html
China exports fall the most in three years.
https://www.reuters.com/markets/asia/chinas-june-exports-fall-124-imports-drop-68-2023-07-13/
The impact of student loan repayments.
EU small business distress index hits mid
2020 high.
https://www.reuters.com/markets/europe/small-business-distress-index-hits-mid-2020-high-2023-07-13/
Bottom line
When costs gobble
up all the alpha.
https://www.ft.com/content/ed30659e-678b-401e-a387-9f37184ba4fe
The US junk bond
market is shrinking.
https://www.ft.com/content/19e2f31d-b7a6-4fcd-808b-9fe2d71453f5
News on Stocks in Our Portfolios
Paychex (NASDAQ:PAYX) declares $0.89/share quarterly dividend, in line with previous
BlackRock
press release (NYSE:BLK): Q2 Non-GAAP EPS of $9.28 beats by $0.86.
Revenue
of $4.46B (-1% Y/Y) beats by $10M.
What
I am reading today
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