The Morning Call
1/12/24
The
Market
Technical
Thursday in the
charts.
Goldman’s flow guru
is bullish.
Fundamental
Headlines
The
Economy
US
Weekly initial jobless claims totaled 202,000
versus consensus of 210,00.
December CPI came in
at +0.3% versus expectations of +0.2%; core CPI was +0.3%, in line.
December PPI fell
0.1% versus forecasts of +0.1%; core PPI was 0.0% versus +0.2%,
The December
budget deficit was $129 billion versus estimates of $65.2 billion.
International
November Japanese
leading economic indicators were reported at 107 versus projections of 109.
November UK GDP
grew 0.3% versus predictions of +0.2%; November industrial production was up
0.3%, in line; the November trade balance was L-1.4 billion versus L-4.0
billion; November YoY construction output was up 0.9% versus up 1.3%.
December Chinese
CPI was up 0.1% versus consensus of +0.2%; December YoY PPI was -2.7% versus
-2.6%; the December trade balance was $79.3 billion versus $74.7 billion.
Other
The
Fed
More on the potential
liquidity problem in the financial system and its impact on Fed policy.
https://www.ft.com/content/d4012025-28d5-40bd-b525-9594dc970569
Inflation
The impact of Owner’s Equivalent Rent on the
latest CPI number (see above).
https://ritholtz.com/2024/01/cpi-increase-is-based-on-bad-shelter-data/
Recession
Retail Federation economist sees slower consumer
spending growth in 2024.
Record debt negatively impacts
growth in 60% of the global economy.
https://www.zerohedge.com/geopolitical/60-global-economy-lost-decade-due-record-debt
Geopolitics
An overview of this year’s numerous elections
worldwide.
War
in the Middle East
Houthi rebels stepped up attacks in Red Sea.
Bottom line
Junk
bonds crushing Treasuries.
Are we all becoming economic snowflakes?
News on Stocks in Our Portfolios
BlackRock press release (NYSE:BLK): Q4 Non-GAAP EPS of
$9.66 beats by
$0.82.
Revenue of
$4.63B (+6.7% Y/Y) in-line.
BlackRock (NYSE:BLK) declares $5.10/share
quarterly dividend, 2% increase from prior dividend of $5.00.
What
I am reading today
Why
finite resources won’t limit growth (must read).
https://www.adamsmith.org/blog/of-course-you-can-have-infinite-growth-on-a-finite-planet
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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