November 30 (Wednesday)
Latest Morning Briefing Executive Summary: 2024 Is Coming!
As 2023 approaches and progresses, it will be the 2024 outlook that the stock market increasingly will discount. Today, we examine the stock market equation P = P/E x E, with E representing S&P 500 forward earnings, in the context of both the consensus and our expectations for earnings and the economic backdrop next year and in 2024. … Also: The inverted yield curve is predicting neither a credit crunch nor a recession, in our view. This time, it may be anticipating a hasty retreat of inflation. That could mean that the yields on both the 2-year and 10-year Treasuries are peaking.
(subscribers’ link)
YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 28.
Markets
The Best Stocks to Buy Next Year as Inflation Dies | InvestorPlace
Junk Bonds Rally as Investors Speculate Inflation Has Peaked | W
Central banks
Eurozone Inflation Eased in November, but Further Rate Rises Likely | W
Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession | C
US
Job Openings Report to Indicate Tightness of Labor Market | W
Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports | C
Mortgage rates fall for the third straight week, but demand still drops further | C
What Congress could do to avoid a rail strike — and why unions are upset | Vox
China
Two Chinese cities ease COVID curbs after protests spread | R
Jiang Zemin, Leader Who Presided Over China’s Economic Rise, Dies at 96 | W
Geopolitics & trade
Chinese Startups Try to Make It Big in the U.S.—but Without the Backlash | W
Why Macron? Biden state dinner highlights France’s U.S. appeal | R
Industries & companies
Media: Opinion | Why Disney Fans Celebrated the Firing of Bob Chapek | N
Retail: Amazon records biggest ever Thanksgiving shopping weekend | Reuters
Crypto
European Central Bank says bitcoin is on the ‘road to irrelevance’ | C
Early Alameda Staffers Quit After Battling Sam Bankman-Fried Over Risk, Compliance Concerns | W
Climate
COP27’s green agenda will leave many out in the cold this winter | WT
