wiar 04-17-23 • Yardeni Research

April 17 (Monday)

Latest Morning Briefing Executive Summary: The Sky Isn’t Falling
JPMorgan CEO Jamie Dimon’s ambiguous warnings about the economy broadly and banks specifically, voiced intermittently since last summer, have probably led many an investor astray. JPM stock has soared 34% since October, and the S&P 500 has leapt 7% in the month or so since SVB imploded, with every sector participating. … One thing Dimon said is on the mark: The economy isn’t headed for a credit crunch. That’s substantiated by US banks’ balance-sheet data, which we monitor. … Another alarmist creating disconcerting background noise is Fed Governor Christopher Waller. He’s not bothered by the economy or the banking crisis but by inflation, which he says requires further tightening. We strongly disagree.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on April 10.

Markets
Case for US Stocks Is Seen in Model Showing Economic Bottom Is Past | B
Most Funds Couldn’t Beat the Stock Market in 2022, Despite Advantages | NYT
Morning Bid: Are we calling it a banking crisis, shock … or blip? | R
Fed Pause Wouldn’t Necessarily Refresh Stock Market | W
Bond Buyers See ‘Best Bang for Buck’ in EM as Hiking Cycles End | B

Commodities
Commodity ‘Super-Cycle’ Will Take Gold and Oil Much Higher, Strategist Says | BR
LNG Gas Supply Levels and Pricing Set to Drop in Spring 2023 | B
Big copper deals to take centerstage in Santiago as demand heats up | R

Central banks
Yellen says U.S. banks may tighten lending and negate need for more Fed rate hikes | C
Analysis: New BOJ head’s message to world: We’re staying the course – for now | R

US
Inflation has yet to dent big food’s earnings | E
The lessons from America’s astonishing economic record | E

Europe
Column: Europe only has space for a small gas refill in 2023 | R

China
China Fiscal Crisis: Can It Contain This $8.3 Billion One? | B
Communist Party members must study Xi Jinping’s thinking | E

Japan
After decades of stagnation, wages in Japan are finally rising | E
Japan’s prime minister has recovered from a rough patch | E
How Japan is losing the global electric-vehicle race | E

Geopolitics & trade
EU warns against unilateral steps after Poland, Hungary ban Ukrainian grain | R

Industries & companies
Autos: The $25,000 EV is coming, with big implications for car buyers | C
Banks: Banks Are Finally Facing Pressure to Pay Depositors More | W
Banks: More and more Americans are gaming the deposit-insurance system | E
Consumer Discretionary: Amazon services AWS and Alexa back up after brief outage | R
Financials: Life Insurance Stocks Look Cheap and Inviting | BR
Financials: Morgan Stanley CEO Race: Why Andy Saperstein Is the Man to Watch | B
Logistics: FedEx Stock Is Soaring. Director Amy Lane Bought Up More Shares. | BR
Retail: Retail Sales Report Shows Americans Pulled Back on Big-Ticket Purchases as Interest Rates Rose | W