November 29 (Wednesday)

Latest Morning Briefing Executive Summary: Breaking Good
Many of investors’ fears in 2023 turned out to be unfounded; all they really had to fear was fear itself. Now that investor sentiment has improved as investors have cast some fears aside, will undue fearlessness be a concern for the stock market in 2024? … Also improved from a year ago has been the consensus outlook of Wall Street strategists for S&P 500 operating earnings per share; our own estimates for this year and next have been and are still higher than the consensus. … Also: Joe shares the latest net estimate revisions data, showing more estimate cutting than hiking over the past three months. But analysts still expect positive y/y growth in both revenues and earnings next year.
(subscribers’ link)

YRI
Daily Markets Overview
Replay of Dr. Ed’s webinar on November 27.

Markets
Big Oil Bets on Hot Air in Climate Talks | W
OPEC+ producers to head into meeting amid quota dispute | C

Central banks
Fed’s Bostic Says Evidence Points to Downward Path for Inflation | B
Bill Ackman Bets Fed Will Cut Interest Rates Sooner Than Markets Are Predicting | B

US I
GDP 3Q 2023: US Economy Grew 5.2%, More Than First Estimated | B
Former Trump advisor Gary Cohn says U.S. economy is back to normal | C
Even Most Biden Voters Don’t See a Thriving Economy | N
Americans are ‘doom spending’ — here’s why that’s a problem | C
Hot Healthcare Hiring Bolsters Cooling U.S. Labor Market | W
U.S. Suicides Reached a Record High Last Year | W

US II
The Price Is Wrong for Housing | W
Home Prices Hit Fresh Record in September | W
Housing Prices at Record High: Consider a Small Down Payment | C
Mortgage demand from homebuyers gets boost as interest rates fall | C

Europe
Europe’s Signa toppled in property rout | R

China
China’s rising copper imports belie manufacturing gloom | R
 
Geopolitics & trade
Biden to Limit Chinese Role in U.S. EV Market | W

Industries & companies
Shipping: The Pandemic Blunder Weighing on the Shipping Industry | W
Tech: Tech’s New Normal: Microcuts Over Growth at All Costs | W
Tech: Why Amazon and Nvidia Need Each Other | W

Corporate finance
GM Plans $10 Billion Stock Buyback in Bid to Assuage Investors, Hike Dividend by 33% | W
Stability AI Has Explored Sale as Investor Urges CEO to Resign | B

Beyond markets
After Munger’s death, Berkshire succession comes into focus | R
Elon Musk’s quest in foreign affairs plagued by his own online behavior | NN