Consumer
The Riddle Of Falling Oil Prices…
Growing Number Of Chinese Cities Experience Falling New Home Prices…
US Retail Sales Contract In October…
China: Heed The Signal From Positive Data Surprises…
China's Impossible Trinity…
US Small Businesses Are Concerned…
Weak Chinese Private Sector Loan Demand In October…
Treasury Yields And The Relative Performance Of Cyclical Equities…
Q3 earnings commentary has been broadly positive, despite intensifying macro headwinds. Going forward, a negative growth outlook and geopolitical risks, are a threat to buoyant earnings expectations. We project that earnings growth for 2024 will move lower than currently projected - a negative for equities. This Santa Claus rally is unlikely to be the start of a new bull market.
US Policy Is Restrictive, But Inflation Expectations Are Still High…