U.S Labour market softening was the theme yesterday, with both JOLTs and ISM pointing in that direction >>> 4 of the past 5 JOLTS reports have been revised lower, when the Fed was hiking on misguided "strong" jobs data, the number of US Job Openings fell to 8.7 million in October, the fewest since March 2021. Gradual loosening of the labor market continues
Jerome Powell: “It would be premature to conclude that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease." >>>> Market participants: Fed will start cutting rates in March 2024 & continue easing from there
Saudi energy minister won't agree to fossil fuel phase-down - Record number of fossil fuel lobbyists get access to Cop28 climate talk
"Adobe data showed a sharp increase in online discounting, with apparel prices falling 25% over the course of November, compared to -15.5% during November 2022" - GS
As part of an agreement with the US Department of Justice, Switzerland's Pictet has admitted to helping clients evade taxes owed to the Internal Revenue Service and will pay a penalty
The world’s largest iceberg is on the move
Chief executives from eight of the largest U.S. banks are expected to warn federal lawmakers Wed that tougher regulation on lenders will have dire consequences for the economy
German October factory orders fall 3.7% MoM (expected +0.2%), falling 7.3% YoY >>> Germany's factory orders have grown just -1- out of 20months on an annual basis >>> market is ramping up bets on the extent of monetary easing from the ECB in 2024, with money markets seeing/priced in 150 basis points of interest rate cuts through next year!
Markets :
DAX on all time highs, NIKKEI rallied again in Asia, while Chinese markets struggled still
Crude prices softer, nearly down 20% since peak in Mid Sep >>> U.S. socks buyback also hit an all time high in November, black out period approaching now
Equity : The 180 degree shift in US investor sentiment from bearish to bullish over the last 4 weeks was one of the biggest short-term swings on record
Yields are falling, as data increasingly surprises/surprised to the downside, sometimes the simpliest explanation are the best
A lot is now priced in for 2024, and now a few starting to agree : BlackRock's CIO Rieder says the Fed Funds rate is too restrictive today, sees mid-24 cut
Nr 1. of the outrageous Saxo Predictions for 2024 : With oil at $150, Saudis buy Champions League franchise | Saxo Group (home.saxo) to engage a discussion!
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Call it for what it is, more debt, will only create more issues ging forward for folks
WTI crude prices
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