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What I Am Reading

Wednesday, November 29, 2023

Latest Morning Briefing

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

Markets

Big Oil Bets on Hot Air in Climate TalksWall Street Journal
OPEC+ producers to head into meeting amid quota disputeCNBC

Central banks

US I

GDP 3Q 2023: US Economy Grew 5.2%, More Than First EstimatedBloomberg
Former Trump advisor Gary Cohn says U.S. economy is back to normalCNBC
Even Most Biden Voters Don’t See a Thriving EconomyNew York Times
Americans are 'doom spending' — here's why that's a problemCNBC
Hot Healthcare Hiring Bolsters Cooling U.S. Labor MarketWall Street Journal
U.S. Suicides Reached a Record High Last YearWall Street Journal

US II

The Price Is Wrong for HousingWall Street Journal
Home Prices Hit Fresh Record in SeptemberWall Street Journal
Housing Prices at Record High: Consider a Small Down PaymentCNBC
Mortgage demand from homebuyers gets boost as interest rates fallCNBC

Europe

Europe's Signa toppled in property routReuters

China

China's rising copper imports belie manufacturing gloomReuters

Geopolitics & trade

Biden to Limit Chinese Role in U.S. EV MarketWall Street Journal

Industries & companies

Shipping:The Pandemic Blunder Weighing on the Shipping IndustryWall Street Journal
Tech:Tech’s New Normal: Microcuts Over Growth at All CostsWall Street Journal
Tech:Why Amazon and Nvidia Need Each OtherWall Street Journal

Corporate finance

GM Plans $10 Billion Stock Buyback in Bid to Assuage Investors, Hike Dividend by 33%Wall Street Journal
Stability AI Has Explored Sale as Investor Urges CEO to ResignBloomberg

Beyond markets