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What I Am Reading

Monday, December 4, 2023

Latest Morning Briefing

Ho! Ho! Ho!

The stock market’s Santa Claus rally has been turbocharged by a rallying bond market, subsiding inflation, lower oil and gasoline prices—in turn fueling consumers’ purchasing power—diminished fear of the Fed, and China’s economic weakness, which lowers the prices Americans pay for goods imported from there. … Jamie Dimon is right to warn that geopolitical dangers are great, but we don’t ascribe to his view that inflation remains troublesome, the Fed might tighten more, and the consumer’s strength likely isn’t sustainable. We think the economic evidence suggest otherwise on each score. … More good news: The sticky services inflation rates that have concerned the Fed are coming unstuck. ... Dr. Ed’s movie review: “The Holdovers” (+). YRI Daily Markets Overview Replay of Dr. Ed's webinar on November 27.

Markets I

Stock Funds Get Back on Their FeetWall Street Journal
11 Stocks Left Out of the Tech Rally. Some Could Be Buys.Barron's
Here's a Complete Rundown of Wall Street's 2024 Stock Market PredictionsBusiness Insider
The Stocks Investors Are Putting Under the TreeWall Street Journal

Markets II

Central banks

Is the Fed About to Ease? Key Tests Lie Just Ahead.Barron's

US

Goods Deflation Is Back. It Could Speed Inflation’s Return to 2%.Wall Street Journal
US Payrolls Seen Picking Up After End of UAW Strike: Eco WeekBloomberg
Jobs Report Preview: Joe Weisenthal Unravels Labor Market ExpectationsBloomberg

Europe

Germany is in a bizarre fiscal mess of its own makingEconomist

China

Geopolitics & trade

Pentagon aware of attacks claimed by Houthis on ships in Red SeaReuters

Industries & companies

Autos:Why Repairing Your EV Is So ExpensiveWall Street Journal
Pharma:Pfizer weight loss pill joins list of obesity drug flopsCNBC

Corporate finance

Alaska Air to buy Hawaiian Airlines for $1.9 billionReuters

Climate

Artificial Intelligence