BofA says boom. Flat Mag. 7&flatP/Efor“S&P493” gets us to 5100 We forecast an all-time high for the S&P 500 in 2024, with a year-end target of 5000. But unlike this year during which the Magnificent 7 did 70% of the work, we expect broader leadership. Can the S&P 500 rally without the Magnificent 7 leading
The Victorian Government is a disgrace. It completely bungled the Covid pandemic, resulting in one of the world’s longest and costliest lockdowns. It has also driven the state into a deep financial black hole, driven in part by excessive spending on poorly managed infrastructure whose costs have blown-out. Victoria has the nation’s largest state debt
The gas cartel is up to its old tricks. The price is crazy: So, the moment that the wind doesn’t blow (11% of output is very low)… …the power price spikes on more gas usage: The cartel is now proposing the most toxic merger in the history of energy markets worldwide: The logic in an
DXY eased last night: JPY roared on hopes of shock rate hikes. Forlorn, in my view. AUD popped: Oil stopped falling for the day: Dirt kept going: Miners popped: EM doom: Junk better: Treasuries sold as stocks harked back to the AI boom: Tonight’s jobs report shapes as better post-car strikes. From BofA economists:
Australian unit & apartment rents will continue to rise strongly in 2024 as record immigration-driven demand collides with falling rates of construction. The latest dwelling approvals data from the Australian Bureau of Statistics (ABS) showed that the number of units & apartments approved for construction fell to just 64,200 in the year to October, which
Some numbers courtesy of Barclays. How severe are the haircuts required? In our view, the absence of debt-principal haircuts for developers with highly leveraged balance sheets and unsustainable capital structures implies that repeated restructurings are likely in the future. By failing to address its level of debt, the issuer effectively kicks the can down the
The one person I would never ask is a vested interest. But, given media has no brain of its own these days, that’s what the AFR did: To solve the mystery of strong iron ore prices, Detective Chanticleer turned to Huw McKay, BHP’s chief economist, who is based in Singapore. His answer was deceptively simple: iron
Risk sentiment is doing better as markets anticipate tonight’s US jobs report with US bond markets calming done after a drop in yields earlier in the week. Wall Street finally found a bid, helped by tech stocks while European bourses had a breather as the USD also fell back a little helping Euro pause its
CoreLogic’s daily dwelling values index is showing that a two-speed market has developed across Australia’s major capital cities. As illustrated in the next chart, value growth has stalled across Melbourne and Sydney, which has dragged down growth at the 5-city aggregate level. By contrast, growth remains strong across Brisbane, Adelaide and Perth: Quarterly value growth
Evening at Hazeldene, Church Street, Richmond, 1908, R.E. Taylor Ghee, NGV AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225 Easy Listening Pogues, Fairytale of New York
The post Macro Afternoon: 7 December 2023 appeared first on MacroBusiness.