“OUR TAKE: Mixed. The Q2/23 reporting season was largely one to forget, with most miners missing expectations. Our major takeaways from Q2 are as follows: Planned 2023 output is even more heavily weighted to 2H than we anticipated .
“Bottom line: least bearish FMS [fund manager survey] since Feb’22; cash drops from 5.3 per cent to 4.
“We raise Consumer Discretionary to O/W from U/W & lower Staples to U/W from M/W. 10 reasons below. 1) soft landing, 2) positioning, 3) shift in cycle, 4) earnings, 5) 85 per cent of US mortgages are fixed-rate, 6) homebuilders=canary in coal mine, 7) + real wages, 8) goods recovery, 9) quant model, 10) exaggerated headline risk.”
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