If you believe a report that a deal is 90% of the way there, then maybe. No matter, because global equity markets, that never seem to tire of getting juiced by trade hopes, appear to be buying this latest development on Wednesday.
And no matter that some Wall Street analysts can’t shake their caution and just embrace the idea of bull year No. 11. There may be one tiny crack on the surface, though, as noted by Cracked Market blogger Jani Ziedins who says “now that prices are a lot higher, it is harder to find people willing to chase stocks.”
He’s least keen on Wall Street: “The U.S. stock market looks the most vulnerable to a correction; not only is it the most expensive in our scorecard, but profit margins among U.S. companies look set to contract from record highs of 11%.” Backing this up, he cited data from the National Association for Business Economics Survey showing that nearly two-thirds of U.S. companies have reported higher wage costs.
What does Pictet like? Defensive stocks, such as health care and utilities, but steer clear of the two “most expensive industries” right now — goods and services that consumers don’t view as essential, and technology, they say. No one’s really envying Blue Apron’s APRN, -1.68% new CEO, Linda Kozlowski, whose new job may be a tough and thankless task.Boeing BA, -0.20% and accident investigators are looking into a Florida repair shop, which worked on a faulty sensor linked to the crash of the Lion Air 737 Max last year.
A bunch of Fed speakers will also hit the tape — Atlanta Fed President Raphael Bostic, Richmond Fed President Tom Barkin, Kansas City Fed President Esther George and Minneapolis Fed President Neel Kashkari.Each of you, one day, can be the Mayor of Chicago."
REALLY!?
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