“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.”
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite: