BofA Investment strategist Michael Hartnett’s weekly“Zeitgeist: “what could be more 2023 than a 5% US GDP print being greeted by most recessionary daily tape since .“ Tale of the Tape: 66% is market probability last Fed rate hike was July 26th; since July 26th: oil 6%, US$ 5%, S&P -9%, Nasdaq -11%, UST 30-year -16%– see Japan ‘89, internet ‘00, homebuilders ‘05, China ‘07; there will be rallies but likely no secular bond bull till D.C.
“Ford will postpone $12B of EV investments, as North American buyers have largely become unwilling to pay a premium for EVs over traditional ICEs. This follows GM’s decision to scrap a $5B plan to co-develop affordable EVs with Honda. In our view, these moves, coupled with Chevron and Exxon both doubling down on oil recently will likely put pressure on governments to ease their EV transitions mandates, unless of course governments are willing to double down their economic incentives...
“Companies that grew the most: 130 companies in the US have growth earnings 25% or more in the last 4 quarters. How many of the Mag7 pass that screen? 1 … Investing at the peak of a hype cycle can have serious long-term effects.
“The relative performance of the highest-yielding S&P 500 stocks has been under immense pressure in recent months as investors have likely shunned this area in response to higher-for-longer interest rate worries. However, we believe this indiscriminate selling has gone a bit too far and that a rebound is likely in store for these stocks in the coming months.
The report includes a list of high yield stocks that are buy-rated at BMO. Those likely to be of interest to Canadian investors include AbbVie Inc., American Tower, Bristol Myers Squibb Co , FMC Corp., Gilead Sciences, Morgan Stanley, and Pfizer.
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