A potential shift by the world’s most dovish major central bank, inflation pressures abating, a turn in the economic outlook and oil markets suffering their biggest tumble in decades: Welcome to 2023!
Consensus analyst estimates call for a 1.6% decline in S&P 500 Q4 earnings versus the year-ago period, according to Refinitiv IBES. Some reckon 2023 projections are still too rosy given recession risks. Less than a month later, the BOJ raised the tolerance ceiling for Japan’s 10-year government bond yield, catching market players wrong-footed.
But potential supply chain problems could provide support. Insuring vessels to ship Kazakh crude, a replacement option for Russian crude for European consumers, via the Black Sea could prove more expensive and challenging. A waiver for Russian oil shipments subject to a price cap introduced in early December runs out on Jan. 19. After that, sanctions kick in for shipments breaching regulations.
As price pressures and higher borrowing costs bite, Prime Minister Rishi Sunak has pledged to halve inflation, grow the economy, reduce public debt and cut health service waiting lists.
Judges, lawyers and cops are proof that there is no rule of law in Canada. They do things that would put normal people in jail or have consequences. Local media has ignored this problem ruthlessly and helped these bad actors stay hidden. For example:
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