BlackRock, the largest asset manager in the world with $9 trillion in assets, says interest rates will rise another 75bps. But Janet Yellen says they aren’t going higher.
Market
Prices as of 4 pm EST, 4/14/23
Macro
Around the world, the de-dollarization trend is in full swing.
Consumer sentiment ticked up in April but their outlook for short-term inflation rose sharply.
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Expectations for 1-year inflation jumped to 4.6% from 3.6% in March, the sharpest increase since May 2021.
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Long-term inflation expectations (5-year), on the other hand, have remained unchanged for 5 consecutive months at 2.9%.
US retail sales declined for the second straight month in March.
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As interest rates rise, Americans are spending less on big-ticket items like vehicles, furniture, and appliances.
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Overall sales dropped 1% month-over-month, much more than the -0.4% decline expected by economists.
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The decline suggests the Fed’s efforts to slow down the economy are working, albeit slowly.
@gregdaco
Stocks
General Motors (NYSE:GM) is planning to replace Apple’s (NASDAQ:AAPL) CarPlay app on many of its new electric vehicles with its own display screen software.
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The strategy echoes that of other EV makers, like Tesla (NASDAQ:TSLA), which aims to capitalize on potential billions from vehicles’ digital real estate and services.
Apple’s India sales hit a record $6 billion in the year ending March.
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Revenue in the region rose nearly 50% over the period.
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The company will be opening its first stores in the country this week and is adding local production at an increasing rate.
Credit Suisse (NYSE:CS) investment fund outflows have accelerated over the last 3 weeks.
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Since its merger with UBS, redemptions have reached $5.6 billion.
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However, $240 million in net inflows from April 5-6 offer an early sign that investor uncertainty may be easing.
Is the current bear market for US stocks approaching its final leg?
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Sectors that typically perform best at the end of a bear market—stapes, healthcare, and utilities—have been improving.
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Meanwhile, the performance of industrials and financials are in line with their averages toward the end of previous bear markets.
MarketWatch
Energy
Efforts to bring new liquified natural gas (LNG) projects online in the US are facing headwinds.
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Many projects are being delayed as increased competition between developers and rising costs make it difficult to secure long-term purchase agreements.
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Even so, the war in Ukraine has kept demand for American fuel exports strong.
FT
Earnings
As critical regional bank earnings approach, the biggest US banks are thriving with JPMorgan, Citi, and Wells Fargo posting strong profits, comfortably topping estimates.
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