30 January 2023
Sentiment-filled economic data last week revealed US Retail Sales (Dec.) contracted at - 5.8% yoy (vs forecast -4.1%, vs previous -5.7%) while Existing Home Sales (Dec.) came in higher than expected at 4.02 mn (vs forecast 3.96 mn, vs previous 4.08 mn).
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27 January 2023
US GDP data for 4Q22 came in at 2.9%, higher than the 2.6% forecast but indeed lower than 3.2% in 3Q22. This sign of economic slowdown started to emerge due to the Federal Reserve's aggressive pace of interest rate hikes, as well as the weakening demand in the housing market as reflected in Building Permits, which contracted to 1.337 million, lower than the previous 1.351 million.
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26 January 2023
Inflation in Australia rose to a new 32-year high of 7.8% in the 4Q22, marking the fastest pace since March 1990. Additionally, Singapore's inflation eased to 6.5% in December 2022 after being stable at 6.7% for the past two months and almost in line with the expectations of 6.55%.
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25 January 2023
Fourth quarter earnings season is in full swing, with 72 of the companies in the S&P 500 having reported. Of those, 65% have beaten consensus, just a hair below the 66% long-term average, according to Refinitiv. On aggregate, analysts now expect S&P 500 earnings 2.9% below the year-ago quarter, down from the 1.6% year-on-year decline seen on Jan. 1, per Refinitiv.
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24 January 2023
The battle over the US government's borrowing limit is likely to come to the fore as it reaches its USD 31.4 trillion limit, as emergency fund that has been used will only be sufficient until the end of June.
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