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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEntering a period with gradually weaker job gains, says Steven WietingSteven Wieting, Chief Investment Strategist and Chief Economist at Citi Global Wealth, discusses his expectations for the April jobs report.
Persons: Steven Wieting Steven Wieting Organizations: Investment, Citi Global Wealth
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic growth and security risks historically coincide, says Steven WietingSteven Wieting, Chief Investment Strategist and Chief Economist at Citi Global Wealth Investments, discusses the stock sell-off and rising geopolitical risks.
Persons: Steven Wieting Steven Wieting Organizations: Investment, Citi Global Wealth Investments
Investors are pricing in a best-case outcome where earnings rise and inflation returns to normal in a continued economic expansion. “It’s a tough needle to thread,” said Steve Sosnick, the chief strategist at Interactive Brokers. “And that pretty much pulls forward almost all the returns, in our minds, for 2024.”AdvertisementCrit Thomas, a global market strategist at Touchstone Investments, has the same concern. “And so at 21x earnings, there’s very little margin for error here.”AdvertisementFourth-quarter earnings mostly met measured expectations , as did forward guidance. Clark Bellin, the chief investment officer at Bellwether Wealth, said he’s less worried about valuations broadly and is more interested in seeing which sectors look cheap.
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Inflation was certainly severe and very troubling for markets, but ultimately its sources were transitory, Wieting said. As other energy-based companies and commodities grapple with a transition to clean energy, copper is expected to reap the benefits. The transition to clean energy and the move toward electric vehicles means demand for copper will triple by 2030, according to Citi Global Wealth's 2024 outlook. He believes the Magnificent Seven will be a strong part of the economy going into 2024 once again. Therefore, investors should look for opportunities in mid-cap growth or those within the S&P 400, the benchmark for the US mid-cap stocks.
Persons: Steven Wieting, Wieting Organizations: Federal, Citi Global Wealth, Business, Housing, Citi Global
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is focused on the interaction between inflation and the jobs market, says Steven WietingSteven Wieting, Chief Investment Strategist & Chief Economist at Citi Global Wealth Management Investments, discusses today's Core PCE report and what it means for the economy.
Persons: Steven Wieting Steven Wieting Organizations: Citi Global Wealth Management Investments, PCE
The global economy does not need a "collapse" in order to bring inflation back to target and return to sustainable growth, according to Steven Wieting, chief investment strategist and chief economist at Citi Global Wealth. Major economies have proven surprisingly resilient to sharp interest rate increases from central banks over the last two years. This has been particularly evident in the U.S., with recession thus far avoided and the labor market remaining robust. Talk has now turned to rate cuts as inflation remains on a downward trajectory toward central banks' targets, while growth has slowed. Wieting told CNBC's "Squawk Box Europe" on Monday that he is optimistic the global economy does not need an "economic collapse" to rein in inflation.
Persons: Steven Wieting, Wieting, CNBC's Organizations: Citi Global Wealth Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeriod of slower global growth will give way to 'healthier' expansion, Citi saysSteven Wieting, chief investment strategist and chief economist at Citi Global Wealth, explains why he believes the global economy does not need a recession to clear out excess price pressures, and will emerge stronger after this year.
Persons: Steven Wieting Organizations: Citi, Citi Global Wealth
The S & P 500 rose 24% in 2023, ending the year just shy of a record closing high. The highest S & P 500 target on the Street calls for 8.7% upside from Thursday's close. A fund with exposure to small and midcap semiconductor stocks is the SPDR S & P Semiconductor ETF (XSD) . Exposure to this space can be obtained through the SPDR S & P Health Care Equipment ETF (XHE) . For these investors, Bailey likes Berkshire Hathaway , calling it a counter-cyclical sitting on a ton of cash.
Persons: Larry Adam, Raymond James, Robert Kaplan, Steven Wieting, Wieting, there's, Mike Bailey, — Bailey, Bailey, They're, Berkshire Hathaway, Eli Lilly, they're, Jack Ablin, Ablin, Rowe Price Organizations: Nasdaq, Dow Jones Industrial, CNBC Pro's, Survey, National Association for Business Economics, Dallas Federal, CNBC, Bank of America, Fed, CNBC Pro, Citi Global Wealth, Nvidia, Meta, Microsoft, P Semiconductor, P Health Care, FBB Capital Partners, Corporate, Aggregate Bond, Berkshire, Essex Property Trust, Federal Realty Trust, Rowe Price Group Locations: Essex
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal yields are 'terrible competition' for stocks, says Citi's Steven WietingSteve Wieting, Citi Global Wealth chief investment strategist, joins 'The Exchange' to discuss stocks vs. bonds, the state of the economy, and more.
Persons: Citi's Steven Wieting Steve Wieting Organizations: Citi Global Wealth
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe labor market is heading to a slowing next year, says Citi's Steven WietingElizabeth Burton, client investment strategist with Goldman Sachs Asset Management, joins 'Squawk on the Street' to discuss why investors should worry about rolling recessions in specific industries, how investors should play stocks, and more.
Persons: Citi's Steven Wieting Elizabeth Burton Organizations: Goldman Sachs Asset Management
During the most recent government shutdown in 2019, the S&P 500 rose more than 10%. The S&P 500 on Tuesday logged its lowest close since June and fell below the threshold it passed that same month to enter a new bull run. The S&P 500 has gained 0.5% on average during the month following the end of a shutdown and 1.5% during the period three months after. Meta’s Zuckerberg unveils Quest 3Meta is moving forward in its efforts to dominate the AR world with the new and improved Meta Quest 3, reports my colleague Jennifer Korn. The Meta Quest 2 allows for strictly virtual reality, while the Meta Quest Pro has advanced passthrough cameras for seeing your actual surroundings, but it costs a whopping $1,000.
Persons: shutdowns, , Steven Wieting, Goldman Sachs, Jeffrey Roach, Ned Davis, Meta’s Zuckerberg, Jennifer Korn, Mark Zuckerberg, Jeanne Sahadi, Read Organizations: CNN Business, Bell, CNN, Strategas Research Partners, Citi Global Wealth, Reserve, LPL, Fed, Stocks, Ned Davis Research, Meta, Pro, Fortune, Pew Research Center, Pew Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe strength of the labor market is driving the ability to borrow, says BofA's David TinsleyDavid Tinsley, senior economist at the Bank of America institute, and Steven Wieting, chief investment strategist at Citi Global Wealth Management Investments, join 'The Exchange' to discuss the deceleration in consumer spending, inventories shrinking due to persistent strength in services hiring, and more.
Persons: BofA's David Tinsley David Tinsley, Steven Wieting Organizations: Bank of America, Citi Global Wealth Management Investments
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWieting: The stock market is taking great comfort in the drop in headline inflationSteven Wieting, Chief Investment Strategist and Chief Economist at Citi Global Wealth, discusses his expectations for the July CPI print.
Persons: Steven Wieting Organizations: Investment, Citi Global Wealth
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou can't put all your chips just on China, says Goldman Sachs’ Elizabeth BurtonElizabeth Burton, client investment strategist with Goldman Sachs Asset Management, and Steven Wieting, chief investment strategist at Citi Global Wealth Management Investments, join ‘The Exchange’ to discuss the risk and rewards involved in investing in China and more.
Persons: Goldman Sachs, Elizabeth Burton Elizabeth Burton, Steven Wieting Organizations: Goldman Sachs Asset Management, Citi Global Wealth Management Investments Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Citi’s Steven Wieting and Goldman Sachs’ Elizabeth BurtonElizabeth Burton, client investment strategist with Goldman Sachs Asset Management, and Steven Wieting, chief investment strategist at Citi Global Wealth Management Investments, join 'The Exchange' to discuss the risk and rewards involved in investing in China, how to find opportunities in emerging markets, and more.
Persons: Citi’s Steven Wieting, Goldman Sachs, Elizabeth Burton Elizabeth Burton, Steven Wieting Organizations: Goldman Sachs Asset Management, Citi Global Wealth Management Investments Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWieting: The outcome of the debt ceiling talks will move markets one way or the otherSteven Wieting, chief investment strategist & chief economist at Citi Global Wealth Management, discusses the risks surrounding brinkmanship over the raising the debt ceiling, and implications today's CPI data has for the markets and the Fed.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMcDonald's could be the start of layoffs outside of tech, says Bleakley's Peter BoockvarSteven Wieting, chief investment strategist at Citi Global Wealth Management Investments, and Peter Boockvar, CIO at Bleakley Financial Group, join 'The Exchange' to discuss market expectations for Fed policy, gauging recession concerns, and dislocations in the market for banks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Citi's Steven Wieting and Bleakley's Peter BoockvarSteven Wieting, chief investment strategist at Citi Global Wealth Management Investments, and Peter Boockvar, CIO at Bleakley Financial Group, join 'The Exchange' to discuss market expectations for Fed policy, gauging recession concerns and dislocations in the market for banks.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMonetary policy tightening works through banking channels, not just financial markets, says Citi's WietingBruce Kasman, chief economist at JPMorgan; Steven Wieting, chief investment strategist at Citi Global Wealth Investments; and Margaret Patel, senior portfolio manager at Allspring Global Investments, join 'The Exchange' to discuss global market action, consequences of the Fed's aggressive rate approach and anticipated changes to lending policies.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan's Bruce Kasman, Citi's Steven Wieting, and Allspring's Margaret PatelBruce Kasman, chief economist at JPMorgan, Steven Wieting, chief investment strategist at Citi Global Wealth Investments, and Margaret Patel, senior portfolio manager at Allspring Global Investments, join 'The Exchange' to discuss global market action, consequences of the Fed's aggressive rate approach and anticipated changes to lending policies.
Wieting: The underlying situation for labor demand is weakening
  + stars: | 2023-02-03 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWieting: The underlying situation for labor demand is weakeningCiti Global Wealth's Steven Wieting discusses how recent data shows signs the Fed's aggressive monetary policy is hitting home.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Steven Wieting, Kathy Bostjancic and Subadra RajappaSteven Wieting, chief investment strategist at Citi Global Wealth Management Investments, Kathy Bostjancic, chief economist at Nationwide Mutual, and Subadra Rajappa, head of US rates strategy at Societe Generale, join 'The Exchange' to discuss the JOLTS report and more.
10-year Treasury yield falls ahead of Fed's rate hikes
  + stars: | 2023-02-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email10-year Treasury yield falls ahead of Fed's rate hikesSteven Wieting, chief investment strategist at Citi Global Wealth Management Investments, Kathy Bostjancic, chief economist at Nationwide Mutual, and Subadra Rajappa, head of US rates strategy at Societe Generale, join 'The Exchange' to discuss the JOLTS report and more.
Strategists see China's markets easily scoring double-digit gains this year. The case for investing outside the U.S. is strong, particularly with the dollar coming off its highs and looking at further downside. "While China's reopening is undoubtedly a turning point, there remain reasons to be cautious," wrote Barclays equity strategists. But still the prospects for China's economy are much brighter than they were just several months ago. The Covid lockdown has been so damaging to the Chinese economy, they want to get back to a growth path in 2023."
Bonds also rose, mirroring hopes of a softer inflation report, and the U.S. dollar was near seven-month lows against a basket of currencies. Europe's STOXX 600 (.STOXX) equity benchmark index rose 0.6% to its highest since April 2022. Roberto Lottici, portfolio manager at Banca Ifigest, said he was concerned markets could potentially even react negatively to any big downside surprise in the U.S. CPI data. Foreign exchange markets elsewhere were quieter ahead of the U.S. CPI data while China's reopening kept a bid under Asia's currencies. The dollar index eased 0.1% to 103.06, not far from a seven-month low of 102.93 hit this week.
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