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☆ European markets set to open mixed as investors digest fresh economic data; German inflation falls
▼ + stars: | 2024-02-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

European markets are set to open mixed Friday as investors digest the latest slew of corporate earnings and look ahead to fresh economic data. German inflation fell in January to 3.1%, new data from the the federal statistical office showed Friday. Regional markets closed slightly lower on Thursday as investors digested a slew of earnings from Unilever, Societe Generale, Maersk, Siemens and Adyen. In Asia-Pacific, Japan's Nikkei hit fresh 34-year highs on Friday, while most markets were either fully or partially closed for the Lunar New Year holiday. Stateside, U.S. futures were lower Friday morning after the S&P 500 crossed the historic 5,000 milestone for the first time during intraday trading.

Organizations: Unilever, Societe Generale, Maersk, Siemens, Adyen, Nikkei Locations: Italy, Asia

☆ European markets head for higher open ahead of a slew of earnings
▼ + stars: | 2024-02-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive open on Thursday as investors focus on a slew of earnings set to come from Unilever, Societe Generale, Maersk, Siemens and Adyen. Regional markets retreated Wednesday amid ongoing uncertainty over the rate cut outlook. Japan's Nikkei led gains in Asia-Pacific markets on Thursday, hitting fresh 34-year highs, after a report suggested the country's central bank would not aggressively tighten its monetary policy. U.S. stock futures were little changed in overnight trading Wednesday after the S&P 500 finished the regular session on the brink of the 5,000 milestone. Investors will monitor fresh U.S. jobless claims data on Thursday to gauge the health of the labor market.

Organizations: Unilever, Societe Generale, Maersk, Siemens, Adyen, Japan's Nikkei Locations: Asia, Pacific

☆ Societe Generale posts sharp profit drop as net banking income slides
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Societe Generale on Thursday reported a sharp decline in fourth-quarter net profit on the back of weaker net banking income, but launched a new 280 million euro ($302 million) share buyback program. The French lender posted a group net income of 430 million euros, slightly above a consensus analyst forecast of 404 million euros, according to LSEG data, but well below the 1.07 billion euros recorded for the final quarter of 2022. It comes after the bank posted posted a group net income of 295 million euros for the third quarter, as resilient investment bank performance offset a sharp downturn in its French retail business. Thursday's result took France's third-largest listed bank's annual net profit to 2.49 billion euros, slightly above analyst expectations of 2.15 billion euros. However, quarterly net banking revenue dropped 9.9% year-on-year to 5.96 billion euros, which the bank attributed largely to a decline in net interest income in French retail, and its private banking and insurance division, along with the negative impacts from unwinding hedges.

Persons: Slawomir Krupa, Krupa, BoursoBank Organizations: Generale, SocGen, Global Banking, Investor Solutions, Retail Banking, Soc Locations: France

☆ Fed meeting walkup: Chair Powell expected to announce rates will hold steady
▼ + stars: | 2024-01-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington, DC CNN —The Federal Reserve is widely expected to hold interest rates steady Wednesday for the fourth consecutive meeting, leaving them at a 23-year high as policymakers likely discuss the timing of rate cuts. That’s because, if inflation drifts lower but interest rates remain elevated, it causes “real” interest rates to rise, unnecessarily squeezing the economy and risking job losses. A rapidly weakening economy threatening mass job losses is an obvious reason to cut rates, which most economists aren’t currently forecasting. But another concern that has gained some traction is the rise of inflation-adjusted interest rates, which is an argument for rate cuts. The Fed is set to announce its latest policy decision at 2 pm ET on Wednesday, followed by a press conference from Chair Powell at 2:30 pm ET.

Persons: Jerome Powell’s, —, ” Sarah House, “, ”, Christopher Waller, it’s, Mary Daly, they’re, aren’t, Austan Goolsbee, Subadra Rajappa, Générale, Powell Organizations: DC CNN, Federal Reserve, Fed, CNN, ” San Francisco Fed, Fox Business, Chicago Fed, CNBC, PCE, Labor Department Locations: Washington, Wells, ” San

☆ Fed meeting: Here's what to expect
▼ + stars: | 2024-01-31 | 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 EmailFed meeting: Here's what to expectSubadra Rajappa, Societe Generale head of U.S. rates strategy, Paul Christopher, Wells Fargo Investment Institute head of global market strategy, and Joe Lavorgna, SMBC Nikko Securities America chief economist, join 'The Exchange' to discuss a timeline for Fed rate easing, U.S. economic health, and more.

Persons: Subadra, Paul Christopher, Joe Lavorgna Organizations: Societe Generale, Wells Fargo Investment Institute, Nikko Securities America Locations: Wells Fargo

Late last year, Wall Street investors had bet that a rate cut in March was a near-certainty. Collectively, the policymakers likely feel little urgency to start cutting rates, a point that Chair Jerome Powell may stress in a news conference Wednesday. The unemployment rate, at 3.7%, isn't far above a half-century low. Yet some cracks have begun to appear in the job market and, if they worsen, could spur the Fed to cut rates more quickly. Though the European Central Bank could cut rates as soon as April, many economists think that might not happen until June.

Persons: Joe, Biden, Jerome Powell, they’re, ”, Subadra Rajappa Organizations: WASHINGTON, Federal Reserve, Republicans, Congress, Wall Street, Consumers, General Motors, United Auto Workers, Conference Board, European Central Bank Locations: U.S, United States

☆ The Fed keeps interest rates on hold — and signals cuts aren’t coming soon
▼ + stars: | 2024-01-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

That’s the Fed’s latest attempt at giving Wall Street a reality check on rate cuts. Fed officials have been communicating that sentiment for weeks now, and Wednesday’s statement is yet another signal from the Fed that investors need to rethink their bets. In early January, futures showed that rate cuts were very likely going to happen in March, but those odds have since crumbled, and they may continue to dip. There are consequences if the Fed cuts rates too soon and if it cuts too late. Fed officials have said they likely need to see “below-trend growth” to be assured that inflation is on its way to 2%.

Persons: Price, “, ”, Jerome Powell, Subadra Rajappa, Générale Organizations: DC CNN, Federal Reserve, CNN, Fed Locations: Washington

☆ China's rapidly dwindling future will shape the world for decades to come
▼ + stars: | 2024-01-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

Everything was getting bigger — its cultural influence, geopolitical ambition, population — and seemed poised to continue until the world was remade in China's image. But now China's economy is withering, and the future Beijing imagined is being cut down to size along with it. What Beijing does — or fails to do — to fight this malaise will determine the course of humanity for decades to come. China's deflation worries started in earnest in the summer. Years of overbuilding — by about double the population, according to some estimates — and slowing population growth caused prices to collapse .

Persons: Minxin Pei, there's, Charlene Chu, Autonomous Research Charlene Chu, Chu, Wei Yao, Générale, I'm, Ben Bernanke, Bernanke, Xi Jinping, Xie Huanchi, Société Générale's Yao, Yao, It's, —, aren't, Logan Wright, Wright, Xi doesn't, Jinping, it's, Xi, Claremont's Pei, magnanimity Organizations: Claremont McKenna College, Autonomous Research, Federal Reserve, Getty Images Japan, Chinese Communist Party, Xi, CCP Locations: China, Beijing, dauphin, Xinhua, Japan, Xi's China, East Asia, Taiwan, Europe

☆ A famed economist who called the 2008 recession warns stocks look 'eerily similar' to how they did before their 25% drop in 2022 — and says the US economy is still heading for a downturn
▼ + stars: | 2024-01-13 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He is the founder of Rosenberg Research and the former chief economist at Merrill Lynch — and he called the 2008 recession. Rosenberg ResearchRosenberg's model takes into account stock valuations, investor sentiment, market technicals, investor positioning, and macro fundamentals. Here's The Conference Board's Leading Economic Index, which bundles together manufacturing data, bond and stock market performance, housing market activity, and consumer sentiment data. The economy doesn't jump from a tight labor market to layoffs," Rosenberg said in a note on Friday. Labor market and inflation data in the months ahead will tell the story for the US economy.

Persons: David Rosenberg, Merrill Lynch —, Rosenberg, It's, —, Louis, GMO's Jeremy Grantham, Societe Generale's Albert Edwards Organizations: Rosenberg Research, Business, Research, Federal Reserve Bank of St, CNN, National Federation of Independent Businesses, Rosenberg, Societe Generale's, Federal, Labor, CPI

☆ Markets are underestimating the potential for an economic slowdown, and 'greedflation' won't help investors anymore, Societe Generale says
▼ + stars: | 2024-01-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewInvestors are underestimating the risk of an economic slowdown, and "greedflation" among companies can't prop up the market any longer, Société Générale said in a note this week. Firms hiking prices likely helped avoid a deeper slump in profits stemming from a slowing economy, Société Générale strategist Albert Edwards said. "The Greedflation driven surge in margins helped stop the profits slowdown turning into a deep downturn. A recession still poses a decent risk to the economy, though investors have warmed up to the prospect of a soft-landing.

Persons: —, Société Générale, they're, Société, Albert Edwards, Greedflation, Edwards, –, Evercore, quant, Andrew Lapthorne, David Rosenberg Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve, New, Fed, Institute of Supply, Evercore ISI

☆ China's policy support is a 'stop-gap' measure — not stimulus, SocGen economist says
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Close up of Chinese Yuan notes, with Mao Tse-tung Peter Dazeley | The Image Bank | Getty ImagesChina's recent policy support is aimed at fixing its system and shouldn't be seen as economic stimulus, according to Societe Generale's Asia chief economist and head of research. PMI divergenceExpansion in China's services sector climbed to its strongest since August, a private survey on Tuesday showed. However, the private survey diverged from China's official PMI. The moderating manufacturing PMI and contracting services PMI, along with other November data point to the fragility of the Chinese economy and a faster deceleration of growth momentum last month, they added. The official PMI includes more companies engaged in heavy industries compared with the Caixin PMI, which covers more consumer-focused firms, Barclays economists said.

Persons: Yuan, Mao Tse, Peter Dazeley, Wei Yao, Yao, Jian Chang Organizations: Bank, Getty, Societe Generale's, CNBC, Economic Work Conference, China Communist, PMI, National Bureau of Statistics, NBS, Barclays Locations: Societe Generale's Asia, China

☆ China's economy is on a 'very treacherous' path of stabilization, economist says
▼ + stars: | 2023-12-05 | 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 EmailChina's economy is on a 'very treacherous' path of stabilization, economist saysWei Yao, Societe Generale chief economist and head of research, says China's economy still faces "immense" downward pressure from the housing sector and debt problems.

Persons: Wei Yao Organizations: Societe Generale

☆ SocGen issues 10-mln-euro digital green bond on a public blockchain
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

A logo of French bank Societe Generale is seen on the company's skyscraper at the financial and business district of La Defense near Paris, France September 14, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Dec 4 (Reuters) - Societe Generale , France's third-biggest listed bank, said on Monday it issued its first so-called digital green bond on a public blockchain, as the lender seeks to build expertise in crypto services. AXA IM made the investment in the digital green bond by acquiring and then spending 5 million euros worth of SocGen's euro-denominated stablecoin, EUR CoinVertible (EURCV). SocGen's bond issuance, made on the Ethereum public blockchain, follows the launch last week by the European Investment Bank (EIB) of its second euro-denominated digital bond on a private blockchain, in partnership with Goldman Sachs Bank Europe, Santander and SocGen. SocGen's digital green bond issuance was made via its crypto unit, Forge.

Persons: Gonzalo Fuentes, Generali, SocGen, Blockchain, Mathieu Rosemain, Bernadette Baum Organizations: Societe Generale, La Defense, REUTERS, Rights, AXA Investment, AXA, Generali Investments, European Investment Bank, Goldman Sachs Bank Europe, SocGen, Thomson Locations: La, Paris, France, Santander

☆ UBS sold a Credit Suisse private jet that was used by its ex-chair to fly to Wimbledon and the Euros, breaking COVID rules — and the Maldives for a family vacation
▼ + stars: | 2023-12-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A former Credit Suisse chair used the bank's private jet to breach COVID restrictions. AdvertisementUBS has sold the Credit Suisse private jet that prompted its ex-chairman's resignation after just nine months, according to the Financial Times. António Horta-Osório used the bank's Dassault Falcon 7X to travel to sports matches and breach COVID travel restrictions, an internal investigation found. A used Falcon 7X typically sells for around $18 million, according to listings on AV Buyer. The FT reported that Credit Suisse planned to sell its jet before being rescued by UBS earlier this year, but UBS executives pushed through the sale.

Persons: deplaning, —, António, Osório, deplaned, Dan Kitwood, Taylor Swift Organizations: Credit Suisse, Dassault Falcon, Service, UBS, Financial Times, Wimbledon, soccer's, Reuters, FT, Bombardier Global, Business Locations: Maldives, António Horta, London, Horta, Singapore, Zurich

☆ Exclusive: Four banks quit initiative assessing climate targets
▼ + stars: | 2023-11-29 | by ( Tommy Wilkes | ) www.reuters.com time to read: +5 min

LONDON, Nov 29 (Reuters) - Four major banks, including Standard Chartered Plc (STAN.L) and HSBC Plc (HSBA.L), have quit a United Nations-backed initiative to scrutinise climate targets set by corporations, according to people familiar with the matter. Many lenders say they should finance fossil fuels as long as economies depend on them. The spokesperson added that Standard Chartered was seeking alternative third-party validation of its climate targets and that it was setting science-based targets through the NZBA. It will still require them to cease the financing of fossil fuel projects that would weigh on their longer-term emissions targets. Credit Agricole (CAGR.PA), ING (INGA.AS), BBVA (BBVA.MC) and Swedbank (SWEDa.ST) told Reuters they remained committed to SBTi validating their emissions targets.

Persons: SBTi, SBTi's, Pietro Rocco, haven't, it's, Rocco, Tommy Reggiori Wilkes, Simon Jessop, Josie Kao Organizations: Standard Chartered, HSBC Plc, United, Societe Generale SA, ABN Amro Bank, Zero Banking Alliance, HSBC, Societe Generale, ABN Amro, Reuters, Credit, ING, BBVA, NatWest, Commerzbank, BNP, Allianz, Alliance, Zero, Carbon Trust, Thomson Locations: United Nations, Nations, Paris, U.S, decarbonising, London

☆ Stock-market bulls are growing bolder: Now Deutsche Bank predicts the S&P 500 will hit a record 5,100 in 2024
▼ + stars: | 2023-11-28 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The benchmark S&P 500 will climb 12% to hit a new all-time high of 5,100, strategists said. Much of Wall Street has turned bullish on the index, which has defied gloomy predictions to rack up stellar gains this year. AdvertisementDeutsche Bank has become the latest big name on Wall Street to issue a bullish stock-market forecast for 2024, with analysts predicting the S&P 500 will soar to a fresh all-time high next year. AdvertisementWall Street bullishnessThere's clearly an optimistic atmosphere amongst stock-pickers right now, with Deutsche Bank far from the only big name on Wall Street to predict the S&P 500 could climb to record highs. Burnishing Chadha's credentials is the fact that he was one of the only Wall Street strategists who called this year's surprise stock-market rally.

Persons: —, Goldman Sachs, …, Binky Chadha, Tesla, Société Générale, Brian Belski, Burnishing Organizations: Deutsche Bank, Service, Bank of America, RBC Capital Markets, BMO Capital, Deutsche, Business, Big Tech, Apple, Microsoft, Google, Nvidia, Facebook, Nasdaq, Dow Jones

☆ We see slowdown in the U.S. economy in 2024 and no Europe recession: SocGen economist
▼ + stars: | 2023-11-24 | 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 EmailWe see slowdown in the U.S. economy in 2024 and no Europe recession: SocGen economistKokou Agbo Bloua, global head of economics, cross-asset and quant research at Société Générale, discusses the economic outlook.

Persons: Kokou Agbo, Générale Locations: U.S

☆ The S&P 500 will trade near its all-time high before a recession drags it down again in a topsy-turvy 2024, Société Générale says
▼ + stars: | 2023-11-23 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The S&P 500 will climb higher in the first quarter but then plunge 12%, the French bank said. AdvertisementGet ready for an up-and-down 2024 where the S&P 500 nears record highs, plunges, and then stages another comeback, Société Générale says. "The S&P 500 should be in 'buy-the-dip' territory, as leading indicators for profits continue to improve." The S&P 500 traded at 4,556 as of Wednesday's closing bell. Goldman Sachs' David Kostin said earlier this month that he's expecting the S&P 500 to trade at 4,700 points by the end of 2024.

Persons: Société, —, Société Générale, SocGen, Manish Kabra, It's, Kabra, who's, Goldman Sachs, David Kostin, he's Organizations: Service, Federal Reserve, Big Tech, Wall, Bank of America, RBC Capital Markets

☆ Dollar nurses losses as US rates seen peaking
▼ + stars: | 2023-11-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The index , which measures the dollar against a basket of six major currencies, fell 1.9% last week alongside a big rally in U.S. The yuan also hit a three-month high on the dollar on Monday as the central bank guided it higher. "The dollar continues to struggle, with the dollar index breaking below 104 on Friday and (now) below 103.5 ... as markets decide that the Fed is done," analysts at ANZ said in a note. The Australian dollar was marginally firmer at $0.6561, just below Monday's three-month high of $0.6564. The New Zealand dollar was steady at $0.6040.

Persons: Pierre Wunsch, Kit Juckes, Christine Lagarde, Tom Westbrook, Jacqueline Wong Organizations: European Central Bank, New Zealand, ANZ, Conference, Federal Reserve, Futures, Generale, U.S, Thomson Locations: SINGAPORE, Asia, U.S, Japan, Tokyo

☆ Exclusive: China's state banks seen swapping and selling dollars for yuan
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHANGHAI, Nov 21 (Reuters) - China's major state-owned banks were seen exchanging yuan for U.S. dollars in the onshore swap market and selling those dollars in spot currency markets this week, two sources told Reuters on Tuesday. Some market participants said state banks might be trying to speed the yuan's gains and spur exporters to convert more of their FX receipts into yuan. The selling of dollars by state banks caused the onshore spot yuan to briefly touch 7.1296 per dollar, firmer than its daily official guidance for the first time in four months. To me, it looks like they are doing preparatory work ahead of a policy rate cut," said Kiyong Seong, lead Asia macro strategist at Societe Generale.

Persons: Yuan, Dado Ruvic, Kiyong Seong, Zhi Xiaojia, Zhi, Simon Cameron, Moore, Clarence Fernandez Organizations: REUTERS, Rights, Reuters, Federal, People's Bank of China, Societe Generale, Credit Agricole, Shanghai, Thomson Locations: Asia, China, United States

☆ Environmental groups urge funding halt for TotalEnergies' Mozambique project
▼ + stars: | 2023-11-17 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.

Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo

☆ Dollar rallies to fresh one-year high against a beaten-down yen
▼ + stars: | 2023-11-13 | by ( Dhara Ranasinghe | Thomson Reuters | Senior Correspondent On The London Markets Team Covering European Sovereign Bond Markets | ) www.reuters.com time to read: +3 min

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Japanese Finance Minister Shunichi Suzuki said the government would keep monitoring the currency market and respond appropriately. The comments had little immediate impact on the yen, which is down almost 14% against the dollar this year. "Given the move in U.S. Treasuries of course the yen is not rallying yet," he said, referring to U.S. bond yields. The dollar on Monday rose to 151.88 yen , its highest level since October 2022.

Persons: Dado Ruvic, Shunichi Suzuki, Sterling, inched, Rishi Sunak, Kit Juckes, Jerome Powell, Geoff Yu, Sunak, David Cameron, Suella Braverman, Dhara Ranasinghe, Brigid Riley, Emelia Sithole, Sharon Singleton Organizations: REUTERS, U.S . Federal, Finance, British, Generale, BNY Mellon, Thomson Locations: U.S, Japan, Tokyo, TOKYO

☆ UniCredit’s Greek stake is less odd than it seems
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

But Italy’s UniCredit (CRDI.MI), which on Monday purchased 9% of Alpha Bank for about 300 million euros, should have better luck. This will include merging the lenders’ Romanian units and Alpha distributing UniCredit’s asset-management products in Greece. Probably the most reassuring news for investors in the Italian bank is that Orcel has no plans to raise its stake. UniCredit hasn’t requested regulatory permission to buy more and doesn’t envisage doing so, according to a person familiar with the matter. For shareholders, then, UniCredit’s mini-Greek adventure is unusual but easily tolerable.

Persons: Italy’s, Andrea Orcel, Crédit, Société, Orcel, UniCredit, UniCredit hasn’t, Liam Proud, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Alpha Bank, Alpha, Piraeus Financial, X, SEC, Thomson Locations: Greece

☆ Watch CNBC's full interview with IG North's JJ Kinahan and Societe Generale’s Subadra Rajappa
▼ + stars: | 2023-11-13 | 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 EmailWatch CNBC's full interview with IG North's JJ Kinahan and Societe Generale’s Subadra RajappaIG North America CEO JJ Kinahan and Subadra Rajappa, Societe Generale head of U.S. rate strategy, join 'Squawk Box' to discuss the latest market trends, upcoming retail earnings, and more.

Persons: North's JJ Kinahan, JJ Kinahan, Subadra Organizations: North, Societe Generale

☆ 'The damage has already been done': A 31-year market vet shares 3 pieces of evidence that the labor market is about to collapse, sending the economy into recession and the stock market spiraling
▼ + stars: | 2023-11-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The US economy added just 150,000 jobs, under the expected 180,000, and the unemployment rate rose to 3.9%, now 0.5% higher than its low earlier this year. Federal Reserve Bank of St. Louis/Bullandbearprofits.comSecond, the inverted yield curve is starting to steepen. An inverted yield curve has been an extremely reliable recession indicator over the last several decades. Bullandbearprofits.com"Proven leading indicators show that the unemployment rate is likely to start rising materially soon. Piper SandlerIn addition to the yield curve and employment indicators above, other recession indicators continue to point to a downturn ahead.

Persons: Jon Wolfenbarger, Merril Lynch, Wolfenbarger, Louis, bode, Piper Sandler's Michael Kantrowitz, Piper Sandler, Societe Generale's Albert Edwards, Edwards Organizations: JPMorgan, Federal Reserve Bank of St, National Federation of Independent, Fed, Bank of America, Societe Generale's, Generale, Edwards . Societe Generale Locations: lockstep, Edwards .

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