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☆ Apple gets its price target slashed by nearly 13% at Wedbush, but it says the tech giant's demand story still looks more resilient than Wall Street believes
▼ + stars: | 2023-01-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Apple's price target was cut by more than 12% to $175 at Wedbush Securities on Wednesday. Demand headwinds are creeping into Apple's growth story but the overall picture is more resilient than Wall Street is seeing, the firm said. It cut its price target on Apple by 12% to $175 from $200 and held onto its outperform rating. Meanwhile, Apple's underlying demand story still has more than 200 million iPhone units that haven't been upgraded in about four years. The new $175 price target reflects a more base-case valuation in an uncertain environment with some demand headwinds starting to creep into Apple's growth story, said Ives.

☆ Premarket stocks: Here's what will drive markets this year
▼ + stars: | 2023-01-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

Markets are pushing higher but don’t get comfortable just yet — if last year taught us anything it’s to expect the unexpected. Russia and UkraineIn late February Russia invaded Ukraine and began a prolonged war that would drive global food and fuel prices sky-high. The CEO of Tesla, SpaceX and Twitter is now worth $137 billion, according to the Bloomberg Billionaires Index. Musk’s $44 billion purchase of Twitter hasn’t helped Tesla’s stock or Musk’s personal wealth, either. Musk, Tesla’s largest shareholder, has sold $23 billion worth of Tesla shares since his interest in Twitter became public in April.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Dollar powers through, eyes best year since 2015
▼ + stars: | 2022-12-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. "I expect the king dollar to lose its crown and the dollar to make a more decisive turn by the middle of next year," Bank of Singapore currency strategist Moh Siong Sim said. It has fallen more than 13% year to date, its worst performance since 2013. The single currency had dipped below parity against the dollar earlier this year for the first time in almost two decades. The kiwi , which has fallen more than 7% year to date, the worst since 2015, slipped 0.31% to $0.6330.

☆ Dollar eyes best year since 2015; Fed rate path, China reopening to set tone
▼ + stars: | 2022-12-30 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the greenback against a basket of currencies, has surged more than 8% this year, the most since 2015. But expectations that the central bank may not have to raise rates as high as previously feared have caused the greenback to unwind its towering rally. Conversely, an ultra-dovish Bank of Japan in the face of a hawkish Fed, has spelled pain for the Japanese yen . Policymakers from the European Central Bank and the Bank of England have signalled more rate hikes to come next year, in a bid to tame inflation even at the risk of hurting their economies. "The issue is whether the rapid reopening (in China) triggers fresh waves in some countries or regions, and that may lead to fresh restrictions.

☆ Premarket stocks: Wall Street kills its darlings
▼ + stars: | 2022-12-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It appears that Wall Street has also caught on to the concept. Investors are rushing to kill their darlings – er, sell their stocks– and even safe-havens like Apple (AAPL) and Intel (INTC) are getting crushed in the stampede. What’s happening: It’s been a shaky year full of economic uncertainty, geopolitical chaos, elevated inflation and a hawkish Fed. But what’s been most surprising is that market-cap titans, traditionally expected to weather storms on Wall Street well, haven’t held up against the rising macroeconomic tides. EY Parthenon projects that consumer spending will flatline in 2023 after growing 2.7% this year.

☆ Gold Outlook Is Buoyed by Hopes for a Less-Hawkish Fed in 2023
▼ + stars: | 2022-12-28 | by ( Hardika Singh | ) www.wsj.com time to read: 1 min

Gold prices are finishing the year flat, a surprising performance given persistently high inflation. Wall Street doesn’t expect the doldrums to last. A late-year rally has the most actively traded gold futures contract down 0.3% in 2022, to $1,823.10 a troy ounce, according to Dow Jones Market Data. Gold is on pace to record two straight years of declines for the first time since 2015.

☆ The world's top investment firms pay Rob Arnott for advice. He shares 2 trades he thinks will deliver 15% annualized returns over the next decade — and breaks down why there's a 'decent likelihood' th
▼ + stars: | 2022-12-28 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

The first opportunity is in international developed market value stocks, which are represented by the EAFE Value Index. Investors can gain exposure to developed market value stocks through funds like the iShares MSCI EAFE Value ETF (EFV) and the Vanguard International Value Fund (VTRIX). The second is in emerging market value stocks, which he said have an average Shiller P/E of 10x. The iShares Edge MSCI EM Value Factor UCITS ETF (EMVL) and the Dimensional Emerging Markets Value ETF (DFEV) offer exposure to emerging market value stocks. The Invesco S&P 500 Pure Value ETF (RPV) is one way to gain exposure to US value stocks.

☆ Meat bans, soaring gold prices and ‘un-Brexit’? One bank's ‘outrageous’ predictions for 2023
▼ + stars: | 2022-12-25 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +5 min

Meat bans, soaring gold prices and Britain voting to 'un–Brexit' could be on the cards for 2023, according to Saxo's Outrageous Predictions. Bloomberg / Contributor / Getty ImagesSaxo Bank's "outrageous predictions" for 2023 include a ban on meat production, skyrocketing gold prices and Britain voting to "un-Brexit." "I think gold is going to fly," he added. Meat production to be banned Meat is responsible for 57% of emissions from food production, according to research published by Nature Food, and with countries across the world having made net-zero commitments, Saxo says it is possible at least one country could cut out meat production entirely. Meat is responsible for 57% of emissions from food production, according to research published by Nature Food.

☆ Here's why Wall Street is warning the Fed blew it on inflation and it won't save the stock market from crashing
▼ + stars: | 2022-12-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

The Fed blew it on inflation stocks are going to have to suffer as a result. The central bank has no choice now but to keep hiking until inflation is down, experts have said. Here are five top voices in markets warning investors not to pin their hopes on a Fed put to save stocks. El-Erian has been a loud critic of the Fed's response to inflation this year, slamming central bankers for saying inflation was "transitory" in 2021. That's the cost of the Fed being late to the game, and the central bank can't back away from its monetary tightening now, El-Erian warned.

☆ Asian shares slide as fears over hawkish Fed mount
▼ + stars: | 2022-12-23 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 23 (Reuters) - Asian shares eased on Friday, tracking a dive on Wall Street, while the dollar firmed as strong U.S. data revived fears the Federal Reserve will have to retain its hawkish stance to tame inflation. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slid 0.69%, snapping a two-day winning streak. Australia's S&P/ASX 200 index (.AXJO) lost 1.01%, while Japan's Nikkei (.N225) opened 1% lower. The data from the United States "flamed fears that further monetary policy tightening in 2023 will be necessary to cool inflation," said Tony Sycamore, a market analyst at IG. The dollar index , which measures the greenback against six other currencies, fell 0.057% to 104.32.

☆ Morning Bid: Grinch (re)appears
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

And so the safe-haven U.S. dollar is back on the prowl, with Asian shares (.MIAPJ0000PUS) set to end in the red for a second straight week. Investors will now focus on U.S. personal consumption expenditures data, due later on Friday, which will provide more clues on the direction of inflation as traders look ahead to 2023. Some are clinging to the hope that central banks will likely pause interest rate hikes next year in the face of an economic slowdown. But as Generali Investments strategists put it, central banks are still showing their teeth, committed to tackling inflation, and an outright policy pivot looks distant. In the corporate world, chip stocks slumped worldwide after Micron's (MU.O) dour forecast on what the chipmaker called a "significant supply demand mismatch".

☆ Sterling edges up against euro and dollar, set for third straight weekly drop
▼ + stars: | 2022-12-23 | by ( Samuel Indyk | ) www.reuters.com time to read: +2 min

LONDON, Dec 23 (Reuters) - The British pound edged up against the U.S. dollar and euro on Friday in thin trading conditions, but was still set for its third straight weekly drop against both currencies. The pound was last up 0.2% versus the dollar at $1.2055. Against the euro, the pound was up 0.1% at 87.94 pence, having hit its weakest level against the single currency since October 12 on Thursday. "The U.S. dollar is acting cautiously ahead of the latest inflation reading as traders await clues about the Federal Reserve's next move," Scholar said. Scholar expects the pound to find support if signs grow larger that the Fed's tightening cycle could be coming to an end.

☆ The world's top investment firms pay Rob Arnott for advice. He shares 2 trades he thinks will deliver 15% annualized returns over the next decade — and breaks down why inflation could remain elevated
▼ + stars: | 2022-12-22 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

☆ The market is still not pricing in recession risk, and stocks have yet to bottom, UBS managing director says
▼ + stars: | 2022-12-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Markets are underestimating the risk of an economic hard landing, UBS' Michael Zinn warned. Zinn pointed to recent corporate earnings, many of which have fallen below analysts' estimates. The Fed will remain hawkish until it sees more positive inflation and jobs data, he said, which spells trouble for stocks. "The market probably hasn't really quite priced in the likelihood of a harder landing, the likelihood of an earnings recession," Zinn said in an interview with CNBC on Thursday. Other commentators have warned the stock market will be hit with an earnings recession as firms continue to battle high inflation and persistent rate hikes from the Fed.

☆ Yen on defensive before BOJ; NZ dollar sinks
▼ + stars: | 2022-12-20 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen are seen in this illustration picture taken September 22, 2022. New Zealand's dollar dropped after a big decline in a survey of local business confidence. The Aussie, though, was little changed after shrugging off minutes from the Reserve Bank of Australia's last policy meeting. Ten-year Treasury yields held at a one-week high of 3.601% in Tokyo trading. Those minutes reinforced the "uncertain outlook" for policy, providing an additional weight on the Australian dollar, said Sean Callow, a strategist at Westpac.

☆ Asian markets mostly weaker as investors question China reopening
▼ + stars: | 2022-12-20 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

China is pushing on with easing restrictions after three years of COVID-19 lockdowns which is leaving to investors to question how financial markets will react to the reopening. "Once they do reopen, there will be positive sentiment and China will become a growth story for the world again." Australian shares (.AXJO) on Tuesday were down 0.72%, while Japan's Nikkei stock index (.N225) rose 0.34%. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.5993% compared with its U.S. close of 3.583% on Monday. "The subsequent hawkish Fed policy update remains fresh in the minds of investors," NAB analyst wrote on Tuesday.

☆ The collapse of FTX has left many crypto investors without access to their cash. Meet one student who got $14,000 stuck on Sam Bankman-Fried's exchange.
▼ + stars: | 2022-12-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In light of the hubbub surrounding FTX and Sam Bankman-Fried, this morning I'm thinking about a quote by novelist G. Michael Hopf:"Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times." And that's the sense I got from speaking to one 26-year-old investor who lost a sizable chunk of his portfolio in FTX. I just caught up with FTX user Daniil Pemberton, who lost access to roughly $14,000 in funds when the crypto exchange imploded last month. Now, FTX users like Pemberton have been left with a hole in their pockets and faltering faith in the digital asset sector. Do you have a story to share about losing access to funds in FTX, or on how you're changing your investment strategy?

☆ Dollar slips vs euro on upbeat German business morale data
▼ + stars: | 2022-12-19 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/IllustrationNEW YORK, Dec 19 (Reuters) - The dollar edged down against the euro as upbeat German business morale data supported the common currency, while a modest improvement in investors' appetite for riskier currencies weighed on the safe-haven dollar. German business morale rose more than expected in December as the outlook for Europe's largest economy improved despite the energy crisis and high inflation, a survey showed on Monday. The euro rose 0.2 % to $ 1.06085 , not far from the six-month high of $1.0737 touched last week. "I think the dollar is generally softer on slightly higher risk-on trading," said John Doyle, vice president of dealing and trading at Monex USA.

☆ The Fed's inflation projections 'make no sense' and central bankers could have been misled by a cyberattack, Fundstrat says
▼ + stars: | 2022-12-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Inflation needs to "explode" this month to meet the Fed's expectations, which is why their estimates "make no sense," Fundstrat said. The research firm estimated that December inflation projections were likely 60-basis-points too high. Fed officials projected core PCE inflation, which strips out volatile food and energy prices, to average 4.8% in 2022. To meet the Fed's projection, core PCE inflation would need to "explode" by 75-basis-points over the next month, Lee said. That suggests the bond market thinks the Fed's inflation forecasts are too high, and a pause or cut in rates could be in the cards next year.

☆ U.S. dollar gains as risk tolerance drops with hawkish central banks
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar rose on Friday in choppy trading, extending sharp gains in the previous session as risk appetite soured, as investors grappled with the prospect that borrowing costs still have a long way to climb. New York Fed President John Williams upped the hawkish rhetoric on Friday, saying it remains possible the U.S. central bank raises interest rates more than it currently expects next year. That said, financial markets do not seem to be buying the hawkish Fed stance. The dollar index, which gauges the currency against six major peers, rose 0.2% to 104.69, after rallying more than 0.9% on Thursday. The index has surged around 9% this year as the Fed has hiked interest rates hard, sucking money back towards dollar-denominated bonds.

☆ US stocks slide for 3rd straight day after hawkish shock from Fed overpowers progress on inflation
▼ + stars: | 2022-12-16 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks extended their sell-off on Friday as investors continued to fret about a hawkish Fed that appears determined to keep interest rates high through 2023. Stocks initially rallied at the start of the week after the November CPI report showed progress on inflation. "I think the Fed is making a terrible mistake. Perhaps more upsetting to investors than the expected rate hike was the Fed's 2023 year-end Fed Funds rate projection of 5.1%. That assumes three more interest rate hikes of 25 basis points in 2023, which was more than what markets were expecting heading into the Fed's FOMC meeting.

☆ Negative mood could pervade market next week as investors search for stability before the holidays
▼ + stars: | 2022-12-16 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Stocks were battered in the past week, as investors reacted to a hawkish message from the Federal Reserve. In the past week, stocks rallied Tuesday after the consumer price index showed a smaller-than-expected increase of 7.1% for November. "There's a lot of housing data next week," said Art Hogan, chief market strategist at B. Riley Financial. Ned Davis Research pointed out in a note this week that there has been a recent negative correlation between stocks and bonds, meaning stocks are falling and so are yields. Ned Davis expects the negative correlation to continue for the foreseeable future, and is watching the rolling one-year correlation between the S & P 500 and the 10-year Treasury yield.

☆ Gold flat, set for weekly fall on hawkish Fed
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +1 min

Gold jewelry at a store ahead of the festival of Diwali in New Delhi, India on Sunday, Oct. 23, 2022. Gold prices were flat on Friday and set for a weekly loss, pressured by expectations of higher interest rates for a longer period by the U.S. Federal Reserve. Spot gold was steady at $1,776.85 per ounce as of 0028 GMT, having fallen more than 1% this week. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 913.88 tons on Thursday. Spot silver rose 0.1% to $23.06, platinum lost 0.1% to $1,005.14 and palladium was down 0.2% to $1,787.50.

☆ TSX dragged to over one-month low by tech, commodity-linked stocks
▼ + stars: | 2022-12-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 295.24 points, or 1.48%, at 19,596.41. All sectors declined, led by materials (.GSPTTMT), which sank 2.2% to an about two-week low as gold prices toppled against a stronger dollar. Meanwhile, Canadian housing starts edged lower in November compared with the previous month as a drop in single-detached urban starts offset groundbreaking in multiple unit urban homes, data from the national housing agency showed on Thursday. Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil D'Silva and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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