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Messy methodologies
S&P 500 earnings already down about 5% at midpoint in reporting season
Aggregate forecasts for earnings often exclude extraordinary items, making the market look cheaper than it is
High flyers shed $4.9tn last year and some are still falling in 2023
‘Even a respected king has to pass the crown eventually’
Back-to-back calendar year losses are rare but can happen
Featuring Lloyd Blankfein cameo appearance
Concerns grow over market swings as ‘zero-day’ S&P 500 contract volumes surge
Reversion-to-the-mean machine
US equities drop and oil prices stabilise as outlook for world’s second-biggest economy becomes muddy
Pomo is the new FOMO
US and European indices climb more than 10% but inflation and recession fears stalk markets
And why are spreads ignoring the yield curve?
Traders say the performance of put options this year calls into question their value
. . . in a world of bears
The equity sell-off has been weirdly tranquil.
And will work now
Look for value in unloved sectors such as carmaking
Analysts anticipate weakest increase in S&P 500-listed companies’ profits since Covid crisis
Fitch warns unfunded tax cuts could lead to significant increase in government deficits in medium term
Even deliberately diffuse funds can still be caught by overexposure to once-fashionable companies
Agency cites ‘additional risks’ in lending to the country following Kwasi Kwarteng’s mini-Budget
Recent volatility in UK markets has added to broader concerns about rate rises from global central banks
A surge in put options reflects fears of more asset price falls as central banks take action against inflation
There are finally alternatives
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