When multiple clients tell you this morning they thought it was Friday, you know it’s been a week! Talk about a rude awakening for those with their calendars mixed up. But they can be forgiven for such a mishap, the flurry of activity melding the week’s days into one and we’re not even finished. On the bright side, we’re not in a recession at least. I’m sorry, what now? But Jerome said…in the traditional sense, the -0.9% fits the definition but Powell rejected that notion yesterday. That’s that then. But you could make the argument he’s right, with a number of bellwether companies suggesting in fact we aren’t in the throes of a classic recession. Although don’t tell that to Treasuries, all points along the curve sinking but the early bit more than the back end. Reconciling what’s happening in the bond market (and you know, GDP!) with the fact corporate earnings have remained steadfast has presented another conundrum for equity investors. Now about halfway through the reporting period and profit beats have come in at a historically familiar level i.e. been pretty good.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.