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This Week: CPI And Bank Earnings

Published 09/01/2023, 15:06
Updated 09/01/2023, 16:13
This Week: CPI And Bank Earnings

Benzinga - Good Morning Everyone!

Hope you're ready for another short squeeze. Bed Bath & Beyond stock is up 20% pre-market after the company said it was heading for bankruptcy last week.

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Prices as of 4 pm EST. 1/6/23; % YTD

MARKET UPDATE Today:

  • Positive headlines out of China

  • Offset by

  • 2023 earnings estimates at risk as Q4 results begin this week

This week:

  • Thursday CPI

  • Friday U.S. bank earnings

Q4 earnings kick off on Friday

  • JP Morgan (NYSE: JPM), Citi (NYSE: C), Bank of America (NYSE: NYSE:BAC), Wells Fargo (NYSE: NYSE:WFC)

Today: RBC Canadian Bank CEO Conference

Today: Management group seeking to take Canaccord Genuity private

Today: Goldman Sachs (NYSE: NYSE:GS) to eliminate 3,200 jobs (largest cut ever)

Issues going into the bank Q4 quarter:

  • Higher credit provisions

  • Higher expenses/comp inflation

  • Higher deposit funding

  • Mild recession (see chart below)

  • Focus: management forward guidance during Q4 results

2-10 curve is extremely inverted

  • Getting to 1980 levels

  • Most investors calling for a mild recession later this year

What’s the U.S. dollar doing?

Crude 76 +3%

  • Oil up on news:

    • China re-opened air, land and sea borders on Sunday

    • China increased crude oil import quotas for China’s refiners

Apple (NASDAQ: NASDAQ:AAPL)

  • Expects to be exporting more than $2.5 billion iPhones from India from April to December

  • Nearly twice the previous year

  • Trend: accelerating shift from China with geopolitical tensions on the rise

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Earnings None

CRYPTO UPDATE

Digital asset fund flows

  • Outflows continue, $9.7 million

  • 3rd consecutive week

  • Bitcoin (CRYPTO: BTC): -$6.5 million

    • Volumes remain low, ~$5 billion per day

      • 2022 average = $9 billion

  • Short-Bitcoin: +$1.2 million

  • Ethereum (CRYPTO: ETH) : -$3.1 million

  • XRP: +$3 million

    • Suggests legal case with SEC could be heading towards positive outcome

SBF thinks he should retain the $450 million of (NASDAQ: HOOD (NASDAQ:HOOD)) he purchased with customer funds

  • Says his ability to pay for lawyers is more important than debtors’ ability to recover losses

MEME OF THE DAY

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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