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Good Morning Everyone!
Remember, the true investment test is to stay calm, collected and invested during difficult times.
Q1 U.S. earnings season coming to a close
FX was important to guidance
Focus will now move to macro
U.S. CPI data out on Wednesday. Investors hoping for inflation to be stabilizing.
China’s Premier Li Keqiang warned of a “complicated and grave” employment situation due to lockdowns
There are now NO software companies that trade >20 times 2023 EV/Sales
QQQ now nearing lows of 2021 (but still much higher than 2020 lockdown lows)
10yr 3.1% back to 2009 levels
US$ 103.6 year-to-date US dollar is up 15%
US dollar at a 2-decade high
High U.S. dollar will result in FX hits for U.S. global companies
Expect negative earnings revisions from FX
Crude 107 -2%
Saudi Arabia cut prices to Asian buyers in reaction to lower demand due to China lockdowns
For the 4 months to end of April, China’s crude imports are down 6%.
China’s natural gas imports were down ~20% in April y-o-y.
Bitcoin dips below 35k for the first time since January
No surprise here, but we’ve reached extreme fear territory:
What was surprising was $40M in inflows last week:
BTC continues its tight correlation with the Nasdaq:
100k Cubans use crypto to get around financial services bans
Argentina’s largest private bank offers Bitcoin
The world’s largest family-owned bank (LGT) will offer crypto
California governor issued an executive order on crypto last week
MEME OF THE DAY
WallStreetBets isn’t particularly bullish this morning:
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