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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.
Positive headlines out of China
2023 earnings estimates at risk as Q4 results begin this week
Friday U.S. bank earnings
Q4 earnings kick off on Friday
JP Morgan, Citi, Bank of America, Wells Fargo
Today: RBC Canadian Bank CEO Conference
Today: Management group seeking to take Canaccord Genuity private
Today: Goldman Sachs 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
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
Digital asset fund flows
Outflows continue, $9.7 million
3rd consecutive week
Bitcoin: -$6.5 million
Volumes remain low, ~$5 billion per day
2022 average = $9 billion
Short-Bitcoin: +$1.2 million
Ethereum: -$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 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
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