Monday Macro - FAANGs getting cheaper, global valuations even cheaper, but US gasoline prices might be heading higher
The big investment banks are coming round to the idea that estimates for earnings growth in 23 are way out of kilter. If they are right, US equities have much further to fall.
Global equities started last week positively with a 5.6% gain on Monday and Tuesday only to reverse on Friday following some robust jobs data. My focus is now on what will happen first to US corporate earnings - more on that below - and then a subsequent liquidity ‘challenge’ or ‘crisis’ which may or may not occur in the next three months. But analysts …
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