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- 💵 "No Default Likely" According To...?
💵 "No Default Likely" According To...?
Daily Market Briefs
April 17, 2023
Good morning. US stock futures inched higher in Monday morning trading as investors prepare for more earnings reports.
| S&P 500 | Dow | Nasdaq |
|---|---|---|
| +0.12% | +0.09% | +0.09% |
"Beliefs are hypotheses to be tested, not treasures to be guarded"
Philip Tetlock
Top News
IMF trims global growth projections
WHAT: To the chagrin of many economists and would-be forecasters, the International Monetary Fund revealed that global growth is expected to slow down this year and is trimming its outlook accordingly. The Fund expects global growth to register a 2.8% increase in 2023, down from 3.4% in 2022.
WHY: The IMF trimmed its global growth projection, warning of high uncertainty and risks as financial sector stress adds to pressure emanating from tighter monetary policy and Russia's war in Ukraine.
ECB's Lagarde: "Yea, that US default stuff...not gonna happen"
WHAT: Christine Lagarde, head honcho at the European Central Bank, reassured everyone that she doesn't think the US is going to pull a Houdini and disappear from its debt obligations. According to Lagarde, a US default would be a total "debt-astrophe" with global repercussions.
WHY: "I have huge confidence in the United States" Lagarde said in an interview for CBS's "Face The Nation". "I cannot believe they would ever let such a major disaster happen" she added.
No turning back now
WHAT: In a declaration that's sure to make eco-warriors rejoice, John Kerry, the US climate envoy, made it clear that the world has invested so much in clean energy that's there's no turning back from the goal of reducing carbon emissions.
WHY: The Biden Administration has moved aggressively to entice companies to invest in electric vehicles and other cleaner energy technologies. The Inflation Reduction Act is seen as a major step towards incentivizing climate-friendly investments.
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In Other News
The more the merrier!
WHAT: Panasonic Holdings, the renowned battery supplier to EV giant Tesla, just announced a shockingly electric move - they're mulling over building another battery plant in the US in the state of Oklahoma. This would be the company's 3rd battery plant in the US.
WHY: Panasonic's decision to consider Oklahoma comes amid surging sales for EV vehicles, with other EV makers besides Tesla looking to the Japanese conglomerate as a potential battery supplier.
Got returns? That'll cost you...
WHAT: Remember when you could order a tonne of stuff from Amazon, maybe try it on once or twice, and if you didn't like it you could return it for free? Yea, well those days are about to be over as the online retail giant announced they'll be instituting a $1 fee on some returns.
WHY: The data on what returns cost retailers is staggering: In 2022, customers sent back around 17% of the merchandise they bought, worth $816 billion, according to data from the National Retail Federation.
R.I.P Heardle
WHAT: In a move that left music enthusiasts scratching their heads more than trying to guess the latest earworm in the Heardle game, Spotify announced that it's dropping the tune-guessing game less than a year after acquiring it.
WHY: In a statement announcing the end of Heardle's run, Spotify said it planned to focus its efforts on "other features for music discovery"
Key Economic Events
Monday - China GDP Y-o-Y
Tuesday - No Major Economic News
Wednesday - Federal Reserve Releases Beige Book, Eurozone CPI Y-o-Y, UK CPI Y-o-Y
Thursday - Fed's Bostic Discusses Economic Conditions, ECB March Meeting Account
Friday - No Major Economic News
Notable Briefs
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