cryptocurrency

This Week: CPI And Bank Earnings



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.

Cambiar a la suscripción paga

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:), Wells Fargo (NYSE: NYSE:)

Today: RBC Canadian Bank CEO Conference

Today: Management group seeking to take Canaccord Genuity private

Today: Goldman Sachs (NYSE: NYSE:) 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 import quotas for China’s refiners

Apple (NASDAQ: NASDAQ:)

  • 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

Earnings None

CRYPTO UPDATE

Digital asset fund flows

  • Outflows continue, $9.7 million
  • 3rd consecutive week
  • (CRYPTO: BTC): -$6.5 million

    • Volumes remain low, ~$5 billion per day

      • 2022 average = $9 billion
  • Short-Bitcoin: +$1.2 million
  • (CRYPTO: ETH) : -$3.1 million
  • : +$3 million

    • Suggests legal case with SEC could be heading towards positive outcome
Read More   NetCents Technology Completes Technical Integration of the NetCents Cryptocurrency Credit Card - Yahoo Finance

SBF thinks he should retain the $450 million of (NASDAQ: HOOD (NASDAQ:)) 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.

Read the original article on Benzinga





READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.