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Forty "W"ritings (aka our blog)

Check here for industry updates, guidance and our latest thoughts.

3Q23 S&P 500 Earnings Growth Better than Expected Thumbnail

3Q23 S&P 500 Earnings Growth Better than Expected

Key Takeaways: S&P 500 expected to report earnings growth for first time since 3Q22. Communication services leading performance. Financials resilient, but see risks given tighter financial conditions. Energy suffering on lower year-over-year oil prices. Multinational companies being hurt by stronger U.S. Dollar.

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Weekly Insights - Nov 6, 2023 Thumbnail

Weekly Insights - Nov 6, 2023

Key Takeaways: Consumer confidence falls to a five-month low. Fed keeps interest rates unchanged. U.S. economy adds fewer jobs than expected. Major U.S. markets post best performance in roughly a year. Treasury yields plunge as Fed keeps rates steady. Gold and dollar soften on anticipation Fed is done.

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Q 3 2023 Market Review Thumbnail

Q 3 2023 Market Review

In 3Q23, investors started to accept the reality of the “higher for longer” interest rate regime. The realization that central banks have not yet declared victory in the war on inflation and years of excessive borrowing by global governments fueled a surge in interest rates around the world. As a result, a modest valuation correction began in global equities as investors started to accept the “higher for longer” rhetoric that global central banks have reiterated time and time again. After the best start to a new year in the past four years (through 2Q23), the MSCI AC World Index posted its worst quarterly decline in a year, the 10-year U.S. Treasury yield rose to the highest level seen since 2007 and even Japan’s 10-year Government yield rose to a nine year high.

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 Market Snapshot Since Israel Hamas War Has Started  Thumbnail

Market Snapshot Since Israel Hamas War Has Started

Key Takeaways - It has been more than two weeks since the unprecedented attacks on Israel. Global equities are lower amid geopolitical tensions. Treasury yields hovering at multi-decade highs. Gold takes over as leading safe-haven asset. Middle East conflicts can be inflationary.

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Weekly Insights - Oct 23, 2023 Thumbnail

Weekly Insights - Oct 23, 2023

Key Takeaways: Homebuilder confidence and sales fall further. Consumer surprisingly still spending. Leading indicators worst since Great Financial Crisis. Global equities lower on higher yields. 10YR Treasury flirts with 5% level, first time since 2007. Precious metals rally as investors seek out safe-havens.

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Q2 2023 Market Review Thumbnail

Q2 2023 Market Review

Quick Take - Global equities continued to rally in the second quarter. Outside the U.S., stocks in Europe and emerging-markets have also posted solid results. In fixed-income markets, core bond returns (Bloomberg U.S. Aggregate Bond Index) were slightly negative for the quarter as interest rates slightly rose/prices fell.

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