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Disappearing 👻
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🌞GM🌞
US stocks fell further yesterday as higher raw material prices from manufacturing data added to inflation concerns.
Lets jump in 🤾♂️
TRENDS ✨
TikTok will limit screen time for teens (TV)
🧿 As social-media turns into a hot-button mental health & public safety issue, various apps role out safety and health features. Facebook recently announced a child-protection protocol to combat inappropriate images of underaged users.
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MARKETS 💹
US high-yield corporate bond performance declined in February (AX)
🧿As Treasury yields climb our concern is whether corporate bonds will begin to hit their breaking-point. We're on the look out for a spike in default probability across US corporates, especially high-yield.
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🧿 Not a good sign 🚩
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Salesforce Inc. jumped in early trading after giving a surprisingly upbeat forecast for 2023 and announcing plans to step up stock buybacks, potentially easing the pressure it faces from a cadre of activist investors. (BBG)
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ECONOMY 📊
Mortgage demand is at a 28-year low (CNBC)
🧿 As mortgage rates continue to feel pressure from the Fed Funds rate, demand will fall. If default rates increase the pain will continue and put pressure on housing prices as well.
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Goldman Sachs Analysts expect used car prices to fall 7.5% on a year-over-year basis by December 2023, versus the 15% decline they previously anticipated. (Tendies)
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BIG PICTURE 🌎
China’s bankers were told to rectify their mindsets, clean up “hedonistic” lifestyles and stop copying the West. (BBG)
🧿 This comes weeks after top tech banker Bao Fan disappeared and reappeared in Chinese government custody.
Chart Du Jour 🥘
Meme Digestif ☕️
