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The Weekend Edition # 69
Let's make this a good start!
Happy New Year! Welcome to another issue of the Weekend Edition.
Thank you to all who’ve read and subscribed to the newsletter this week!
Here’s what we cover:
Market Recap - Brief update
Macro - The Final Count 2022
The Week Ahead - Economic & Earnings Calendar
Closing Thoughts - Hello 2023
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Let’s dive in ⬇️
Market Recap - Dec 26-Dec 30, 2022
The last week of 2022 kind of mimicked the year with the markets being indecisive and finally just grinding down. Crude was no different and we saw bit of a surge during the week with crude finally closing at $80.
Markets were closed today in the US, but the European markets seemed upbeat, which is a surprise as Christine Lagarde wasted no time in the new year re-iterating a hawkish message on rates.
We’ll see how the US opens with overnight Globex trading after a down day on Friday. I just wanted to put out the calendars to prep us for the week ahead and to look at the final count for 2022.
We have important economic data coming up with week with the FOMC minutes being released on Wednesday and Jobs data on Friday.
Macro of the Week - The Final Count for 2022
Before we kick of the week, and the year, let’s look at the sector and stock tally for the year.
No surprise that the Energy sector had another stellar year, topping the charts with the Communications Sector hit the worst.
And here are the best and worst performers of the S&P500 for 2022:
The Week Ahead
Earnings - We have a few Consumer Staples reporting this week as a precursor to earnings season. Next week, we start earnings season properly with JP Morgan reporting on the January 13.
Economic Calendar - There’s no rest even if it’s the first week of the year
FOMC minutes come out on Wednesday at 2pm ET
Jobs Data on Friday at 8:30am ET
A whole roster of Fed speakers (in case you were bored)
Closing Thoughts - Hello 2023
I put out my year-end wrap up and discussion for 2023, last week. The Macro section is free for readers. ⬇
I don’t have a crystal ball and none of us know where things are headed for sure. But, there are patterns and history is always a good guide. We have a few earnings this week before we kick off a proper earnings season next week.
I know you’re probably tired of hearing me say it but, we’re about to face an earnings recession - in the US, UK, and Europe. We probably will see the same in South Korea and China.
There are always things to learn in the market, and you just have to pay enough attention to form an opinion of where things may be going. We still might get it wrong but, at least we won’t get it totally wrong.
Let’s stay sharp!
Here’s wishing you Happy New Year, once again and safe investing in 2023.
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Ayesha Tariq, CFA
There’s always a story behind the numbers