Updating his 'maddest macro chart,' Société Générale strategist says 'beneath the megacaps, the vast bulk of companies are in big trouble.'
At last, it’s time to send August packing — take your heat waves and miserable summer weather and begone.
As he explained in July, those profits have delayed a U.S. recession because companies have largely been net beneficiary of higher rates. Corporates borrowed long-term at 2020 and 2021’s low rates, then lent money back via Treasury bills and other vehicles at higher short-term rates. With that, he walks back his July conclusion that the U.S. is “practically immune from rising rates. Large and megacaps might be immune, but the explosion higher in corporate bankruptcies is sending a clear message,” he says.
The markets Dow futures YM00, +0.31% are up 120 points, while those for the S&P 500 and Nasdaq-100 ES00, +0.07% NQ00, -0.10% are mixed. The 10-year Treasury yield BX:TMUBMUSD10Y is slightly lower at 4.103%. China stocks XX:000300 slipped on data showing another contraction in manufacturing activity.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mitsubishi Already Thinking About Updating The New Triton With Disc Brakes And A Digital CockpitA facelift might be at least four years away but we already know what Mitsubishi engineers have in mind
Read more »
Skew in options remains for euro weakness in near termAnalysts at Société Générale summarize the near term developments in the FX market and take a look at the upcoming events. Skew in options remains for
Read more »
Hedge funds have made a huge push into risky assets. Here's what that means.Have funds have continued to adjust up their positions on major assets, and are clearly 'risk on,' says Société Générale. They are risk of getting spooked.
Read more »
YouTubers can take training courses to remove warnings from their permanent recordYouTube is updating its enforcement policies to give creators who break its rules a chance to wipe the slate clean.
Read more »
X expands efforts to combat election misinformation ahead of 2024X, formerly known as Twitter, is expanding its safety and elections teams and updating its political advertising policies in preparation for the 2024 elections.
Read more »
Big changes to small-business lending rules are meant to improve access to loans: What it means for business ownersNew rules aim to expand funding access for small-businesses by adding nonbank SBA lenders, updating lending criteria, and more data. Here’s what it all means.
Read more »