Wall Street Today | Dollar's Rise Spells Trouble for Global Economies
MACRO
Fed Tilts Toward Third 75 Basis-Point Hike on Stubborn Inflation
Federal Reserve officials are on track to raise interest rates by 75 basis points for the third consecutive meeting this week and signal they're heading above 4% and will then go on hold.
Goldman Cuts US Growth Forecast for 2023 After Rate Path Change
GDP growth prediction for next year lowered to 1.1% from 1.5%, economists including Jan Hatzius wrote. Goldman raised its federal funds rate forecast by 75 basis points over the last two weeks for a terminal rate forecast of 4% to 4.25% by the end of 2022.
SECTORS
Dollar's Rise Spells Trouble for Global Economies
The U.S. dollar is experiencing a once-in-a-generation rally, a surge that threatens to exacerbate a slowdown in growth and amplify inflation headaches for global central banks. The currency's strength is being felt in the fuel and food shortages in Sri Lanka, in Europe's record inflation and in Japan's exploding trade deficit.
Market Downturn Sparks Longest US Tech IPO Drought in over 20 Years
Wednesday will mark 238 days without a tech IPO worth more than $50mn, surpassing the previous records set in the aftermath of the 2008 financial crisis and the early 2000s dotcom crash, according to research by Morgan Stanley's technology equity capital markets team.
Wall Street Rush Into Single-Stock ETFs Takes Risky Foreign Turn
Issuers have filed plans for at least 129 ETFs targeting non-US companies in the past month, most of which don't have depository receipts trading on American exchanges. That generally means the underlying firms don't have to meet the same financial reporting standards as a US-listed business.
COMPANY
Tesla May Want to Double Its German Sales This Year
$Tesla (TSLA.US)$ wants to double vehicle sales in Germany to 80,000 this year. Tesla is seeking to boost German sales after Elon Musk handed over the first Model Ys that were built at a factory near Berlin in March. Expansion of the plant has been put on hold after the local municipal council indefinitely postponed a vote on the development plan, broadcaster RBB reported earlier last week.
Meta Shares Plunged 14% Last Week, Falling Close to Their Pandemic Low
Meta shares dropped below the company's pandemic nadir during the day last Friday and are down more than 60% for the year. The Facebook parent company said in July that sales would decline for a second straight quarter.
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Volkswagen Seeks Up to $71.5 Billion Valuation in Porsche IPO
German auto maker $VOLKSWAGEN AG (VLKAF.US)$ is targeting a valuation of up to $71.5 billion (75 billion euros) for its initial public offering of Porsche, in what would be one of Europe's largest-ever IPOs.
Source: Bloomberg, Dow Jones, CNBC, Financial Times
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meruson : 100bps. waiting to sell my usd
Kiifer : so basically, when the 3 news reports, and the Fed will make annouments, we are looking at a serious bear pure out right eating the Bull horns and all. geese