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“If a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.” – Warren Buffett
Below is some introductory commentary of today’s Morning Lineup. Start a two-week trial to Bespoke Premium to get full access.
As you might expect, it’s a snoozer in US markets this morning. There are no earnings reports to speak of, and the only economic data on the calendar are preliminary PMI readings for the US Manufacturing and Services sectors. US equity markets will close at 1 PM this afternoon in what is likely to be a very quiet session.
Overnight in Asia, we saw a mixed but mostly lower session. The Nikkei was up 0.5% after a lower-than-expected reading in CPI, but Chinese, India, and South Korean stocks were all lower. For the entire week, though, the tone was more positive. Moving over to Europe, trading is more positive as the UK is the only major benchmark in the red for the day while most other countries are modestly higher. On the rates front, Bank of France Governor Villeroy de Galhau said that barring an unexpected event, there will be no further rate hikes while BoE economist Huw Pill commented that even with economic data weakening, high inflation is keeping the central bank from cutting rates.
For this Thanksgiving weekend, more Americans than ever were expected to fly providing more evidence that the world is finally back to normal (or as normal as it will ever be) after three years of various Covid restrictions and precautions. While air traffic has more than fully rebounded, though, the same can’t be said for airline stocks. As shown in the chart below, while the US Airlines ETF (JETS) initially plunged 65% from its 2019 highs in the early days of COVID, three and a half years later, it’s still down 48% and in what has been a long and turbulent downtrend.
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