The arrival of earnings season with a strong showing for several large banks sparked a small rally for the S&P 500 (Index: SPX). The index' trajectory has risen back to the middle of the redzone forecast range:
The S&P 500's trajectory is consistent with the projections for investors focusing on either 2021-Q4 or 2022-Q1, which have largely merged over the last several weeks. Between the two, the information provided by the week's news stream points to 2021-Q4 having the edge in drawing the focus of investors' forward-looking attention, thanks to the arrival of its earnings season and the confirmation of the Federal Reserve's plan to start tapering its purchases of U.S. government-issued securities in the next month.
Here's the week's market-moving news:
- Monday, 11 October 2021
- Signs and portents for the U.S. economy:
- Fed minion says no way job market is stalling:
- Bigger trouble developing in China:
- Bigger inflation to finally develop in Japan?
- ECB minion worried about higher inflation:
- Wall St ends choppy session lower on earnings jitters; financials down
- Tuesday, 12 October 2021
- Signs and portents for the U.S. economy:
- Oil steadies as energy crunch stirs up volatility, recovery concerns
- U.S. job openings fall to a still-high 10.4 million in August
- "There will be things that people can't get," at Christmas, White House warns
- Fed minions post help wanted sign, want to start taper in November, and start coming clean on inflation:
- Boston Fed launches search for new president, hires exec. talent firm
- Fed policymakers hone in on November taper timeline
- Fed's Bostic says pandemic pressures pose risks for long-term inflation expectations
- Bigger trouble developing in China:
- China's export growth likely eased in Sept on electricity curbs: Reuters poll
- Chip shortage and power crunch hit China auto sales in 'Golden September'
- Bigger inflation developing all over:
- Energy crunch stokes inflation, economic recovery concerns
- Money markets ramp up global rate hike bets, add pressure on central banks
- Inflation jitters take toll on European stocks ahead of earnings
- Japan premier warns of negative impact on companies from weak yen
- Central bank minions queuing up rate hikes to quell inflation, ECB minion in big trouble:
- S.Korea central bank holds rates, flags a hike in November
- UK jobs hit record high as Bank of England weighs up rate hike
- ECB policymaker Kazimir charged with bribery, denies wrongdoing
- Wall Street closes lower on jitters ahead of earnings, Fed minutes
- Wednesday, 13 October 2021
- Signs and portents for the U.S. economy:
- Instant View: U.S. consumer prices increase solidly in September
- Higher inflation squeezing U.S. consumers as food prices, rents accelerate
- U.S. Social Security benefits to rise by most since early '80s
- Oil eases on profit taking, demand jitters; stays near highest in years
- Fed minions ready to taper stimulus bond buys, test "inflation is good" message:
- Fed's Bowman 'very comfortable' with November taper, sees inflation risks
- Fed lays out plan to reduce bond purchases, flags inflation worries
- Bigger trouble developing in China, Eurozone:
- China's growth seen slowing to 5.5% in 2022, modest policy easing expected: Reuters poll
- Exclusive-German institutes to slash growth outlook on bottlenecks-sources
- Bigger inflation developing all over:
- Rising German inflation calls for 'noticeable wage gains', union chief says
- UK house price climb slows, homes shortage deepens - RICS
- ECB minions told to rethink loose money policies contributing to inflation:
- S&P 500, Nasdaq rise with growth stocks; JPMorgan a drag
- Thursday, 14 October 2021
- Signs and portents for the U.S. economy:
- Biden enlists Target, Walmart to fix bottlenecks threatening holiday sales
- U.S. weekly jobless claims fall below 300,000 in boost to labor market recovery
- Oil prices rise, as Saudis dismiss supply concerns as demand grows
- Fed minions ready to taper and have their ethics reviewed!
- Fed, nearing bond-buying 'taper,' remains divided on inflation
- Exclusive-Fed bank chiefs, in letter to Senator Warren, pledge to comply with ethics review
- Bigger inflation developing all over:
- Column: Global economy faces biggest headwind from inflation
- Argentina inflation spikes sharply despite battle to curb prices
- Singapore tightens monetary policy in surprise move as price pressures grow
- From beef bowls to coffee, cost surge squeezes Japan's salaryman staples
- Spain September inflation at 13-year high on soaring energy prices
- China's record factory gate inflation stokes policy dilemma
- BOJ minion says MOAR STIMULUS FOREVER! ECB minion wants to stop stimulus:
- BOJ policymaker rules out stimulus withdrawal even after economy recovers
- Europe at risk of higher inflation; ECB'S PEPP should end in March: ECB's Knot
- Wall St ends up sharply as earnings, economic data lift optimism
- Friday, 15 October 2021
- Signs and portents for the U.S. economy:
- Oil prices rise to three-year high on back of supply deficit forecasts
- U.S. banks see wealth management boom on borrowing, new assets
- Rising prices flatter U.S. retail sales; demand for goods remains strong
- U.S. business inventories rise solidly, but auto stocks fall
- Food, fuels lift U.S. import prices in September
- China scrambling to get fossil fuels, Eurozone scrambling to hide fossil fuel inflation:
- Hungry for fuel, China looks to the U.S., Europe eyes relief plans
- Germany slashes energy surcharge to help consumers weather soaring prices
- Bigger inflation developing all over:
- Wall St tracks weekly gains on strong banks earnings, retail sales data
The Federal Reserve Bank of St. Louis has a marvelous resource for economic and business data. If you haven't yet met FRED (Federal Reserve Economic Data), allow us to make the introduction!
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