An Equity Market Bounce to be Rented, Not Owned

Nov 03, 2023

∙ Paid

Highlights

• All eyes are on today's NFP report after two weeks of rising jobless claims

• Consensus EPS growth in 2024 is 14% YoY, implying an implausible 12% nominal GDP growth assumption

• The credit crunch in the CRE space deepens amid rising odds of defaults on expiring debt

• Markets are pricing in close to 3 cuts from the BoE by the end of 2024 after yesterday’s hold