An Equity Market Bounce to be Rented, Not Owned
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
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