Wednesday, June 5, 2013

S&P 500 Revenues & Global Trade

Yesterday I noted that the outlook for S&P 500 revenues growth is weakening rather than strengthening, as I expected by now. Monday’s M-PMI was certainly a downer. The latest global trade data also aren’t comforting. The good news is that both the value and volume of world exports remained near their recent record highs. The bad news is that they aren’t growing.

The values of both world exports and US exports are highly correlated with S&P 500 revenues. US exports also are near their recent record high, and also not growing.

Today's Morning Briefing: Premature Tightening. (1) Sideways beats the alternatives for now. (2) Fed painted into a corner. (3) US yields are the new focus for investors. (4) FOMC turning into a debating club. (5) Watching mortgage applications. (6) REITs get hit. (7) Esther George dissents again. (8) Bernanke needs to herd FOMC rabbits. (9) Latest global trade data are wet towel for revenues. (10) Focus on overweight-rated Transportation stocks. (More for subscribers.)

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