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MARKETS

• S&P 500 higher, closed at the midpoint of session ranges
• S&P 500 and Nasdaq capped off a third-straight week of gains
• Russell 2000 marked its second-best weekly performance of the year
• All US sectors finished higher last week, led by cyclicals and semiconductors
• Oil prices rally 4.4% but still finished the week down 1.6%
• Bullish focus points for the week: Easing financial conditions with Goldman Sachs US Financial Conditions Index down ~25 bps in the first four days of last week, disinflation momentum after cooler-than-expected CPI and PPI prints, market repricing for more rate cuts in 2024, no geopolitical-related escalation and more China policy support
• Bearish focus points for the week: More scrutiny around bad news is good news dynamic, Walmart more cautious on the consumer, another premature dovish pivot
• US bond markets functioning well despite increased volatility (Reuters)
• Small caps have had notable recent strength but companies remains vulnerable to high debt funding costs and risks of a downturn (Bloomberg)
• Eurozone yields hit fresh two-month lows as markets price in 100 bps of rate cuts in 2024 (Reuters)
• Oil falls to lowest since early July, adding pressure on OPEC+ to consider whether to extend output cuts (FT)

STOCKS

• Gap earnings beat outshines bleak holiday-quarter sales forecast (Reuters)
• Amazon has announces strategic partnership with Hyundai to sell cars online in the US at the beginning of 2024 (RetailWeek)
• Intel jumps to 17-month high after Mizuho analyst upgrade (Reuters)

EARNINGS

US earnings season is coming to a close. Here’s how companies have performed:

• Earnings growth rate for Q3 S&P 500 EPS currently sits at 4.3%, well-above the -0.3% expected at the start of earnings season
• Revenue growth rate of 2.4%
• Of the 94% of S&P 500 companies that have reported Q3 earnings, 82% have beaten consensus EPS expectations, above the one-year average of 74% and five-year average of 77%
• 62% of beaten revenue expectations, both below the one-year average of 69% and the five-year average of 68%

CENTRAL BANKS

• Fed's Barr flags hedge funds' risky trading practices (Bloomberg)
• Fed Governor Cook wary of overly severe economic downturn (Bloomberg)
• BoJ's Ueda weighs both sides of weak yen's impact (Bloomberg)
• ECB's Villeroy says slowdown in inflation justifies rate-hike pause (Bloomberg)
• ECB forecast to cut 100 bps in 2024 on weak economic outlook (Bloomberg)
• BoE rate-setters push back against market rate cut bets (Bloomberg)
• BOJ will debate easy-policy exit when inflation nears target (Reuters)

GEOPOLITICS

• Biden says better US-China ties benefits world, acknowledges lingering economic tensions (Bloomberg)
• Xi vows to ease investment barriers for foreign businsesses (Bloomberg)
• EU Commission Chief urges states to begin economic de-risking from China (SCMP)
• Iran told US it did not want Israel-Hamas war to escalate (FT)
• China and Japan reaffirm 'strategic relationship' in rare leader talks (Reuters)

ECONOMY

• UK retail sales unexpectedly decline (Bloomberg)
• US housing starts rise moderately on tight housing supply (Reuters)
• US expected to see record air-travel volumes for this Thanksgiving week (CNBC)

Industry ETFs

Mon 20 Nov 23, 8:23am (AEDT)

Name	Value	% Chg
Commodities
Strategic Metals	58.81	+4.03%
Lithium & Battery Tech	49.41	+2.36%
Uranium	28.65	+2.14%
Copper Miners	34.04	+1.34%
Steel	67.8413	+0.80%
Silver	21.75	-0.05%
Gold Miners	28.43	-0.63%
Industrials
Global Jets	16.72	+1.70%
Construction	55.3	+0.47%
Aerospace & Defense	115.75	+0.07%
Agriculture	22.08	-0.18%
Healthcare
Biotechnology	118.1	+0.91%
Cannabis	5.4	-1.10%

Name	Value	% Chg
Cryptocurrency
Bitcoin	18.38	+1.49%
Renewables
Hydrogen	6.51	+1.56%
CleanTech	9.68	+0.52%
Solar	45.63	+0.33%
Technology
Cloud Computing	19.99	+1.68%
E-commerce	18.94	+1.34%
Sports Betting/Gaming	16.31	+1.23%
FinTech	21.04	+1.20%
Cybersecurity	25.53	+1.11%
Electric Vehicles	23.12	+0.96%
Semiconductor	515.61	+0.70%
Robotics & AI	25.85	+0.66%
Video Games/eSports	55.15	+0.35%