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Week in Review: 15-19 May 2023

Summary and Comment


The debt ceiling news are getting more intense as the June deadline approaches. No agreement in sight yet... Retail sales and building permits flatten, signaling a slowing economy. Some real estate markets are also starting to cool down.

Unfortunately, this week, Sam Zell, the billionaire investor who called himself “the Grave Dancer” for his bets on distressed assets, has died at 81. Samuel Zell was born Shmuel Zielonka in Chicago on Sept. 28, 1941. His parents were Jews who had escaped the Nazi invasion of Poland and made their way to the US through Japan in 1941. Ken Moelis, the founder of investment bank Moelis & Co., said Zell “was brilliant, uniquely insightful and a person who truly enjoyed what he did.”

For the week, stock markets are in the green, with the S&P500 up 1.6 %, the NASDAQ up 3.5 %, and the RUSSEL 2000 up 1.9 %. Gold is down 1.7 % and silver is down 0.4 %. The barrel of WTI rised 2.2 % for the week. Natural gas recovered significantly (+14 %).

The relative strength of the US dollar rised (0.5 %). The US 10-year yield spiked (about 6 %) to 3.68 %. The US yield curve remains inverted and is downward sloping until 2033. The US yield on the long end of the curve is ~3.9% for the 20Y and 30Y maturities.

Next week, in the US, the spotlight will be on the debt ceiling negotiations, FMOC meeting minutes, personal income and spending data, PCE prices, the 2nd estimate of GDP growth, corporate profits, and durable goods orders. May PMIs are anticipated around the world. Monetary policy decisions are awaited for China, New Zealand, South Korea, Indonesia, Turkey, and South Africa.

Sources:

https://tradingeconomics.com/

https://fortune.com/2023/05/18/sam-zell-billionaire-investor-dies-at-81/


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