Daily Tidbits

Evening all

attending a networking event this evening the usual exchanging of contact details ensued. What used to be business cards has been swapped with LinkedIn QR codes. Having scanned more codes than the self-checkout counter at IKEA when the new Kallax hits shelfs, I share today’s tidbits.

Cheers
Philip

Facts & Figures

• Goldman's EPS and sales growth outlook. Global EPS growth for 2025 @ 13.5% (vs. 10.2% for 2024). Great benchmark to peg forward multiples against and put growth expectations into perspective. APAC, EM and IT sectors are expected to be the clear outperformers in sales and EPS improvement in the coming two years.

• In close context to the average EPS outlook GS continues show: MAG 7 EPS have outstripped the broader S&P 500 since 2005. This may however be coming to a halt as the PF EPS growth is expected to slow towards 19% YoY quarterly growth by Q4 2024. Just 4ppts above benchmark

• The US 2Y10Y Yield Curve keeps disinverting - now @ +3.2bps spread - traders seem to park money in the highly FED sensitive 2Y while placing increased bets on a long-term inflation uptick

• China continues to thrive in exports but weak at home demand is clearly reflected in the weakening imports that undermine the economy’s outlook. Add to this an ongoing housing crisis. Imports were up 0.5% (vs. 2.0% consensus and (7.2)% vs. last month).