December 2, 2022
United States:
BofA Says Sell Equities Rally Ahead of 2023 Unemployment Shock
Stock investors’ optimism around a cooling labor market and a Federal Reserve pivot is overdone, according to Bank of America Corp. strategists, who recommend selling the rally ahead of a likely surge in job losses next year.
“Bears (like us) worry unemployment in 2023 will be as shocking to Main Street consumer sentiment as inflation in 2022,” strategists led by Michael Hartnett wrote in a note showing that global equity funds just had their biggest weekly outflows in three months. “We’re selling risk rallies from here,” he said, reiterating his preference for bonds over equities in the first half of 2023.
Europe:
UK Christmas Dinner to Be Most Expensive in at Least 10 Years
Brits’ Christmas dinner will be the most expensive in at least a decade as the cost of everything from poultry to Yorkshire pudding soars.
Prices for a typical holiday meal, including turkey, pork and vegetables, are up more than 22% from last year, according to researcher Mintec Ltd.’s Christmas dinner index. That reflects turmoil in markets from agriculture to energy following Russia’s invasion of Ukraine, as well as a severe bird-flu outbreak in the UK.
Asia:
Energy-Poor Japan Could Set Up a Liquefied Natural Gas Reserve
Japan is considering setting up a strategic reserve of liquefied natural gas, as the imports-dependent nation ramps up efforts to make sure it has enough of the fuel amid intensifying competition.
The government will propose a plan to secure a so-called “strategic buffer LNG,” with authorities supporting local companies to buy excess supply for energy security, according to a government document that outlines the proposal and seeks feedback.
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