The long weekend saw analysts and investors mulling over the past week’s strong run-up and establishing patterns to predict the future trajectory. Cryptocurrencies saw some upward bounce over the weekend, reigniting hopes of a resurgence after the disappointing performances in 2022.
Here's a recap of a few major headlines that hit the wire over the weekend:
1. China Q4 - Saving Grace In Dismal Year: A slew of economic data released by China’s National Bureau Of Statistics showed that the COVID-19-ravaged country saw an uptick in economic momentum in December. The year-over-year change in fourth-quarter GDP came in at 2.9%, ahead of the 1.8% expected growth. The economy, however, expanded at one of its slowest paces on record for the year. Analysts have taken a cautious view of growth going forward as the global slowdown and China-specific risks, including the COVID-19 threat following the reopening and the property market downturn, are seen as impacting growth going forward.
2. Apple Could Spring In Surprise: Prominent Apple, Inc. AAPL leaker Jon Posser on Monday prepped legions of Apple fans for a surprise announcement from the company. “Keep an eye on apple’s newsroom tomorrow,” he said on his @frontpagetech Twitter handle. Immediately after, rumors of potential product announcements swirled around. Most bets are on MacBook Pros and the Mac Mini.
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3. Recent Tesla Buyers Vent Out Frustration: Tesla, Inc's TSLA recent U.S. price cuts, though a boon for new buyers, have alienated recent buyers of its vehicles. Several took to social media platforms to express their disappointment in having missed out on the benefits of the price cuts. Some felt “duped,” while others took a more aggressive approach by convincing their acquaintances against buying a Tesla vehicle.
4. Summers Sees IRS As Inevitable Institution: Even as Republicans are working toward initiatives to wind down the Internal Revenue Service, former Treasury Secretary Larry Summers pushed the case for preserving and nurturing it. In the years ahead, IRS should not be distracted from its core mission of “providing America’s taxpayers top-quality service and enforce the law with integrity and fairness to all,” the former Treasury official said in a co-authored Washington Post Op-Ed.
5. Crypto Recovery Sparks Off Debate: After the not-so-promising 2022, most financial assets are looking to turn the corner. Most cryptocurrencies, led by Bitcoin BTC/USD, have risen off their late 2022 bottoms. Analysts and pundits are debating whether the recovery is fueled by factors that are sustainable or whether speculative mania is behind the recent surge. While a few believe the bear market is not yet over, the consensus is more mainstream adoption will lend credibility to crypto assets.
What Else: As earnings season begins in earnest, here’s a look at how earnings growth will shape up and the major companies scheduled to report this week.
China’s reopening has not gone off well as the country reported 60,000 COVID-related deaths since December. Infections are also expected to surge from current levels.
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