Macro Week - Monday Market Update

Good Morning Everyone!

Big week of data: CPI tomorrow, FED rate decision Wednesday, retail sales, jobless claims, regional and national manufacturing, and industrial production Thursday and PMIs Friday. Buckle up!

Prices as of 4 pm EST, 12/9/22; % YTD

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MARKET UPDATE

This week

Tuesday CPI
Wednesday FOMC meeting
Thursday Retail sales
Friday PMI

What do we expect from Powell?

Wednesday Fed Funds rate from 4% to 4.5%
2023 4.5% to 5%, then on hold

Crude 71.80 +0.5%

Higher this morning as we got more China Covid rule changes over the weekend
Putin said that Russia has a production agreement with other OPEC+ members, so a drastic move to cut production is only a possibility
The short position for Brent and WTI hit an 11 month high

Microsoft MSFT

Buying 4% stake in London Stock Exchange Group
In exchange, Microsoft gets a 10-year partnership for cloud-computing services
Thomson Reuters (listed in Canada) getting US$ 1 billion in gross proceeds

Coupa Software COUP

Thoma Bravo and a minority investor buying COUP for $81 cash
9.5 times next-12-months EV/sales

Weber WEBR

Being taken private by their largest shareholder, BDT Capital Partners

Brookfield Asset Management BAM

Officially completed separation of their asset manager
BN Brookfield Corp, asset management, insurance solutions, operating businesses, A3 Moody’s bond rating
BAM 25% interest in their asset management business

Earnings