Monday Morning Meeting Notes (02/19/2024)

General Info:

• U.S. consumer price index (CPI) data for January was stickier-than-expected, particularly in the service sector (which includes Shelter costs)
• CPI rose 0.3% month-over-month and 3.1% year-over-year (vs. expectations of 0.2% and 2.9%)
• Core CPI, which excludes volatile food and energy costs, rose 0.4% month-over-month and 3.9% year-over-year (vs. expectations of 0.3% and 3.7%, respectively)
• U.K. GDP data contracted for the second consecutive quarter (-0.1% decline in Q3 and -0.3% decline in Q4), marking a “technical recession”
• Japan GDP data contracted for the second consecutive quarter (-0.7% decline in Q3 and -0.1% decline in Q4), marking a “technical recession”
• Fun Fact: Warner Brothers got their start in the movie industry in western PA. An early milestone for the Warner’s film empire was the operation of Harry, Sam, & Albert Warner of a theater in New Castle, PA from 1906-07. Called the Cascade Theater (named after a local cemetery), it seated 99 persons, who could view three movies for a nickel. Sixteen years later, Warner Bros. Pictures was established

Monday 02/19:

• U.S. financial markets are closed for the Presidents’ Day holiday

Tuesday 02/20:

• HSBC, Walmart, Home Depot, BHP Group, Barclays, Medtronic PLC, Public Storage, Realty Income Corporation, CoStar Group, Toll Brothers, and La-Z-Boy report earnings
• U.S. Conference Board leading index

Wednesday 02/21:

• Nvidia, Rio Tinto PLC, Analog Devices, Verisk Analytics, Texas Pacific Land Corp, and Etsy report earnings
• The Federal Reserve (Fed) releases the minutes from its January 30^th-31^st monetary policy meeting
• Eurozone consumer confidence for February

Thursday 02/22:

• Intuit, Lloyds Banking Group PLC, VALE SA, MercadoLibre, Keurig Dr. Pepper, Pioneer Natural Resources, and Pool Corp report earnings
• U.S. initial jobless claims and continuing claims data
• U.S. existing home sales for January
• Eurozone CPI data for January
• S&P Global Services PMI data for the U.S., Eurozone, U.K., Japan, Germany, Spain, France, and India
• S&P Global Manufacturing PMI data for the U.S., Eurozone, U.K., Japan, Germany, Spain, France, and India
• The European Central Bank (ECB) releases the minutes from its January 25^th monetary policy meeting

Friday 02/23:

• Berkshire Hathaway, Warner Brothers Discovery, AerCap Holdings, and Icahn Enterprises report earnings
• China property prices for January
• Germany GDP data – final reading for Q4 2023, which is expected to have stayed at -0.4% year-over-year
• ECB publishes its 1-year and 3-year inflation expectations survey