As Wall Street nervously awaits the March consumer price inflation report, the commodity complex - buoyed by an improving global growth outlook - adds...
As Wall Street nervously awaits the March consumer price inflation report, the commodity complex - buoyed by an improving global growth outlook - adds another complication to the interest rate picture.
Shanghai copper prices traded at record highs on Tuesday on optimism around positive manufacturing signals from the major economies, with global copper futures now up about 10% for the year to date. Record high gold prices are up about 12% in 2024 and the CRB core commodity index is up 15%. Minneapolis Fed President Neel Kashkari, who last week said there may be no rate cuts this year if inflation continues to move sideways, reiterated his stance overnight and said the Fed cannot stop short on its inflation fight.
Despite worries about U.S. public debt load, Morningstar DBRS confirmed its AAA credit rating of the U.S. Treasury on Monday.Annual S&P500 profit growth through the first quarter is penciled in at 5%, with revenue growth of some 3% - cooler than 7% and 4% forecasts respectively seen at the start of the year.
The declines are reducing a potential windfall for Trump who could sell his shares to raise money for his 2024 presidential campaign and legal expenses, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding. Former U.S. President Trump - who owns about 78.75 million shares in the company - has seen a sharp slide in the valuation of his stake from around $6 billion last month.
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