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Copperaccount

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13/07/22

13:42

Post #: 62515211
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Originally posted by steve10: ↑

Wells Fargo's Harvey Sees Growth Stocks Rallying on June Inflation Data
Christopher P. Harvey, the senior equity analyst at Wells Fargo, sees risk assets staging a near-term bounce in the aftermath of theJune CPIreport that is due tomorrow.
Equities will plunge only in the case of a “well-above-consensus CPI print” that would push the Fed toward an even more aggressive pro-hawkish stance.
“We expect equities to have another near-term pop (risk-on rally) if headline CPI is in-line with, slightly above, or well below the consensus of 1.1% m/m (total) and 0.5% m/m (core),” Harvey told clients in a note.
The Street is calling for an 8.8% y/y surge in inflation - the highest in recent memory, Harvey reminds clients.
“We believe analyst bias and an asymmetric payoff structure is building a consensus that will be difficult to exceed… After May's CPI miss, and last Friday's miss on payrolls, we now expect a near-term upward bias to forecasts.”
Growth stocks are most likely to rally in this case given their slump since the beginning of the year.

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July CPI report is shaping up to be much more supportive, oil down from 120 to 95. I’m anticipating this to be the catalyst for risk appetite to return.

DW8 Price at posting: 1.8¢ Sentiment: Hold Disclosure: Not Held
12 Upvote

0 Great analysis

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