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Highlights: US stocks struggled to shake off Tuesday’s sell-off as the Dow closed lower on Wednesday, while the S&P 500 and Nasdaq edged only slightly higher. The market continues to digest Jerome Powell’s hint at higher rates for longer, and the latest job data shows the labor market is still strong despite the Fed’s hiking efforts.
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The number of available jobs in the US shrank in January (4 min read)
January’s JOLTS report shows US job openings fell to 10.8 million, down from the revised 11.23 million in December, pointing to a cooling labor market. However, there were still nearly 1.9 jobs for every job seeker, and the decline is far too modest to convince the Fed that labor market conditions are cooling enough to bring down inflation. The Fed uses the JOLTS data as a proxy for labor market demand, and the continued imbalance between available jobs and workers means the US job market remained tight in January.
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Bank of Canada holds key interest rate at 4.5 per cent (2 min read)
The Bank of Canada decided to hold its key interest rate at 4.5% on Wednesday after eight consecutive rate hikes. Canada’s inflation has slowed from 8.1% to 5.9% in January and the bank expects it to fall to around 3% by mid-2023. Since Canada’s GDP came in lower at the end of last year, the bank expects weaker economic growth in the quarters ahead, which should lessen demand in the economy driving up prices. The Bank of Canada did leave open the possibility of further hikes if the economy or inflation run hotter than projected.
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Adidas warns of first annual loss in three decades and cuts dividend after Ye split
Adidas reported a big Q4 loss after the costly termination of its partnership with Kanye West’s Yeezy brand. The company plans on cutting its dividend to 70 euro cents per share, which is significantly lower than the 3.30 euros per share in 2021. Adidas is also projecting a full-year operating loss in 2023 due to its huge unsold Yeezy inventory, the first annual loss for the company in 31 years. Adidas CEO said 2023 will be a "transition year," aiming to reduce inventories and lower discounts in order to return to profitability in 2024.
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Amazon NFT Marketplace Set for Launch (2 min read)
Amazon is reportedly launching its own NFT marketplace in April with 15 collections available to US customers. Unlike other platforms, Amazon's NFTs will be linked to physical goods such as clothing. Customers can purchase NFTs via debit or credit card without needing a crypto wallet. Amazon has been taking steps to incorporate Web3 features, including launching a digital assets enterprise involving NFTs and partnering with web3 firm Ava Labs.
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Best Real Estate ETFs by Performance (7 min read)
Real estate is one of the most popular asset classes among investors due to its ability to provide passive income and long-term growth. As direct ownership of real estates can be challenging, real estate ETFs are a low-risk, convenient and inexpensive way to gain exposure. Real estate ETFs invest in a diverse range of real estate investment trusts (REIT), which helps investors avoid concentration risk. This article highlights the top 10 best real estate ETFs in the US ranked by their three-month trailing returns.
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Another Single Issue Treasury ETF Debuts (2 min read)
F/m Investments launched a fifth ETF, the US Treasury 6 Month Bill ETF (XBIL). XBIL invests in six-month Treasury bills by holding the on-the-run or most recently issued Treasury security for a month before rolling into the next new issue. Most 6-month T-Bill ETFs generally hold a wide range of securities with different maturity dates. F/m Investments’ CIO believes that XBIL’s on-the-run issues feature will grant investors simplified access to the highest yielding Treasury security in today’s environment.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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