4.25.24: Big GDP Miss in Q1 + Core PCE Accelerates

For Public Readers: Weekly Key U.S. and China brief market notes by Larry Cheung's Analyst Staff Team for our Public Email List

Apr 25, 2024

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In our emails, we will provide the following coverage points:

Brief Overview of U.S. & China Markets
Macro Chart in Focus
U.S. & China Upcoming Economic Calendar
Chart That Caught Our Eye

U.S and China Markets Brief Snapshot 🇺🇸 🇨🇳

(Powered by our Channel Financial Data Provider YCharts)

S&P 500 Index: 5028.23

KWEB (Chinese Internet) ETF: $27.92

Analyst Team Note:
In April, individual investor sentiment turned negative for the first time since early November. While the percentage of bearish investors remained steady at about 34%, there was a notable shift towards neutrality and away from bullishness
Meanwhile, investment managers reduced their average equity exposure to 63%, the lowest since mid-January, according to the National Association of Active Investment Managers survey.

Macro Chart In Focus

Analyst Team Note:
GDP last quarter increased at a 1.6% annualized rate, below all forecasts. Personal spending rose at a slower-than-forecast 2.5% pace.
Core PCE, the Fed’s preferred inflation indicator rose to 3.7%, the first quaterly acceleration in a year.

Upcoming Economic Calendar

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U.S Economic Calendar (Upcoming Data Points)

China Economic Calendar (Upcoming Data Points)

Analyst Team Note:
The Housing Affordability Index hit 103.0 in February, 26% below the historical average of 138.3.
March 2024 existing home sales fell to 4.19mm, compared to February sales of 4.38mm (-4.3% MoM), and decreased as compared to 4.35mm in March 2023 (-3.7% YoY).
March 2024 total existing home inventory increased to 1.11mm (+4.7% MoM) and rose +14.4% YoY on a monthly basis.