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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Traders were active on the floor of the New York Stock Exchange on November 22, 2024, as the CNBC Investing Club with Jim Cramer provided its daily Homestretch update. This report highlights the portfolio's top stock performers and underperformers for the week, offering insights just before the final hour of trading.
The municipal bond market is on track for its seventh consecutive November of gains, driven by strong investor demand despite muted issuance as state and local governments navigate election-related volatility. Long-term muni bond issuance through November 22 reached $23.4 billion, reflecting a 6% decline year-over-year.
Argentina's economy unexpectedly contracted by 0.3% in September, defying economists' expectations of 0.9% growth, as President Javier Milei implements aggressive austerity measures. Year-over-year, economic activity declined by 3.3%, according to government data released on Friday.
Canadian Prime Minister Justin Trudeau has reintroduced a spending strategy as inflation decreases and elections approach, leading to a bond selloff amid expectations of increased growth and a larger deficit. On Thursday, he unveiled a C$6.3 billion tax break and rebate package, which includes a two-month suspension of federal sales tax on various items and a C$250 payment for nearly 19 million Canadians, nearly half the population.
Britain faces a looming stagflation crisis as rising costs from increased national insurance, minimum wage hikes, and property rates threaten business profitability. Companies may resort to layoffs to cope, while the Bank of England grapples with the dilemma of maintaining interest rates amid inflationary pressures. With external risks from global conflicts and domestic economic strains, the outlook for growth remains bleak.
Euro-area inflation has surged to 2.3% in November, the highest in four months, as consumer-price growth accelerates. Despite this increase, European Central Bank policymakers remain focused on easing measures to support the region's struggling economy, with core inflation also rising slightly to 2.8%.
Heavy snowfall from low pressure system Caetano has broken November records in Switzerland, causing significant traffic disruptions and affecting postal services. Meanwhile, a former army advisor faces a criminal complaint for billing over CHF 400,000 during the pandemic, and NATO convenes a meeting in response to Russia's missile threats against Ukraine. Additionally, Pam Bondi is nominated as Trump's new Attorney General, and Switzerland's energy outlook remains stable despite potential winter challenges.
At a Zurich conference, SNB Chairman Martin Schlegel emphasized that building equity capital is a priority over profit distribution, highlighting the need for flexible monetary policy to maintain price stability amid global economic fluctuations. He noted that Switzerland's inflation target is set between 0 and 2 percent, allowing the SNB to respond effectively to external shocks while addressing the challenges posed by a low equity capital situation. Schlegel affirmed that the central bank's policies have successfully supported the Swiss economy's resilience in the face of inflation and deflation risks.
Kevin Warsh is seen as a strong candidate for Treasury secretary under President-elect Donald Trump, with Mohamed El-Erian stating that Warsh would uphold the Federal Reserve's independence. Other contenders for the position include Marc Rowan, Senator Bill Hagerty, and Scott Bessent, as discussions progress.
Marty Fridson highlights that the private debt boom, central bank support, and high Treasury yields are keeping junk bond spreads unnaturally tight. Despite this, the risk of losing money in corporate debt remains, making the market susceptible to significant repricing during an economic downturn.
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