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FactSet: SPX is reporting a Y/Y earnings decline for Q4 2022 (-4.6%) for the first time since Q3 2020 (-5.7%).

00:01 - 24/01/23

Fed's deleveraging continues. Total assets have shrank another €19.5bn past week. Since start of QT, the Fed's balance sheet has shrunk ONLY by $476bn.

The consumer is not doing so well. If they were, they would be saving more money.

China is generating more electricity from coal alone than the US from all sources combined

Electricity consumption in China (blue) in Q4 2022 fell almost as much as in Q1 2020 when COVID first hit. The main bullish market narrative for 2023 centers on China, but so far the shock to consumption looks about as severe as in Q1 2020. China is weaker than it says it is...