As we have discussed, the #FederalReserve MUST weaken employment if they have any hope of slowing wage pressure and core #inflation . Hence, today's claims data, which fell again and suggests companies are hording labour won't help. Forget a pivot and strap in for a hard landing!
We've believed for a while that #Eurozone #inflation was heading into the low to mid-teens and in Germany we just got there! However, with the spread between PPI and CPI at more than 7 StDev, we may have to revise our targets up! This is #stagflation 101 and why we are short #DAX
Europe is Apple's 2nd biggest market and about 20% of sales. The concept that Europeans are going to buy €1000 iPhones, with their energy bills exploding and the economy going into a GFC style recession, is a JOKE!