We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The 2024 Jackson Hole Symposium: Global Week Ahead
Read MoreHide Full Article
In the Global Week Ahead:
Central bank chiefs congregate in Jackson Hole, WY for their annual retreat
U.S. Democrats choose their presidential candidate in Chicago, IL, and
Energy markets ricochet, due to a confluence of Middle East and Russia-Ukraine tensions, while
Global PMIs are due, most on Thursday
Next are Reuters’ five world market themes, reordered for equity traders—
(1) The world’s central bankers gather in Jackson Hole, WY.
Central bankers from around the globe gather in Jackson Hole, Wyoming, from Thursday for the Fed's annual conference to chart the way forward for monetary policy.
In focus this year are labor markets — a shift away from last year's inflation theme.
U.S. Fed Chief Jerome Powell gets a chance to fine-tune his message before September's monetary policy meeting. Most market participants believe the Fed will begin cutting rates next month, after months of keeping them elevated to tamp down inflation.
How big the world's foremost central bank will go, and how deeply it will eventually cut, remain open questions: a spate of recent alarming economic data — including unemployment numbers — pushed investors to ramp up bets on a 50 basis point cut in September.
(2) With a mixed picture for global growth, fresh PMIs are due on Thursday.
The outlook for global growth is another piece of the puzzle.
Markets are febrile and struggling to assess the economic outlook as business activity softens, but inflation stays above central banks' target levels.
Purchasing managers' indexes deliver a real-time snapshot of economic activity and — with most of them out on Thursday — will provide the next set of clues. July's PMIs suggested an economic slowdown combined with persistent inflation, showing why central banks are in a bind.
U.S. manufacturing activity weakened and German numbers were surprisingly dour, indicating Europe's economic powerhouse is contracting. But manufacturers' input prices in advanced economies hit an 18-month high.
Inflation will dictate the pace and depth of future rate cuts. A repeat of July's dour PMI trends might mean monetary easing happens more slowly than markets would like.
(3) Japan’s policymakers are concerned about Bank of Japan (BoJ) rate policy.
The Bank of Japan's sudden pivot from uber-dove to ultra-hawk has put it on the firing line for lawmakers, after peppering its surprise rate hike at the end of July, with hints of more to come.
One unexpected result was the steepest rout for Japanese stocks since 1987's infamous Black Monday, amid a destabilizing spike in the yen against the dollar.
Politicians set to grill BOJ Governor Kazuo Ueda and his peers on Aug. 23rd will do well to remember some of their most senior figures were leaning on the central bank to help reverse the yen's exceptional weakness in the run-up to the move.
Recent macroeconomic indicators at least have been on the BOJ's side, showing a stronger-than-expected rebound in growth amid a recovery for consumption.
A potentially bigger test comes the day of the special parliamentary session, with the release of the latest consumer price figures.
(4) Geopolitical risk factors weigh on global financial markets too.
A confluence of risk factors has pushed and pulled global energy markets in recent days, and there is little sense that will abate.
Concern that conflict is spreading in the Middle East and threatening supply from the region has lifted international crude prices above $80 a barrel.
At the same time, worries about the strength of demand, particularly in China, are somewhat limiting oil’s gains.
European wholesale gas prices meanwhile have been volatile, with the spectre of Russian gas supply disruption on a transit route via Ukraine amplifying Middle East concerns.
Markets are concerned that heavy fighting near the Russian town of Sudzha, where Russian gas flows into Ukraine, could result in a sudden stop to transit flows via the war-torn nation before a five-year deal with Russia's Gazprom expires.
(5) The U.S. Democratic party meets in Chicago to nominate Kamala Harris.
The U.S. presidential race heats up again with the Democrats aiming to generate fresh momentum for the candidacy of Vice President Kamala Harris at the party's convention in Chicago.
Since her late entry into the race after President Joe Biden stepped aside, Harris has galvanized Democrats and erased the lead of Republican candidate Donald Trump in some opinion polls, edging ahead of Trump in some betting markets ahead of the Nov. 5th vote.
The four-day convention kicks off on Monday with a series of high-profile Democrats expected to give speeches geared toward rallying support for Harris.
The race is tight and investors are hoping to learn more about her policy positions.
Harris has been at pains to emphasize she would never interfere in Fed independence — a view that contrasts sharply with that of the Republican nominee and former president, who said presidents should have a say on Fed decisions.
Zacks #1 Rank (STRONG BUY) Stocks
(1) Paramount Global (PARA - Free Report) : This is a $23 stock with a market cap of $14.9B. It is found in the Media Conglomerates industry. I see a Zacks Value score of A, a Zacks Growth score of A and a Zacks Momentum score of A.
Image Source: Zacks Investment Research
Paramount Global is a media and entertainment company which creates premium content and experiences for audiences.
The company's portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount, Pluto TV and Simon & Schuster, among others.
Paramount Global, formerly known as ViacomCBS Inc., is based in New York, NY.
(2) Tenet Healthcare (THC - Free Report) : This is a $155 stock with a market cap of $14.8B. It is found in the Medical-Hospital industry. I see a Zacks Value score of A, a Zacks Growth score of B and a Zacks Momentum score of B.
Image Source: Zacks Investment Research
Founded in 1967 and headquartered in Dallas, TX, Tenet Healthcare Corp. is an investor-owned healthcare services company, which owns and operates general hospitals and related healthcare facilities for urban and rural communities in numerous states, and has offices in California and Florida. The company has investments in other health care companies and is one of the largest investor-owned health care delivery systems in the United States.
Tenet Healthcare and its subsidiaries provide healthcare services primarily through general hospitals and related healthcare facilities. Its hospitals offer acute care services, operating and recovery rooms, radiology services, respiratory therapy services, clinical laboratories, and pharmacies; intensive care, critical and coronary care units; physical therapy along with orthopedic, oncology, and outpatient services. The related health care facilities include rehabilitation hospitals, specialty hospitals and long-term care facilities.
As of Dec 31, 2023, the company operated an expansive care network that included 61 hospitals and more than 575 other healthcare facilities, including ambulatory surgery centers, urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments and micro-hospitals through its units, partnerships and joint ventures.
Effective fourth-quarter 2023, the company combined its Conifer segment with the Hospital segment and now has two reporting segments: Hospital Operations and Services and Ambulatory Care.
Hospital Segment (81% of total segment revenues in 2023): It includes 61 hospitals catering to primarily urban and suburban communities in nine states. The unit also provides a number of services primarily to healthcare providers to assist them in generating sustainable improvements in their operating margins, while also managing patient, physician and employee satisfaction.
Ambulatory Care (19%): The company's Ambulatory Care segment includes the operations of its USPI joint venture and its Aspen facilities.
(3) C.H. Robinson Worldwide (CHRW - Free Report) : This is a $98 stock with a market cap of $11.5B. It is found in the Media Conglomerates industry. I see a Zacks Value score of D, a Zacks Growth score of C and a Zacks Momentum score of B.
Image Source: Zacks Investment Research
Based in Minnesota, C.H. Robinson Worldwide Inc. is a third-party logistics company.
As an asset-light transportation provider, C.H. Robinson provides freight transportation services and logistic solutions to companies across a range of industries. The company's services range from commitments on a specific shipment to more comprehensive and integrated relationships.
During 2023, the company was responsible for handling approximately 19 million shipments and served more than 90,000 customers. C.H. Robinson operates through a network of offices in North America, Europe, Asia, Oceania and South America.
In 2023, the company utilized more than 450,000 contracted transportation companies, including motor carriers, railroads (mainly intermodal service providers), apart from air and ocean carriers. On the basis of the needs of its customers and their supply chain requirements, the company selects the mode of transportation for a shipment.
The company's major divisions are as follows:
NAST (North American Surface Transportation) offers freight transportation services across North America through a network of offices in the United States, Canada and Mexico. In March 2020, C.H. Robinson acquired Prime Distribution Services. Previously, in 2019, the company purchased Dema Service. Notably, Robinson Fresh offers sourcing services including the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items.
The Global Forwarding unit is responsible for providing global logistics services through an international network of offices in North America, Asia, Europe, Australia and South America. It also contracts with independent agents worldwide. In a bid to strengthen its Global Forwarding business, C.H. Robinson acquired The Space Cargo Group in March 2019.
In 2023, the NAST and Global Forwarding units contributed 70.8% and 17%, respectively, to total revenues of $17.59 billion.
The All Other and Corporate unit, which consists of the company's non-reportable segments, like Managed Services, generated the remaining portion or 12% of total revenues.
The company's fiscal year coincides with the calendar year.
Key Global Macro
The Kansas City Fed’s symposium is the big event. Powell’s keynote is a moment there.
On Monday, the Fed’s influential Chris Waller gives a speech.
On Tuesday, the People’s Bank of China (PBoC) gives up a fresh policy rate decision. 3.35% is the current policy rate. No change is expected.
The Euro Area core HICP for July comes out. +2.9% y/y is the prior reading. +2.9% y/y is what is expected. The broad HICP is set to remain stable at +2.6% y/y.
On Wednesday, the latest FOMC minutes come out.
U.S. existing home sales for July land. 3.89M is the prior reading.
On Thursday, the Jibun Bank manufacturing PMI for August comes out. 49.1 is the prior reading.
The HCOB manufacturing PMI for the Euro Area comes out. 45.8 was the prior reading. 46.1 is what to expect.
The S&P global manufacturing PMI for August comes out. 49.6 is the prior reading.
The Jackson Hole central banker symposium begins.
On Friday, Fed Chair Powell gives his Jackson Hole keynote.
The Jackson Hole meeting ends on Saturday.
Conclusion
Want to know more, about how the Jackson Hole Symposium works?
From the website—
The 2024 theme is: "Reassessing the Effectiveness and Transmission of Monetary Policy.”
“To foster the open discussion that the symposium is known for, attendees are selected based on each year’s topic with consideration for diversity in region, background, and industry.”
“In a typical year, about 120 people attend consisting of the following groups. To help foster the open discussion that has been so critical to the symposium’s success, attendance at the event is limited.”
“All symposium participants, including members of the (limited and selected) press, pay a fee to attend. The fees are then used to recover event expenses.”
Have a successful trading week!
Warm Regards, John Blank, PhD. Zacks Chief Equity Strategist and Economist
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
The 2024 Jackson Hole Symposium: Global Week Ahead
In the Global Week Ahead:
Next are Reuters’ five world market themes, reordered for equity traders—
(1) The world’s central bankers gather in Jackson Hole, WY.
Central bankers from around the globe gather in Jackson Hole, Wyoming, from Thursday for the Fed's annual conference to chart the way forward for monetary policy.
In focus this year are labor markets — a shift away from last year's inflation theme.
U.S. Fed Chief Jerome Powell gets a chance to fine-tune his message before September's monetary policy meeting. Most market participants believe the Fed will begin cutting rates next month, after months of keeping them elevated to tamp down inflation.
How big the world's foremost central bank will go, and how deeply it will eventually cut, remain open questions: a spate of recent alarming economic data — including unemployment numbers — pushed investors to ramp up bets on a 50 basis point cut in September.
(2) With a mixed picture for global growth, fresh PMIs are due on Thursday.
The outlook for global growth is another piece of the puzzle.
Markets are febrile and struggling to assess the economic outlook as business activity softens, but inflation stays above central banks' target levels.
Purchasing managers' indexes deliver a real-time snapshot of economic activity and — with most of them out on Thursday — will provide the next set of clues. July's PMIs suggested an economic slowdown combined with persistent inflation, showing why central banks are in a bind.
U.S. manufacturing activity weakened and German numbers were surprisingly dour, indicating Europe's economic powerhouse is contracting. But manufacturers' input prices in advanced economies hit an 18-month high.
Inflation will dictate the pace and depth of future rate cuts. A repeat of July's dour PMI trends might mean monetary easing happens more slowly than markets would like.
(3) Japan’s policymakers are concerned about Bank of Japan (BoJ) rate policy.
The Bank of Japan's sudden pivot from uber-dove to ultra-hawk has put it on the firing line for lawmakers, after peppering its surprise rate hike at the end of July, with hints of more to come.
One unexpected result was the steepest rout for Japanese stocks since 1987's infamous Black Monday, amid a destabilizing spike in the yen against the dollar.
Politicians set to grill BOJ Governor Kazuo Ueda and his peers on Aug. 23rd will do well to remember some of their most senior figures were leaning on the central bank to help reverse the yen's exceptional weakness in the run-up to the move.
Recent macroeconomic indicators at least have been on the BOJ's side, showing a stronger-than-expected rebound in growth amid a recovery for consumption.
A potentially bigger test comes the day of the special parliamentary session, with the release of the latest consumer price figures.
(4) Geopolitical risk factors weigh on global financial markets too.
A confluence of risk factors has pushed and pulled global energy markets in recent days, and there is little sense that will abate.
Concern that conflict is spreading in the Middle East and threatening supply from the region has lifted international crude prices above $80 a barrel.
At the same time, worries about the strength of demand, particularly in China, are somewhat limiting oil’s gains.
European wholesale gas prices meanwhile have been volatile, with the spectre of Russian gas supply disruption on a transit route via Ukraine amplifying Middle East concerns.
Markets are concerned that heavy fighting near the Russian town of Sudzha, where Russian gas flows into Ukraine, could result in a sudden stop to transit flows via the war-torn nation before a five-year deal with Russia's Gazprom expires.
(5) The U.S. Democratic party meets in Chicago to nominate Kamala Harris.
The U.S. presidential race heats up again with the Democrats aiming to generate fresh momentum for the candidacy of Vice President Kamala Harris at the party's convention in Chicago.
Since her late entry into the race after President Joe Biden stepped aside, Harris has galvanized Democrats and erased the lead of Republican candidate Donald Trump in some opinion polls, edging ahead of Trump in some betting markets ahead of the Nov. 5th vote.
The four-day convention kicks off on Monday with a series of high-profile Democrats expected to give speeches geared toward rallying support for Harris.
The race is tight and investors are hoping to learn more about her policy positions.
Harris has been at pains to emphasize she would never interfere in Fed independence — a view that contrasts sharply with that of the Republican nominee and former president, who said presidents should have a say on Fed decisions.
Zacks #1 Rank (STRONG BUY) Stocks
(1) Paramount Global (PARA - Free Report) : This is a $23 stock with a market cap of $14.9B. It is found in the Media Conglomerates industry. I see a Zacks Value score of A, a Zacks Growth score of A and a Zacks Momentum score of A.
Image Source: Zacks Investment Research
Paramount Global is a media and entertainment company which creates premium content and experiences for audiences.
The company's portfolio of consumer brands includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount, Pluto TV and Simon & Schuster, among others.
Paramount Global, formerly known as ViacomCBS Inc., is based in New York, NY.
(2) Tenet Healthcare (THC - Free Report) : This is a $155 stock with a market cap of $14.8B. It is found in the Medical-Hospital industry. I see a Zacks Value score of A, a Zacks Growth score of B and a Zacks Momentum score of B.
Image Source: Zacks Investment Research
Founded in 1967 and headquartered in Dallas, TX, Tenet Healthcare Corp. is an investor-owned healthcare services company, which owns and operates general hospitals and related healthcare facilities for urban and rural communities in numerous states, and has offices in California and Florida. The company has investments in other health care companies and is one of the largest investor-owned health care delivery systems in the United States.
Tenet Healthcare and its subsidiaries provide healthcare services primarily through general hospitals and related healthcare facilities. Its hospitals offer acute care services, operating and recovery rooms, radiology services, respiratory therapy services, clinical laboratories, and pharmacies; intensive care, critical and coronary care units; physical therapy along with orthopedic, oncology, and outpatient services. The related health care facilities include rehabilitation hospitals, specialty hospitals and long-term care facilities.
As of Dec 31, 2023, the company operated an expansive care network that included 61 hospitals and more than 575 other healthcare facilities, including ambulatory surgery centers, urgent care centers, imaging centers, surgical hospitals, off-campus emergency departments and micro-hospitals through its units, partnerships and joint ventures.
Effective fourth-quarter 2023, the company combined its Conifer segment with the Hospital segment and now has two reporting segments: Hospital Operations and Services and Ambulatory Care.
Hospital Segment (81% of total segment revenues in 2023): It includes 61 hospitals catering to primarily urban and suburban communities in nine states. The unit also provides a number of services primarily to healthcare providers to assist them in generating sustainable improvements in their operating margins, while also managing patient, physician and employee satisfaction.
Ambulatory Care (19%): The company's Ambulatory Care segment includes the operations of its USPI joint venture and its Aspen facilities.
(3) C.H. Robinson Worldwide (CHRW - Free Report) : This is a $98 stock with a market cap of $11.5B. It is found in the Media Conglomerates industry. I see a Zacks Value score of D, a Zacks Growth score of C and a Zacks Momentum score of B.
Image Source: Zacks Investment Research
Based in Minnesota, C.H. Robinson Worldwide Inc. is a third-party logistics company.
As an asset-light transportation provider, C.H. Robinson provides freight transportation services and logistic solutions to companies across a range of industries. The company's services range from commitments on a specific shipment to more comprehensive and integrated relationships.
During 2023, the company was responsible for handling approximately 19 million shipments and served more than 90,000 customers. C.H. Robinson operates through a network of offices in North America, Europe, Asia, Oceania and South America.
In 2023, the company utilized more than 450,000 contracted transportation companies, including motor carriers, railroads (mainly intermodal service providers), apart from air and ocean carriers. On the basis of the needs of its customers and their supply chain requirements, the company selects the mode of transportation for a shipment.
The company's major divisions are as follows:
NAST (North American Surface Transportation) offers freight transportation services across North America through a network of offices in the United States, Canada and Mexico. In March 2020, C.H. Robinson acquired Prime Distribution Services. Previously, in 2019, the company purchased Dema Service. Notably, Robinson Fresh offers sourcing services including the buying, selling, and marketing of fresh fruits, vegetables, and other perishable items.
The Global Forwarding unit is responsible for providing global logistics services through an international network of offices in North America, Asia, Europe, Australia and South America. It also contracts with independent agents worldwide. In a bid to strengthen its Global Forwarding business, C.H. Robinson acquired The Space Cargo Group in March 2019.
In 2023, the NAST and Global Forwarding units contributed 70.8% and 17%, respectively, to total revenues of $17.59 billion.
The All Other and Corporate unit, which consists of the company's non-reportable segments, like Managed Services, generated the remaining portion or 12% of total revenues.
The company's fiscal year coincides with the calendar year.
Key Global Macro
The Kansas City Fed’s symposium is the big event. Powell’s keynote is a moment there.
On Monday, the Fed’s influential Chris Waller gives a speech.
On Tuesday, the People’s Bank of China (PBoC) gives up a fresh policy rate decision. 3.35% is the current policy rate. No change is expected.
The Euro Area core HICP for July comes out. +2.9% y/y is the prior reading. +2.9% y/y is what is expected. The broad HICP is set to remain stable at +2.6% y/y.
On Wednesday, the latest FOMC minutes come out.
U.S. existing home sales for July land. 3.89M is the prior reading.
On Thursday, the Jibun Bank manufacturing PMI for August comes out. 49.1 is the prior reading.
The HCOB manufacturing PMI for the Euro Area comes out. 45.8 was the prior reading. 46.1 is what to expect.
The S&P global manufacturing PMI for August comes out. 49.6 is the prior reading.
The Jackson Hole central banker symposium begins.
On Friday, Fed Chair Powell gives his Jackson Hole keynote.
The Jackson Hole meeting ends on Saturday.
Conclusion
Want to know more, about how the Jackson Hole Symposium works?
From the website—
The 2024 theme is: "Reassessing the Effectiveness and Transmission of Monetary Policy.”
“To foster the open discussion that the symposium is known for, attendees are selected based on each year’s topic with consideration for diversity in region, background, and industry.”
“In a typical year, about 120 people attend consisting of the following groups. To help foster the open discussion that has been so critical to the symposium’s success, attendance at the event is limited.”
“All symposium participants, including members of the (limited and selected) press, pay a fee to attend. The fees are then used to recover event expenses.”
Have a successful trading week!
Warm Regards,
John Blank, PhD.
Zacks Chief Equity Strategist and Economist