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...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. Where to find deals in US CRE As the great commercial real estate valuation reset rolls on, the ominous headlines keep coming....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. 2024 vs 2021 There is not, so far as we know, an agreed-upon marker for the birth of a bull market....
...A blip, or the first chink in the armour of the great AI narrative? You tell us: robert.armstrong@ft.com and ethan.wu@ft.com....
...If you take the Magnificent 7 out of the S&P 500, its multiple moves from 22 to 19. The S&P 350 is at 14....
...Citi expects Nvidia and Eli Lilly alone will make up a quarter of S&P 500 earnings growth in 2024. How’s everyone feeling about this rally? Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...As one sharp reader, Peter, pointed out, this compares apples (the value of real estate assets) to oranges (the value of real estate investment trust equity)....
...(Ethan and Robert laugh) Robert ArmstrongThat surprised me. I thought it could be worse than that. Joshua OliverWell, maybe I’ll be more fair to real estate owners....
...The S&P 500 index halved. Around the Gulf war of 1990, oil doubled while the S&P 500 fell almost 20 per cent. Over time, the price moves have become less severe....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com Apple the formerly magnificent Only five of the Magnificent 7 tech stocks are performing magnificently in 2024....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...These are few disasters to talk about, other than office real estate, and that disaster is moving at a politely glacial pace....
...As we argued back in October, markets don’t understand war any better than the rest of us. Is this time different? Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Looking at the first chart, you will notice that of the four worst-performing sectors, two are rate-sensitive (utilities and real estate)....
...So most of the analysts have a buy rating. There are few holds and sells. But one analyst has 130 times p/e. Robert ArmstrongOh. For their target. Anna MutohSo expectations are very high....
...Gains for stocks accelerated in the final hour of trading to leave the S&P 500 up 0.9 per cent....
...The real estate sector, full of companies that are particularly sensitive to interest rates, fell 4.4 per cent, more than double any other sector....
...This is the point of Robert Shiller’s “excess Cape yield” which is the cyclically adjusted S&P earnings yield less the 10-year real treasury yield....
...Overall, almost three-quarters of the S&P 500’s constituents fell, with pharmacy operator Walgreens Boots Alliance the worst performer with a 9.9 per cent drop....
...real estate....
...Gains for stocks accelerated in the final hour of trading to leave the S&P 500 up 0.9 per cent on Wednesday....
...Healthcare, consumer cyclicals and real estate performed the worst. The tech-heavy Nasdaq Composite fell 1 per cent as six of the Big Tech stocks in the Magnificent Seven declined....
...About 80 per cent of the index’s constituent stocks finished lower on the day, while healthcare, consumer cyclicals and real estate were the worst-performing sectors....
...Email us your view: robert.armstrong@ft.com and ethan.wu@ft.com....
...The US is not in any sort of generalised earnings boom. One good read We’ve been feeling our worry levels on commercial real estate creep up....
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