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  4. US Firms With High Foreign Revenues More Challenged Than Domestic Peers - Jefferies
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US Firms With High Foreign Revenues More Challenged Than Domestic Peers - Jefferies

By Sam Boughedda In a note focused on US equities, a Jefferies analyst stated that companies with high foreign revenues are likely to be more challenged than their domestic...
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US Firms With High Foreign Revenues More Challenged Than Domestic Peers - Jefferies © Reuters. US Firms With High Foreign Revenues More Challenged Than Domestic Peers - Jefferies

By Sam Boughedda

In a note focused on US equities, a Jefferies analyst stated that companies with high foreign revenues are likely to be more challenged than their domestic peers.

"US financial conditions deteriorated last week led by a sell-off in credit," stated the analyst. "There has been a remarkable drop in the number of companies raising prices. The risk for our sector allocation and bias is not necessarily a recession but if US real wages meaningfully improve forcing the Fed to raise rates higher thereby putting pressure on multiples."

He added that the firm has closed out their "style mis-pricing (Long Dividend Aristocrat vs MSCI Momentum) initiated on 5th April, 2022."

"We have been too early on the Basket of stocks benefiting from a weakening dollar and an improvement in US financial conditions. We have chosen to keep them given that we are somewhere close to peak ‘pessimism’. We recently reinitiated a Long position in equity volatility. We open a position to switch away from S&P 500 companies with high foreign revenue," he said.

"The market has by and largely discounted a 75bp hike this month (Jefferies 50bp). The US OIS curve has moved to a peak of ~3.75% from 3.4% one year hence over the past month of trading. Furthermore, it should be remembered that a 10% move in the trade-weighted dollar is equivalent to a 50 to 75bp US rate hike. Hence financial conditions are tightening rapidly again. In another sign of pessimism, the Conference Board CEO Business has plunged to pandemic lows. Sentiment remains decidedly Bearish," the analyst added.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

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↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

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4.5305

-0.0105 (-0.23%)

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Sell (2)

Indicators:

Buy (8)

Sell (1)

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81.14

-0.79 (-0.96%)

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Sell (12)

Indicators:

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85.62

-0.71 (-0.82%)

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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Moving Avg:

Buy (4)

Sell (8)

Indicators:

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Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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Moving Avg:

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Sell (12)

Indicators:

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Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (8)

Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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226.40

-5.90 (-2.54%)

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Sell (12)

Indicators:

Buy (2)

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Sell (12)

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Moving Avg:

Buy (4)

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Indicators:

Buy (6)

Sell (2)

 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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