Bloomberg Surveillance Markets Impacted by Earnings and Geopolitics
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Jan 16, 2025 
Michael Nathanson, a Senior Research Analyst at MoffettNathanson with a focus on entertainment and technology, dives into the impact of current earnings reports on the commercial real estate market. He discusses the migration of wealthier residents from Los Angeles amid local crises and its effects on media investments. Furthermore, he highlights Apple's streaming strategies and the implications of rising sports gambling in the U.S., alongside significant geopolitical influences from Israel and Lebanon.
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Equity Market Uptrend
- Reaffirmation of equities suggests a continued uptrend.
- Reduced risk of Fed rate hikes in 2025-2026.
Inflation and Earnings
- Distinguish between European luxury and U.S. consumer stocks.
- Inflation can benefit earnings through pricing power and operating leverage.
Business Cycle Stage
- The business cycle leans towards late-cycle due to indicators like construction spending.
- The 2025 peak valuation of 23 times earnings presents a key question for market performance.