Blog — 21 Feb, 2023
Insight Weekly: TMT deals plunge; bank analysts cut 2023 outlook; US retail sales rebound
By Sarah Cottle
Today is Tuesday, February 21, 2023, and here’s your weekly selection of essential intelligence on financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly.
In this edition of Insight Weekly, we put a spotlight on the decline of M&A deals in technology, media and telecommunications in January. Information technology M&A activity in North America had a lukewarm start to 2023, with aggregate deal values sinking 57.42% year over year, according to S&P Global Market Intelligence data. U.S. and Canadian media and telecom companies saw total deal values plummet to $150.0 million from $97.80 billion a year ago. In Europe, no infotech transaction crossed the $1 billion mark during the month. Wireless services, advertising and movies and entertainment were among the media and telecom subsectors that dominated dealmaking in the region.
Analysts covering the largest U.S. banks curtailed their expectations for 2023 earnings growth The estimate changes were fairly consistent across banks in all categories, though analysts lowered net interest margin and net charge-off estimates the most for banks with $10 billion to $100 billion in assets and lowered EPS growth estimates the most for banks with less than $10 billion in assets.
U.S. shoppers spent more than economists expected in January. The strong retail sales performance helps lower the odds the economy will slide into recession this quarter, according to Market Intelligence economists. The sales figures are not adjusted for inflation, which rose 0.5% on a monthly basis in January. Annual consumer price rises slowed during the month to 6.4% from a summertime peak of more than 9%.
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Written and compiled by Roma Arora
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