![]() Throughout this rally – the S&P 500 is now up 26 per cent from its lows last October, and incredibly within about 4 per cent of its record high in late 2021 – Wilson has remained stubbornly bearish, arguing that equities have been priced for perfection at a time when earnings would have to crater under the weight of slowing earnings.īut while earnings have been under some pressure – projections for the June quarter earnings season have actually been slashed by 12 per cent in recent months, meaning the bar that companies are “beating” is much lower than it was – investors have remained steadfastly focused on the hype in AI and the steady drop in inflation. To top it all off, an incredible surge in interest in generative artificial intelligence has propelled the so-called magnificent seven tech stocks – Apple, Amazon, Alphabet, Meta Platforms, Microsoft, Nvidia and Tesla – to a position of sharemarket dominance not seen in 60 years, since the days of the “Nifty Fifty”. Instead, US markets have rallied hard on a sort of Goldilocks environment: resilient economic activity, strong pools of savings, steadily declining inflation and better-than-expected earnings growth. Wilson joins a litany of strategists who have been forced to embrace the risk-on rally and increase their year-end targets for the S&P 500, having been part of the near-unanimous consensus that the global proxy for risk would fall in the first half of calendar 2023 as higher interest rates translated into slower economic growth and falling corporate earnings. Morgan Stanley’s Mike Wilson says the rise in market valuations has surprised him. However, the upside move in equity multiples on the back of this theme … has gone further and persisted longer than we anticipated – ie we were wrong.” “Last October, we based our tactically bullish call on the view that inflation was peaking along with back-end rates and the US dollar. But after months of predicting that Wall Street’s rally would turn out to be a bear market trap, Morgan Stanley strategist Mike Wilson has accepted defeat. You can follow Craig Takeuchi on Twitter at /cinecraig.They’re the hardest words to say in financial markets. Meanwhile, the Chapters store at Granville and Broadway was rebranded as Indigo in June. Teaz Tea Boutique closed at 2418 Granville, Tarts Bakery closed at 1509 Broadway (near Granville), and Oscar's Art Books closed in April at 1533 West Broadway after a 25-year run. It was replaced by the Ian Tan Gallery in June, which moved across the street from 2202 Granville. ![]() Home Quarters Furnishings has moved into 2301 Granville.įashion and décor boutique Moulé (formerly located on 4th Avenue) closed its location at 2321 Granville Street. The move comes at a time when several other businesses in the South Granville neighbourhood have been closing or moving, often in what seems to be game of musical chairs.įurniture store EQ3 Vancouver (which was originally located in Yaletown) moved a few blocks from 2301 Granville Street to 2536 Granville (the former location of Bombay Company). The Georgia Straight is awaiting a response to a request for an interview from the company. The company originated in the Philippines and has numerous locations in the U.S. It also supplies products to Asian food stores across Canada. Goldilocks Canada has two other stores in Metro Vancouver, one at 2833 Main Street and another at Guilford Town Centre mall (10355 152 Street) in Surrey. Its new location is at 101– and 102–2728 North Fraser Way in Burnaby and will feature a small café. Its last day on West Broadway was on August 28. Goldilocks Bakeshop's Broadway location, which opened in 1984, housed its Canadian headquarters and manufacturing facility. (Galing Galing restaurant at 1537 West Broadway closed several years ago.) It served both sweets, like polvoron (shortbread) and leche flan (Spanish-influenced crème caramel), and savory meals, such as chicken adobo and noodle dishes like pancit palabok, miki bihon, and mami. The Filipino bakery and eatery was one of the handful of Filipino businesses in the area. ![]() With its window display of speciality cakes, the bakeshop's yellow building and blue awning, located at 1606 West Broadway at Fir Street, has been a longtime fixture in the South Granville area since it opened its doors in 1984. ![]() Just like the children's fairy tale it's named after, Goldilocks Bakeshop has decided to search for a fit that's just right.Īfter 30 years, the Filipino bakery and café is relocating its manufacturing facility from its Broadway location, which also housed its head office, to Burnaby. ![]()
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