U.S. national debt spiked by $572 billion reaching a record $32 trillion since the debt ceiling was suspended 2 weeks ago
UK 2y yields jump above 5% for 1st time since 2008 ahead of the BoE's interest rate decision on Thursday... Markets are pricing in another rate hike to 4.75%. The terminal rate is now just under 6%
Furious San Francisco mayor fires back at GMA claim it’s ‘too dangerous to film’ in city’s downtown area, Californian dream breaking
US office buildings are only about 50% as full as before Covid: Kastle Systems. Columbia & NYU professors estimate that the value of office property across US cities is 38% lower than pre-pandemic, equaling a loss of about $500 billion
Blinken and Qin Gang held "candid" talks for a longer-than-expected 7hours, agreeing to maintain high-level ties. Qin accepted an invitation to Washington and called for "stable, predictable" relations. Blinken may also meet Xi Jinping — who Joe Biden said he also hopes to meet within months.Blinken says he failed to revive military-to-military talks with China
German producer price deflation is gaining breadth. Over 40% out of 99 basket items with falling prices atm. Disinflation is increasingly spreading from energy and very commodity heavy intermediate goods sectors into downstream sectors.. German PPI collapsed to 1% in May, down from 4.1% in April, a good leading indicator of consumer
Koreans Buying Gold Bars from Vending Machines as Global Inflation Soars. "People in their 20s & 30s appear to be the main buyers, purchasing physical"
The construction of new US factories is hitting unprecedented levels
The former CEO of Credit Suisse wanted to realize his dream and shake up investment banking. His plan does not seem to be working out with Exos Financial
Markets :
Commodities had best week in over a year / Saxo article below
Equities, specifically S&P7 powered ahead last week, again, NQ had best week YTD too, watch Terminal rates across board, if they continue higher, risk should react lower/might well have seen some sort of a peak late last week on OpEx day!
USdollar had a bad week, though more of a big CROSSJPY's up move in reality, never fails when yields globally and risk do well, crossjpy's do well - as Terminal rate nudged up again, risk and crossjpy's come under pressure last 24hours...AUDUSD a little softer on RBA minutes, might pause again after 2 hikes lately
De-dollarisation unstoppable, BRICS cooperation fostering multi-polar currency world (iol.co.za) >>> "De-dollarisation is occurring ten times faster than the decline witnessed in the previous two decades. From 2021 to 2022, the dollar’s share in global reserves dropped eight points, from 55% to 47%, compared to 73% in 2001."
Californian dream breaking : Owners of San Francisco’s Westfield shopping mall walk away citing “growing number of retailers and businesses leaving area due to unsafe conditions for customers, retailers, and employees”. Half mall’s retailers closed since 2020. Nordstrom closure was last straw. San Francisco has lost some 7.5% of its population— larger share than any other US major city — as residents flee crime wave and urban squalor for Bay Area exurbs and, increasingly, other states
Why only the soldier gets hammered, management? board ? treasury, everyone knew..
Tim Martin says we could soon be seeing £10 pints (thelondoneconomic.com) >>> clear Brexit win!!? >>> Tim Martin famously pledged to slash the price of booze in his pubs to an “unbelievably low” price after Brexit
Happy Tuesday
Team PVM
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