Wild rotation yesterday in Eq markets (start of a turn?) : The losers became the winners, #KRE #IWM #REITs #IWD #EMG and #JPY >> all up vs #USD #IWF (growth), #SPY (large caps big techs) down, after the 1st 'true' negative CPI since May 2020
The AI trade has come under greater investor scrutiny as uncertainty about return on AI investments of hyperscalers – Google, Meta, Amazon and Microsoft – emerges/GS
Very good in depth article from the FT-How UBS fell out with Switzerland’s establishment after rescuing Credit Suisse
US, Germany disrupted Russian plot to assassinate Rheinmetall CEO, China and Belarus held symbolic military exercise... and Biden loses his train of thought again, calls Harris ‘Vice President Trump’ in solo press conf
And, Strong response by China’s to NATO accusing it of being "a decisive enabler of Russia’s war against Ukraine”: "The US should reflect on the root cause of the crisis [...] The US must never expect China to pay for the mistakes they have made."
Bank of Korea holds rates, seen weighing when to cut rates and BoJ sold approx $15bn #USDJPY yesterday after weaker U.S CPI and Nikkei reports of them checking #EURJPY rates >>> again is they mean business they will need to hike rates too
China posts largest trade surplus in nearly two years, as exports surge; imports weaken - largest in nearly 24years, nearly $100bn
BofA: Another month of soft retail spending, Retail sales probably declined in June
and with this, seems quite naive stance...
The Artificial Intelligence (AI) trade has been the most popular secular theme over the past 18 months, according to Goldman Sachs (GS), citing client conversations. However, caution has emerged around the trade recently. GS notes its four-phase framework for the AI trade: Phase 1) Nvidia, being the clearest near-term AI beneficiary, 2) AI infrastructure providers, including semis, hyperscalers, utility stocks, 3) companies that monetize AI, mainly software and IT services, and, 4) companies with the biggest potential to grow earnings with AI adoption
Althea Spinozzi on X: "🇺🇸👹Ugly 30y UST auction! It tailed by 2.2bps WI, the largest since Jan 2023, despite a spike in direct bidders to a high since Dec 2014‼️ ➡️Indicates duration rejection at 4.405% yield ➡️ Shows the need to appeal to indirect bidders to fund the U.S. deficit‼️ https://t.co/ys5t0tpk1Y" / X
As Switzerland’s biggest global bank, UBS would be hit hardest by the proposed capital rules, which require increased levels for foreign subsidiaries. The Swiss parliament will vote on introducing them next year. While the finance ministry has provided little detail on how the capital requirements would be calculated, analysts have estimated it could be an additional $15bn to $25bn for UBS. Keller-Sutter has said such forecasts are “plausible”, much to the dismay of UBS executives who complained that they had been provided with no information to draw up their own analysis.
Which October ?
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