U.S CPI 'slightly' softer/largely in line, 'the slowdown in services and shelter inflation is likely to be eye-catching enough for the Fed to stop hiking under most scenarios', 'marginal improvements noticed' (the 'whispers' were for higher, hence markets reacted positively yesterday)
German govt has sold 30y debt in auction at 2.53%, most expensive 30y auction since 2013 >> "Is it restrictive? No question about it. Is it sufficiently restrictive? Not yet." Buba's Nagel: "We're getting closer to restrictive, but we're not there."
The US claimed a cyber victory against a Russian malware network
Alphabet gains $56 billion in market value after it unveils AI 'snapshots' for Google Search
US default would make Cyclone Roller Coaster ‘look like a kiddie ride’. Yesterday the SEC’s chair Gary Gensler spoke at ISDA’s annual meeting in Chicago. The main topic was the regulator’s plans to overhaul the Treasury market, but he couldn’t resist having a pop at the debt ceiling idiocy.
European commercial real estate: the cracks are starting to show-FT
Italy to hold talks with China about exiting Belt and Road Initiative.Prime minister Giorgia. Meloni says ‘debate is open’ on whether to leave Xi Jinping’s foreign investment programme
ChatGPT’s creators have attempted to get the system to explain itself. They found that while they had some success, they ran into some issues – including the fact that artificial intelligence may be using concepts that humans do not have named for, or understanding of
Markets :
Copper, commods, NatGas another kick lower and NQ loving it, maybe breaking up technically, another pain trade
EURUSD 'running out of steam' 1.10+ >>> USD shorts could start to notice and be forced to reduce big USD shorts out there in markets
Nasdaq/megacaps loving current rates environment (75bps of Fed cuts priced in for late in the year and much more next year). NQ may even be breaking up technically. SPX500 4150-4200 could be challenge, if NQ continues. DAX/EUstocks50 not doing much lately, after huge rally since Oct 2022 and now not too far off all time highs
we are getting there!
Good grief!
have a great day
Team PVM
Commentaires