BRICS unveils a mock-up of its long-anticipated currency. The summit in Kazan sees leaders embracing a model poised to challenge the current economic order, which asset will back the new currency ? gold, silver..?
UK's Reeves to announce major change to fiscal rules releasing £50bn for spending and UK inflation falling faster than expected, says Bank of England’s Bailey
ECB expectations, the pendulum moves with PMI's (French weaker, Germany slightly higher, #EURIBORS key for euro short-term direction) >>> PMI weaker no surprise, nex week we get Q3 GDP and inflation which will be most likely less supportive for the '50bps cuts in Dec'
CFTC : Across the major US equity index futures, the buy-side’s net long position is now nearly the greatest it’s been at any point since the financial crisis. At the same time, the gross shorts held by the buy-side are nearly the lowest they’ve been at any point since 2010 - more dets below
BOC cuts 50bp cut yesterday, in line with exp, following cuts in June, July, and September >>> another 50bp in Dec priced + 3x 25bps next year >>> Trudean also in big political trouble..
Warren Buffett isn't endorsing anybody or anything — so don't believe the AI deepfakes. Berkshire Hathaway said Buffett does not and will not endorse investment products or political candidates
The DOJ has sent a letter to Elon Musk's super PAC, warning that his daily $1m giveaway to registered voters in swing states might violate federal laws, CNN reports
Denmark becomes the first country in the world to tax unrealized capital gains on crypto, starting January 1, 2026. The tax on unrealized capital gains is 42%, whaoo
Ny rapport fra Skattelovrådet: Kryptoaktiver bør fremover lagerbeskattes Skatteministeriet (skm.dk) The website of the Danish Ministry of State calls it ‘The Tax Law Council's recommendations’ It goes on to say: ‘At the beginning of 2025, the Minister of Taxation will propose a bill’ If this goes through, it will have effect ‘at the earliest from 1 January 2026’
UK inflation falling faster than expected, says Bank of England’s Bailey; Reeves to announce debt rule changes at IMF – business live (msn.com)
Tesla Delivers Robust Q3 Earnings As Musk’s Firm Returns To Profit Growth—Stock Rockets 12% (forbes.com)
Michael Pettis on X: "1/2 SCMP: "Li Daokui, a professor at Tsinghua University, described local governments’ arrears in accounts payable to enterprises as “shocking”, saying they owed companies and employees an amount equivalent to 10 per cent of GDP." https://t.co/5AshHqsh62 via @scmpnews" / X
Emerging no more: the era of dynamic markets is dawning - Financial Times - Partner Content by Standard Chartered (ft.com)
Across the major US equity index futures, the buy-side’s net long position is now nearly the greatest it’s been at any point since the financial crisis. At the same time, the gross shorts held by the buy-side are nearly the lowest they’ve been at any point since 2010.
The CFTC’s CoT data shows that, as of the close on Tuesday, October 15, the net long position held by Asset Managers + Leveraged Funds in S&P 500, NASDAQ-100, and Russell 2000 futures is nearly the biggest it’s been at any point since 2010 at over 21% of total open interest.
• This compares to an average net long position since 2010 amounting to 10% of total open interest.
• The buy-side’s net long position is also much greater now than it was at this point ahead of the 2016 and 2020 US Presidential elections.
Further, the gross shorts held by Asset Managers + Leveraged Funds in S&P 500, NASDAQ-100, and Russell 2000 futures are nearly the smallest they’ve been at any point since 2010 at under 26% of total open interest.
• This compares to average gross shorts since 2010 amounting to 36% of total open interest.
• The gross shorts held by the buy-side are also much smaller now than they were at this point ahead of the 2016 and 2020 US Presidential elections.
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