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Aug 8, 20233 min read

Moody's on US banks, Italy bank tax / China weaker data / NVDA / U.S CPI in focus



  • Moody’s places credit ratings of 6 major U.S. banks on review for downgrade, ''mounting funding costs, office exposure'' (and downgraded a few regional banks too) and in Italy : Italian Prime Minister Giorgia Meloni’s cabinet approved a surprise tax on the “extra profits” of banks this year

  • Market-implied inflation expectations over the next 5-10 years have risen to the highest levels in 12mos, Mr Market starting to game out a future with sustainably higher inflation and higher long-term bond yields

  • Food prices may never fall again following Ukraine invasion, Bank of England chief economist says

  • UBS shuffles bank bosses in bid to better compete with Wall Street. Around 80% of Hong Kong-based investment banking staff at Credit Suisse will be laid off. What did Ermotti know of the 'fusion' ?

  • AMZN to Meet Regulators as U.S. Considers Possible Antitrust Suit. Amazon’s meetings with the Federal Trade Commission, known as “last rites” meetings, are typically a final step before the agency votes on filing a lawsuit

  • Cars have more tech than ever — and drivers are increasingly frustrated with their door handles, screens, and other features

  • Brazil central bank names its digital currency 'DREX,' scheduled for 2024 launch

  • No more hydrogen trains | Rail company that launched world's first H2 line last year opts for all-electric future. State-owned LNVG to buy 102 battery trains and 27 catenary-connected models in order to phase out diesel, says Lower Saxony government

  • Goldman Commodities Research Chief Jeff Currie set to leave Bank

  • China reports double-digit plunge in July exports and imports, missing expectations

 
Markets :

  • German 30y yield to the highest since early 2014

  • Broad 'sell-hedge' on rallies mood on recent bumper rallies in SPX7's perhaps and AI stocks

  • Equity markets do not want a stronger U.S CPI this week, Moddy's on banks not helpful for the sector, credit is becoming an issue, HK/Chinese property developer and so on. IF, there was to be some 'seasonal' unwinding of 'owned positions', Aug and Sep can often be tough, particularly after such a strong run up in this AI related short-covering rally #NVDA ertc

  • USDollar slightly firmer, AUDUSD massive levels around 0.6500 (chinese data remains very poor), similar to Eq, clear risk for markets is stronger usd from here

  • GOLD, XAGUSD struggling to hold rallies lately

 






Seems most or all property developers are or will be in trouble..amazing



Inventories remains low, which is a risk going forward



Food prices may never fall again following Ukraine invasion, Bank of England chief economist says | Business News | Sky News >>> we tend to agree, but with their records maybe it's what was required for lower prices!!



probably quite surprising to many














At least two people said to have declined resignation honours from Liz Truss | Liz Truss | The Guardian Why on earth do they have ‘resignation honours lists’ ? totally bonkers


NVIDIA - what a run up





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