Druckenmiller takes aim at dollar in sole conviction trade. Billionaire investor says last year’s dollar rally was the ‘biggest miss’ of his career
Putin signs decree taking over Russian assets of two foreign firms
A Republican bill authorizing a $1.5 trillion increase to the U.S. debt ceiling, coupled with deep spending cuts over a decade, hit a snag late on Tuesday, as a key committee delayed advancing the legislation to the full House of Representatives for debate and passage. Lower tax receipts prompt debt ceiling fears
First Republic Bank shares fall 50% after reporting dramatic slump in deposits >>> can expect eventual govt receivership for the ailing bank after it exhausts private sector solutions such as asset sales and finding a buyer, both of which appear difficult
Latest economic figures show Australia’s inflation easing ahead of RBA interest rate decision
The consumer price index for the first three months of 2023 has come in at an annual rate of 7%, down from the 32-year high of 7.8%
Britons ‘need to accept’ they’re poorer, says Bank of England economist - thank you so much
Germany : consumer confidence keeps rising for a 7th consecutive month as income expectations brightened on easing energy bills. GfK German Consumer Index climbs to -25.7, highest in over a year, but remains well below prepandemic levels
U.S : M2 money supply contracted by -1.2% m/m in March, worst on record / Thread
Elon Musk’s latest round of price cuts has dropped his 2 best-selling vehicles to uncharted territory. At $46,990, base Model Y now costs $759 less than avg car in US. Differential between these figures has changed by >$20k since the middle of last year
Commercial real estate loans in core Europe face $55 bln funding gap, report says
Markets :
SPX500 - 4150 tops confirmed (technically in short-term, weekly close will be key etc ), risk now markets turn into sell rallies mood, need confirmation over next few days, price action key, but remember (BEWARE too quiet markets - few days ago..)
USD stays under pressure on debt ceiling fears, USDJPY at risk with BoJ Friday, Druckenmiller (long-term plays) all the kind of stuff and techs weighing on the buck still
Gold should continue to grind higher (or better have a decent rally on serious debt ceiling issues)
Low volumes and low Eq vols recently not particularly bullish IMHO, must keep an eye underneath (large caps ok, but 80% of stocks are not..)..but jury is still out, commods lower pointing towards slowdown (sticky inflation and already 150bps of Fed cuts priced in..)
5mins - quick walk through - top
Britons ‘need to accept’ they’re poorer, says Bank of England economist | Bank of England | The Guardian >>> Dear Central Bankers, many thanks for printing money when rates were sub zero, negative yields, great job...you told the world it was fine, it clearly never was !!!
Now folks suffer, across the world pretty much (not just UK btw, but more acute in UK clearly, small matter of a weak GBP due to Brexit and much more)
The Bank of England needs trade unionists and social scientists to stop groupthink (cityam.com) indeed
He is going for growth now (even though he previously said he never would..), thus earnings will suffer, as he has to compete against the rest of the car manufacturing world, including China. His balance-sheet will weaken, share price will struggle, though ok Cathie Woods reckons its going to USD 2K...
....the consequences of ---higher for longer--- will or could very well be felt for years to come
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