--- title: A changing of the guard in free cash flow description: "Meanwhile, corporate leadership is evolving rapidly: only 135 of the S&P 500 constituents from 1996 are still in the index today, while the EU goods trade deficit with China is close to a record €376bn. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### A changing of the guard in free cash flow Meanwhile, corporate leadership is evolving rapidly: only 135 of the S&P 500 constituents from 1996 are still in the index today, while the EU goods trade deficit with China is close to a record €376bn. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 07/13/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_260713.pdf?hsLang=en) - - - - #### Chart #1 —  ## A generational transfer in free cash flow is taking place Someone’s capex is someone else revenues…  See below the 12-month forward free cash flows of hyperscalers companies (light blue) and semiconductors companies (dark blue).   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-08-50-14-6135-AM.png?width=661&height=540&name=image-png-Jul-13-2026-08-50-14-6135-AM.png)Source: Zerohedge, BofA --- #### Chart #2 —  ## Capitalism moves fast Only 135 of the S&P 500 constituents in 1996 are still in the index today. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-08-58-47-7117-AM.png?width=721&height=455&name=image-png-Jul-13-2026-08-58-47-7117-AM.png)Source: Peter Mallouk --- #### Chart #3 —  ## EU goods trade deficit with China nears record €376bn  The European Union's goods trade with China totalled €768bn in the twelve months ending April 2026, with €572bn in imports and €196bn in exports. The resulting €376bn trade deficit was the second largest on record, underscoring Europe's continued dependence on Chinese manufactured goods despite efforts to diversify supply chains and reduce strategic vulnerabilities. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-08-59-44-1918-AM.png?width=584&height=584&name=image-png-Jul-13-2026-08-59-44-1918-AM.png) Source: Econovis   --- #### Chart #4 —  ## An oil glut?  Strait of Hormuz oil crossings have not recovered, yet oil prices are near the levels they were pre-war. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-09-01-56-4527-AM.png?width=878&height=449&name=image-png-Jul-13-2026-09-01-56-4527-AM.png)Source: Bloomberg, Gordon Johnson --- #### Chart #5 —  ## China bought 480,000 ounces of gold in June That’s its 20th consecutive month of buying, and its LARGEST purchase since October 2023. In twenty years of financing resource deals... We've never watched a bull market die while the largest, slowest money on earth was speeding up its buying. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-09-27-02-7876-AM.png?width=800&height=485&name=image-png-Jul-13-2026-09-27-02-7876-AM.png)Source: Katusa Research   --- #### Chart #6 — ## Cocoa is up 117% since the US-Iran war started in February 2026 The Strait of Hormuz carries over 30% of global seaborne fertiliser exports. When Iran closed the strait, fertiliser shipments to West Africa stopped. West Africa produces 70% of the world's cocoa. Without fertiliser during planting season, yields drop and supply tighten. Shipping costs for alternative routes surged simultaneously, raising the cost of transporting cocoa from farms to global markets. On top of that, El Niño weather risks have shrunk the projected 2026/27 cocoa surplus from 267,000 tons to just 149,000 tons, adding supply pressure on top of the war-driven cost increases. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-09-28-02-5552-AM.png?width=760&height=442&name=image-png-Jul-13-2026-09-28-02-5552-AM.png)Source: Bull Theory --- #### Chart #7 —  ## The yen secular decline  The Japanese yen is at its lowest level since 1986 against the US dollar, losing 54% of its value from the 2011 peak. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Jul-13-2026-09-28-33-3354-AM.png?width=774&height=455&name=image-png-Jul-13-2026-09-28-33-3354-AM.png)Source: Charlie Bilello --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Bond market vs US Treasury: who will yield?](https://blog.syzgroup.com/fast-food-for-thought/bond-market-vs-us-treasury-who-will-yield?hsLang=en) Nothing seems to curb the 10-year Treasury yield’s rise. Meanwhile, Japan’s currency defense is drying up it’s FX reserves and the S&P 500 is hiding something important. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 14/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [A record US-China yield gap?](https://blog.syzgroup.com/fast-food-for-thought/a-record-us-china-yield-gap?hsLang=en) Meanwhile, European countries are having their own bond crisis. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 07/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Nvidia’s record-breaking day](https://blog.syzgroup.com/fast-food-for-thought/nvidias-record-breaking-day?hsLang=en) Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 31/08/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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