Charles-Henry Monchau

Chief Investment Officer

Chart #1 — 

A less euphoric US job market than it seems

Non-farm job growth in the United States has been revised downwards by 818,000 for the fiscal year ending in March, according to the latest Labor Department figures released on Wednesday. The latest figures show that 2.1 million jobs were created in the period from April 2023 to March 2024, instead of the 2.9 million initially announced, translating to a downward revision of 30%. This is the biggest negative revision to employment figures since the great financial crisis of 2008. Above all, it took place during an election year.

Although revisions of employment statistics are fairly common in the United States, this one is considerably higher than the downward revision of 306,000 jobs a year earlier. This figure opens the door to a Fed rate cut at their September meeting.

Source: www.zerohedge.com, The Kobeissi Letter


Chart #2 — 

“Million dollar baby”

The price of gold continues to break records. For the 1st time in history, a bar of gold is trading at over 1 million US dollars.


Chart #3 — 

Relative to the price of gold, the S&P 500 is at the same level as in 1971

 

Here, we have a surprising chart. If we compare the value of the S&P 500 with the price of gold, the US equity index is exactly where it was in August 1971.This date is significant because this was when President Richard Nixon broke the link between the dollar and gold.

Source: Bloomberg, Jesse Felder @jessefelder on X


Chart #4 — 

Why you need to stay invested

On the right is a chart of the S&P 500 since 1993. An investor who invested $10,000 in the S&P 500 in 1993 has had to face many crises since then: 
  • The Asian crisis in 1997
  • The bursting of the Internet bubble 2000
  • The great financial crisis of 2008
  • The European debt crisis of 2011
  • The pandemic in 2020
  • Additional other recessions, flash-crashes and the like. 
But the investor who kept their cool and stuck to their guns turned the $10,000 into $195,000, an annualized performance of 10%.

Source: @KoyfinCharts


Chart #5 — 

The Top 10 global equities have changed significantly in 15 years

This compares the 10 largest market capitalizations to date (left-hand column) with the Top 10 of 2009 (right-hand column). The only company to remain in the Top 10 is Microsoft.

4 Chinese companies were in the Top 10 in 2009, compared with none today. It is also noteworthy that 4 energy companies appeared in the ranking in 2009. compared with just one (Saudi Aramco) today.

Technology companies dominate the 2024 Top 10, 7 out of 10 excluding Tesla.

Finally, the weight of the Top 10 in the MSCI World index is now close to 25%, compared with less than 10% in 2009. The concentration effect is therefore much more pronounced.

Source: Stocktwits, Yahoo Finance

 


Chart #6 — 

Who are the biggest Bitcoin holders?

The following list names the top 10 bitcoin holders worldwide. It is a very eclectic ranking, because it includes the founder, exchange platforms, asset managers and even governments.

Source: Vivek@Vivek4real_ on X

 


Chart #7 — 

Evolution of the number of AI patents granted each year, by country

 

This infographic demonstrates the number of AI-related patents granted every year between 2010 and 2022 (latest data available). These figures come from the Center for Security and Emerging Technology (CSET), consulted via Stanford University's 2024 AI Index report.

This data shows that China overtook the United States for the first time in 2013. Since then, the country has seen huge growth in the number of AI patents granted each year.

In 2022, China obtained more patents than all the other countries combined.

While these figures indicate that the country is very active in artificial intelligence research, it don't necessarily mean that China is the most advanced in terms of capabilities.

This makes us wonder, where does Europe fit into the AI picture?

Source: Alvin Foo, Visual Capitalist


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.

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