Bitcoin spot ETFs enjoy record month in inflows, 1.38 million bitcoin still need to be mined in order to reach the maximum supply of 21 million bitcoin, but will we hit a bitcoin liquidity crisis? Each week, the Syz investment team takes you through the last seven days in seven charts.

Recent U.S. inflation figures, embodying both the CPI and PPI, underscore persistent uncertainties, highlighting that the journey to stabilize inflation is far from over. These developments advocate for a prudent stance from the Federal Reserve, emphasizing the necessity of patience before contemplating any policy easing in the face of the "last smile" of disinflation.

US stocks were mostly lower for the week, as investors weighed upside surprises in inflation data and signs of moderating consumer spending. The Dow Jones Industrial Average held up better than other indices and reached a record high on Wednesday before falling back to end the week. Energy shares outperformed on the back of higher oil prices, while technology shares lagged due to weakness in NVIDIA and other chipmakers. On the macro side, US retail sales rose 0.6% in February, missing  expectations. The US CPI rose 0.4% in February, in line with consensus expectations, but core prices (less food and energy) rose a tick more than expected, also by 0.4%. The PPI rose 0.6% MoM in February, roughly double consensus estimates and the most in six months.

US stock market concentration means 50% fewer publicly traded companies since 1995, while bitcoin reaches new heights and France’s budget needs tidying up. Each week, the Syz investment team takes you through the last seven days in seven charts.

Growing hopes that the Federal Reserve might begin cutting interest rates sooner rather than later appeared to help bring the S&P 500 and the Nasdaq Composite indices to new record intraday highs before pulling back late Friday. Small-cap and value shares outperformed, while mega-cap tech shares lagged due in part to a decline in Apple following reports about slowing iPhone sales in China. Notably, Danish pharmaceuticals company Novo Nordisk displaced Tesla on Thursday as the 12th biggest public company by market capitalization. On the macro side, Friday’s US jobs report showed that employers added 275,000 jobs in February, more than consensus forecasts, but January’s gain was revised significantly lower, from 353,000 to 229,000.

Kicking off March, the fixed income markets have experienced a robust rally, marked by a 1.2% surge across global bonds. This rebound aligns with a notable decline in the Citi US Economic Surprise Index and the most significant weekly inflows into global bonds since January 2023, heralding a potentially optimistic phase for bond investors.

Apple stock has a worm, while Asian stocks soar, and commodities suffer from geopolitical uncertainty. Each month, the Syz investment team takes you through the last 31 days in 10 charts.

Bitcoin passed the $60,000 mark, emerging markets dwarfed by magnificent 7, and shoe manufacturer On Holding takes an upward hike. Each week, the Syz investment team takes you through the last seven days in seven charts.

The Nasdaq Composite rose to an all-time high Friday, surpassing its 2021 record while the S&P 500 closed above 5100 for the first time. The month also closed a strong February, with the S&P 500 marking its strongest beginning two months of the year since 2019. The week’s gains were also broad-based, with an equal-weighted version of the S&P 500 Index modestly outperforming its capitalization version. Thursday’s release of the PCE price index was a disappointment as core prices rose by 3.9%, above expectations of around 3.7%. The 12 Fed policymakers scheduled to deliver speeches over the week all seemed to echo the recent narrative that they were in no rush to cut interest rates. But on Friday, a disappointing ISM Manufacturing index (back to 47.8) and Fed Governor Waller indication that the Fed might be willing to implement a new “Operation Twist” pushed bond yields lower and gold prices higher.

In 2024, the credit market has notably outperformed rates, highlighting a period of resilience and investor favor towards corporate bonds. Yet, with spreads tightening to historic lows and a complex economic backdrop, we ponder the sustainability of this outperformance. How long can credit maintain its edge in the face of potential rate adjustments and economic uncertainties?