Zombie Companies (businesses unable to cover their debt payments) have reached the highest level in almost 4 years 🚨🚨🚨
Source: Bloomberg
We actually got some US macro data yesterday.
Better than expected survey data for the New York Manufacturing sector along with a jump in construction spending (handily beating the expectations of a small decline), both prompted a further decline in rate-cut odds for December (down to less than 40%)... Source: www.zerohedge.com, Bloomberg
The short-term holder supply in profit/loss ratio is the lowest it’s ever been in the history of bitcoin.
Indeed, 95% of bitcoin $BTC held by short-term holders, those who bought less than 155 days ago, is underwater. Even with two 30% drawdowns this cycle, the speed and severity of the current drawdown have made it much more severe. Source: Joe Consorti, Frank @FrankAFetter
Is Michael Saylor's Strategy under attack?
Its mNAV is now negative - i.e the company's market cap is less than its BTC holdings.. Source: zerohedge
Credit spreads of the hyperscalers (red line - inverted) continue to widen out...and start to put donward pressure on AI equity basket (green line)
Source: Zerohedge
The spread between tech and Bitcoin is stretched to historic extremes.
Either $BTC reclaims ground, or $NQ has unfinished business on the downside. Source: Trend Spider
Why You Always Watch Japanese Rates.
Source: The Market Ear @themarketear
WALLER: Supports a December cut...citing "a weak labor market and mon pol that is hurting low and middle-income consumers."
Waller has been a Fed leader and, whether his view of a Dec cut prevails, the Fed will eventually be forced to respond to the lower-K. Source: 3fourteenresearch
