Syz the moment

Source: Documenting Saylor @saylordocs on X

That means China tariffs go from 50% to 75% (and 20% in Jan. '25). Will it be applied on China as well??? Source: Robin Brooks

Source: Drew @aKellyBrand on X

According to the FT, Swiss political figures are calling for Fifa president Gianni Infantino to be enlisted to help sway Donald Trump, as the country reels from being saddled with the highest US tariff rate in Europe. The calls come as Switzerland’s president and economy minister failed in a last ditch bid to avert the implementation of 39 per cent tariffs, as they left Washington empty handed. President Karin Keller-Sutter and economy minister Guy Parmelin met with Marco Rubio on Wednesday afternoon but announced no change to the high tariff. The Swiss delegation was unable to secure a meeting with Trump. According to the FT article: "One member of Switzerland’s upper house as well as a former Swiss ambassador are among those arguing the world football chief could help secure vital access to the US president, with whom he has a long-standing rapport (...) National Councillor Roland Rino Büchel, also a member of the SVP, was among those arguing the Fifa president could act as an informal backchannel to the US president. Trump has previously referred to Infantino as “a friend of mine”, a “winner” and an “excellent guy”. Source: FT

US equity market cap as a percentage of the developed world total rose for a third month to 72.5% at the end of July, while Europe's weight declined to 16.1%. Source: Augur Infinity

However, the Goldman Sachs Stagflation basket barely moved. Still, this one needs to be monitored closely as periods when this basket moves up are generally not good ones for US equities broader index. Source: Bloomberg, GS

🚨 The U.S. tried to raise $58 billion and demand came in cold. Foreign demand hit a low, and big banks had to step up. This auction’s bid-to-cover ratio was 2.53. That means: for every $1 the government wanted to borrow, $2.53 was offered. Sounds healthy but what matters is who’s bidding, not just how much. Indeed, foreign buyers took 54%, their lowest share in over a year. So if foreigners are stepping back… who’s stepping in? U.S. investors (directs) who took 28% near record high. That means that US Pensions, insurance companies, and hedge funds are the ones who filled the gap. Big banks got stuck with 18%, which is not great. Despite the weak 3-year demand, the 10-year yield didn’t move much staying around 4.20%. Why? Because the market already expected this weak auction. And everyone’s watching the Federal Reserve instead. But if auctions continue to be on the weak side, things might start to become more difficult for the US Treasury, especially on longer maturities. Source: StockMarket.News on X

➡️ There were 987 Tesla vehicles registered in July, compared with 2,462 in the same month last year, according to figures from the UK’s Society of Motor Manufacturers and Traders. Meanwhile, BYD registrations in the UK rose more than fourfold year on year to 3,184 in July, according to SMMT. ➡️ In July, Tesla registrations also fell 86 per cent to 163 vehicles in Sweden, 27 per cent to 1,307 cars in France and 58 per cent to 460 vehicles in Belgium, according to official industry data. ➡️The declines came despite the recent release of an upgraded version of its flagship Model Y sport utility vehicle. The slowdown comes amid consumer uncertainty over which models would be eligible for the government’s new EV subsidy scheme. Source: FT