It's a race to the first major fib extension.
Who's tagging it first? $SPY | $QQQ
Less than 50% of european equities sectors are reporting positive YoY EPS growth
Source: MacroMicro
Europe is heading for the next humiliation. If Nvidia continues its triumphal march, the chip manufacturer could soon be worth more than the 50 largest comps in the Eurozone.
$NVDA hits a new all-time high yesterday. Nvidia is now valued at $4.3 Trillion Source: HolgerZ, Bloomberg
LIQUIDITY ALERT >>> The Treasury released their borrowing estimates.
$1.6T in net new debt issuance over the next two quarters. About $500B of it is the TGA refill. Source: Lyn Alden
The EU has admitted it doesn’t have the power to deliver on a promise to invest $600 billion in the United States economy, only hours after making the pledge at landmark trade talks in Scotland.
That’s because the cash would come entirely from private sector investment over which Brussels has no authority, two EU officials said The deal included a pledge to invest an extra $600 billion of EU money into the U.S. over the coming years. “It is not something that the EU as a public authority can guarantee. It is something which is based on the intentions of the private companies,” said one of the senior Commission officials. The Commission has not said it will introduce any incentives to ensure the private sector meets that $600 billion target, nor given a precise timeframe for the investment. However, the first official said that the $600 billion figure was "based on detailed discussions with different business associations and companies in order to see what their investment intentions are." Source: Politico
EU trade deal with Trump sparks backlash in Europe: The new trade agreement w/the US is drawing criticism across Europe.
German Chancellor Friedrich Merz said, "I'm not satisfied with this result in the sense of calling it 'good.' But considering where negotiations started with the US, achieving more just wasn't realistic." French Prime Minister François Bayrou went further, calling the EU’s acceptance of the deal a “dark day” and a sign of submission. The EU is the US’s largest trading partner, with a trade surplus of ~$250bn. Critics argue the asymmetrical deal reflects the true balance of power – and that a region which lags economically and relies on US security shouldn't be surprised when it's forced to make concessions. Source: Yahoo Finance, HolgerZ
From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out)
The world has "chickened out" against Trump, per FT. "America’s trading partners have largely failed to retaliate against Donald Trump’s sweeping tariffs, allowing a president taunted for “always chickening out” to raise nearly $50bn in extra customs revenues at little cost. Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos. At the same time US revenues from customs duties hit a record high of $64bn in the second quarter — $47bn more than over the same period last year, according to data published by the US Treasury on Friday".
THIS IS WHY YOU NEVER FOLLOW WALL STREET PRICE TARGETS BLINDLY
Source: Gurgavin, Yahoo Finance
