🚨China’s rare earth magnet exports COLLAPSED
Total shipments FELL 76% YoY in May, to 1,238 tons, the least since February 2020. Exports to the US FELL 92% YoY to 46 tons, and LESS than 1/10 of what was recorded in March. Source: Global Markets Investors
Average annual inflation of 152 economies since 1971 when Bretton Woods collapsed.
No economy has averaged less than 2% inflation but Switzerland at 2.2% comes closest. Source: The Market Ear
Europe has a massive electricity problem...
According to a FT article, thousands of businesses and households are waiting to connect to the Dutch grid, forcing network operators to ration power in an early indicator of what other European countries are likely to suffer as the speed of electrification increases. More than 11,900 businesses are waiting for electricity network connections, according to Netbeheer Nederland, the association of Dutch grid operators. On top of that are public buildings such as hospitals and fire stations as well as thousands of new houses. Dutch officials and companies said lengthy waits for connections were holding up economic growth and could force businesses to rethink their investment plans. Despite efforts to invest in new cables and substations, new connections in some areas of the country will only become available in the mid-2030s, according to network operators. Although the bottlenecks in the Netherlands are particularly acute, analysts say it is a harbinger of what is likely to occur in other EU countries, as the speed of electrification increases to meet the bloc’s ambitious decarbonisation targets.
US tariff revenues hit a new record in June, reaching $26.6bn – up from $22.2bn in May.
Since the fiscal year began in Nov, total customs revenue has climbed to $108bn, w/most of it collected in recent months as Trump’s tariffs take effect. Source: HolgerZ, Yahoo Finance
Wide dispersion among the Mag 7 so far this year
-Nvidia/Meta/Microsoft outperforming -Amazon/Google/Apple/Tesla underperforming Big shift from the previous few years when they all moved in tandem. Source: Charlie Bilello
Treasury Rate Volatility $MOVE falls to lowest level since January 2022
Source: Barchart
Q2 earnings season is starting this week with the banks as usual!
Source: Earnings Whispers
Silver is dirt cheap relative to gold.
Source: GoldSilver HQ on X
