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Monthly exports increased 3.1% to 1.9 billion Swiss francs ($2.2 billion) by value, the Federation of the Swiss Watch Industry said Tuesday. Growth was as high as 11.8% in the first half of last year. The number of timepieces exported rose 2.9% to 1.2 million as shipments of the Swatch brand’s Blancpain and Omega collaborations drove demand at the low end. The number of exported watches priced above 3,000 francs fell 4.5% in January, even as their value rose 4.3%, the Federation said in a statement. At the same time, the number of watches exported with a wholesale price of less than 200 francs surged 5.5% driven by the Swatch Group AG’s namesake brand. Exports to the US, the biggest market for Swiss timepieces, rose by a modest 2.2% by value. Mainland China exports gained 5% while shipments to Hong Kong fell 4.7%. Exports of watches hit a record 26.7 billion Swiss francs by value in 2023, but the rate of sales growth slumped to just 3.6% in the second half of the year as consumers pulled back. source : swissinfo

The CME Group will be launching euro-denominated micro Bitcoin and Ethereum futures next month, answering surging demand in the derivatives market. The Chicago-based trading firm announced on Tuesday that it would launch the crypto futures for the European market due to the popularity of U.S. dollar-denominated counterparts. The futures will launch on March 18, pending regulatory review. source : decrypt

“Accelerated computing and generative AI have hit the tipping point.” ~ Jensen Huang. Nvidia crushed already high expectations: • Revenue +22% Q/Q to $22.1B ($1.6B beat). • Gross margin 76% (+2pp Q/Q). • Operating margin 62% (+4pp Q/Q). • Non-GAAP EPS $5.16 ($0.52 beat). Q1 FY25 guidance: • Revenue ~$24.0B ($2.0B beat). SUMMARY OF NVIDIA, $NVDA, EARNINGS CALL: 1. Nvidia says demand still far exceeds supply for its products 2. Conditions are "excellent" for continued growth into 2025 3. Nvidia spent $9.2 billion in cash on share buybacks 4. Data Center revenue of $18.4 billion is a new record and above expectations 5. Nvidia has not received licenses to ship restricted chips to China 6. Started to ship alternatives to China market in "small volumes". Source: App Economy Insights, The Kobeissi Letter

The Nikkei 225 hit an all-time high of 38,924.88 as robust corporate earnings and steps aimed at boosting investor returns fuel a blistering rally in Japanese equities this year. Nikkei and Topix have been standout outperformers in Asia Pacific, up more than 10% in 2024 after surging more than 25% in 2023 — their respective best annual gain in at least a decade. Source: Bloomberg, CNBC

Since 3:00 PM ET, the S&P 500 has added $600 BILLION of value and Nvidia is itself is responsible for ~$220 BILLION of the value being added. In other words, more than ONE THIRD of the S&P 500's value added since 3:00 PM ET came from Nvidia. Nvidia is now just ~20% smaller than the entire combined value of Germany's stock market.... Source: The Kobeissi Letter

The discussion came as policymakers not only decided to leave their key overnight borrowing rate unchanged but also altered the post-meeting statement to indicate that no cuts would be coming until the rate-setting Federal Open Market Committee held “greater confidence” that inflation was receding. The meeting summary indicated a general sense of optimism that the Fed’s policy moves had succeeded in lowering the rate of inflation, which in mid-2022 hit its highest level in more than 40 years. However, officials noted that they wanted to see more before starting to ease policy while saying that rate hikes are likely over. Members cited the “risks of moving too quickly” on cuts. Source: CNBC Activate to view larger image,

"Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations." – Co-founder & CEO, Jensen Huang Nvidia reported fourth fiscal quarter earnings that beat Wall Street’s forecast for earnings and sales, and said that revenue during the current quarter would be better than expected, even against elevated expectations for massive growth. Revenue +265% *Data Center +409% *Gaming +56% *Professional Vis. +105% *Automotive -4% EBIT +983% *marg. 62% (21) EPS +765% Source: Quartr

The high yield of 4.595% was well above last month's 4.423% but worse, it tailed the yields that prevailed when it was issued (4.562%) by a whopping 3.30bps, which was the biggest tail on record for the tenor since the 20Y auction was introduced in May 2020. The bid to cover tumbled to 2.39, down from 2.53, well below the 2.59 six-auction average, and was the lowest since August 2022. The internals were even uglier, with Indirects awarded just 59.08%, lower than last month's 62.16%, sharply lower than recent average of 68.2% and the lowest since May 2021. And with Directs taking down 19.7%, Dealers were left holding 21.2%, the most since May 2021. Overall this was a very ugly auction, perhaps one can attribute it to nerves from today's FOMC Minutes which however should be a non-event as they are already rather dated and do not reflect the latest reflationary spike. In any case, yields promptly spiked with the 10Y rising as high as 4.325% before retracing some of the move, which also sent stocks sliding briefly before recovering. Source: www.zerohedge.com