Party like it's 2021?
Goldman Non-Profitable hashtag#Tech Index has gained 50% since the April low. Source: Bloomberg, Goldman Sachs
Treasury Secretary Scott Bessent asked Republicans in Congress on Thursday to remove the so-called “revenge tax” from President Trump’s “big, beautiful” bill
The provision would grant Trump the authority to tax foreign holdings of US investments as a way to retaliate against countries imposing new taxes on US companies operating overseas. Bessent argued that the provision, known as Section 899, was no longer necessary after the Trump administration reached a deal with G7 nations at last week’s summit to exempt US companies from a 15% global corporate minimum tax championed by the Biden administration. “After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests,” the Treasury secretary wrote on X. “President Trump paved the way for this historic achievement.” Source: New York Post
China’s industrial profits sink on US Tariffs, deflation woes - Bloomberg
China's industrial firms saw their profits drop the most since October, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Industrial profits fell 9.1% last month from a year earlier, according to data released Friday by the National Bureau of Statistics.
U.S. Durable Goods Orders Soar Much More Than Expected In May - thanks to huger aircraft orders from the Middle East.
New orders for U.S. manufactured durable goods spiked by much more than expected in the month of May, according to a report released by the Commerce Department on Thursday. The report said durable goods orders soared by 16.4 percent in May after tumbling by a revised 6.6 percent in April. Economists had expected durable goods orders to surge by 8.5 percent compared to the 6.3 percent slump that had been reported for the previous month. Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5 percent in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat. Here is the surge in aircraft (Boeing) orders following Trump's trip to the middle east Source: zerohedge @zerohedge, RTTNews
Top public bitcoin Treasury companies
The race is on to acquire as many bitcoin as possible. https://lnkd.in/e3G87qYN
The Hong Kong Monetary Authority said it used HK$9.4bn ($1.2bn) of its reserves to buy Hong Kong dollars on the open market.
It acted after the local currency dropped past HK$7.85 per US dollar, the weak end of the band within which it is allowed to trade. The move will drain liquidity from the banking system and pushed up interbank lending rates on Thursday, potentially threatening a carry trade that has allowed investors to borrow cheaply in the city’s currency before investing in higher-yielding US debt securities. Source: FT https://lnkd.in/evksjsp9
Emerging markets $EEM are breaking out to 3-year highs.
Source: Ross J Brown RJB Financial Direction Limited
Remember IBM?
Over the past 5 years, it has outperformed: • Microsoft • Apple • Google Source: Brew markets
