The Fed did almost no QT in the last 3 weeks
As highlighted by Tavi Costa, this was the smallest change in their balance sheet since the regional bank crisis in March 2023. Source: Bloomberg, Crescat Capital
"Australia (67%) and Canada (74%) have the highest percentage of money losing companies in the world and Japan (15%) has the lowest" - via @AswathDamodaran
Source: Charlie Munger Fans
China's holdings of US Treasuries continue to move in a straight line lower
Their holdings of US Treasuries have declined by $300 billion since 2021. Currently, China holds just under $800 billion of US Treasuries, levels not seen since 2009. As interest rates are peaking, the foreign private sector has been slowing purchases. Also, as China faces increasing economic headwinds, it is likely this trend resumes.
Where the next 1,000 babies will be born
Source: Amazing maps
Chinese Stocks have fallen to a P/E Ratio of just 8, their lowest valuation in a decade 👀
Source: Barchart, Bloomberg
All the headline numbers have showed that the labor market is incredibly strong
But is it really? Currently, the US has a record ~8.6 MILLION people that are holding 2 or more jobs. Since 2020, nearly 2.6 million people have taken on an additional job. Source: Bloomberg, The Kobeissi Letter
This US equity bull market doesn't care about earnings misses...
Despite the fact that >20% of SPX companies have missed, on average, they are still getting rewarded for it. Source: TME, Jefferies
The "Deutsche Mag 5" -> Germany has its version of Magnificent 7 stocks
An index consisting of SAP, Siemens, Allianz, Munich Re, and Deutsche Telekom has outperformed the Dax Price Index by almost 90ppts over a 10y period. Source: HolgerZ, Bloomberg, TME
Germany has its version of Magnificent 7 stocks">
Germany has its version of Magnificent 7 stocks">