Syz the moment

Source: Chris Millas @ChrisMMillas

*ADP PRIVATE PAYROLLS: -33K vs 98K exp. First negative print since March 2023. Private sector hiring unexpectedly contracted in June, payrolls processing firm ADP said Wednesday, in a possible sign that the economy may not be as sturdy as investors believe as they bid the S&P 500 back up to record territory to end the month. Private payrolls lost 33,000 jobs in June, the ADP report showed, the first decrease since March 2023. Economists polled by Dow Jones forecast an increase of 100,000 for the month. The May job growth figure was revised even lower to just 29,000 jobs added from 37,000. To be sure, the ADP report has a spotty track record on predicting the subsequent government jobs report, which investors tend to weigh more heavily. May’s soft ADP data ended up differing significantly from the monthly jobs report figures that came later in the week. Source: Zerohedge, Bloomberg, CNBC

This occurred on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. Trump wrote in a social media post that Japan's reluctance to import American-grown rice was a sign that countries have become "spoiled with respect to the United States of America." "I have great respect for Japan, they won't take our RICE, and yet they have a massive rice shortage," Trump wrote on Truth Social. "We'll just be sending them a letter, and we love having them as a Trading Partner for many years to come." Trump said last week that his administration would send letters to a number of countries notifying them of their higher tariff rates before July 9, when tariff rates are scheduled to revert from a temporary 10% level to his suspended rates of 11% to 50% announced on April 2. Trump's Monday complaint about U.S.-Japan rice trade follows his comments broadcast on Sunday that Japan engages in "unfair" autos trade with the U.S. Source: Reuters, FT

Ferrari just dropped the Amalfi, a sharp new V8 coupe built to replace the Roma and keep the engine noise alive a little longer. It’s got a 3.85L eight-cylinder engine and slides into Ferrari’s entry segment, though nothing about it screams budget. This isn’t just a last hurrah for gas lovers either. It follows the hybrid 296 Speciale, so Ferrari’s clearly hedging its bets. Their first fully electric model is still coming, but for now, the Amalfi is here to make sure your neighbors still hear you arrive. Source: Reuters thru Mario Nawfal on X

Source: @brewmarkets

Source: Markets & Mayhem, GS

A stronger CHF poses significant challenges for Swiss firms, particularly exporters, as it erodes their pricing power on the global stage. This could pressure corporate margins and economic growth in Switzerland. Note that the August 2011 high at 1.3125 is not too far away. What will the SNB do in case of breakout? Heavy use of its balance sheet (at the risk of being pointed out by Trump as a currency manipulator) and/or negative interest rates?

The World Rnking @worldranking_ on X