GOLD IS OUTPERFORMING THE STOCK MARKET BY A WHOPPING 42.5% SO FAR THIS YEAR 😮
Source: GURGAVIN @gurgavin on X
The breaking of this relationship is a measure of stress in markets ...
It continues to widen, i.e higher rates are not supporting the dollar right now. Does it mean they might have to go a lot higher to stop the dollar from falling??? Source: Bianco Research
Current Gold rally put in perspective
Source: Chart @topdowncharts
🚨The US stock market $SPY is now the 2nd worst out of 45 country ETFs since President Trump's term began in January.
The US is down 14% versus the average country that's up 3.7%. Germany $EWG is outperforming the US by 25 percentage points.🚨 Source: Bespoke
Chinese state-backed funds are cutting off new investment in US private equity, according to several people familiar with the situation, in the latest salvo against President Donald Trump’s trade war.
State-backed funds have been pulling back from investing in the funds of US-headquartered private capital firms in recent weeks, according to seven private equity executives with knowledge of the matter. The moves come in response to pressure from the Chinese government, three of the people said. Some of the Chinese funds are also seeking to be excluded from private equity investments in US companies, even if those investments are made by buyout groups based elsewhere, some of the executives added. The change in approach to the US comes as China has borne the brunt of US tariffs announced in the past three weeks that threaten to significantly curtail trade between the world’s two biggest economies. Source: FT
Which firm has the most CFA Charterholders?
58 firms have 300 or more CFA Charterholders. They are domiciled in 11 countries (alphabetical order): Australia, Canada, China, France, Germany, Japan, Netherlands, Spain, Switzerland, UK, USA. These 58 firms still employ a combined quarter of all CFA Charterholders. RBC moved from third place to first place, trading places with UBS which last year had been boosted into the top spot as a result of the CS merger. JPMorgan remains #2, Bank of America #4 and Morgan Stanley #5. Goldman Sachs displaced Ernst & Young in the top 10. TD vaulted over HSBC to take the sixth spot while Blackrock snatched eighth place from Citi. A fun fact: over 1 in 10 of these 58 firms are led by CFA Charterholders. A total of 14,807 candidates passed the Level III exam during the February and August 2024 exam windows. Over the last 12 months the number of CFA Charterholders for the first time climbed over 200,000. Relatedly, the total number employed at these top firms rose by 5% (from 41,805 to 44,158). Source: Rob Langrick, CFA, CIPM
WELLS FARGO + COWEN FLAG AWS DATA CENTER LEASING PAUSE
Both banks say Amazon $AMZN AWS has hit pause on some colocation leasing deals—mainly international. Cowen notes hyperscale demand is cooling a bit, especially in Europe, with Amazon slightly pulling back on U.S. colocation activity too. Wells Fargo heard from multiple sources that AWS is stepping back from ongoing leasing talks, mirroring what’s been seen from Microsoft lately. Source: Wall St Engine
Global money supply is exploding.
Source: Michael Saylor on X
