In Germany, the latest Ifo Business Climate Index suggests the economy is holding up surprisingly well despite rising tariffs.
The index edged up from 88.4 in June to 88.6 in July – slightly below expectations (89.0). This marks the 7th consecutive monthly improvement, this month driven mainly by better assessments of current business conditions. However, underlying growth remains weak. According to Capital Economics, the survey results remain consistent w/a GDP contraction based on long-term historical patterns. That said, the Ifo has not been a reliable predictor of GDP in recent years. Source: Bloomberg, HolgerZ
TRUMP HITS LOWEST APPROVAL OF SECOND TERM AT 37%
Six months in and the honeymoon's over. Independents crashed from 45% to 29% - that's the real story here. Republicans still at 89% (cult-like loyalty intact). Democrats at 2% (shocking absolutely nobody). The independent collapse matters most. They decide elections, and they're abandoning ship at record pace... Source: Gallup Poll, @AFpost thru Mario Nawfal
German business activity continued to grow marginally in July, though at a slightly slower pace than in June.
The German flash composite PMI fell to 50.3 points in July, down from 50.4 in June and below the 50.7 forecast in a Reuters poll. Source: Bloomberg, HolgerZ
Us equities markets very EXTREMELY expensive: The Shiller P/E ratio on the S&P 500 is now at 38.8x, the highest since the 2000 Dot-Com Bubble burst.
The Shiller P/E ratio is higher than it has been 96% of the time in history. Source: Global Markets
Nasdaq posted its 63rd consecutive day above its 20-day moving average, the longest streak since the dot com bubble.
Source: zerohedge, Bloomberg
The Mag 7 has consistently blown the doors off EPS estimates
Mag 7 EPS growth is expected to hit 14% this quarter Source: Mike Zaccardi, CFA, CMT, MBA, JP Morgan, Bloomberg
LOOK OUT: $ETHA iShares ethereum Trust ETF just hit $10b in one year flat, the 3rd fastest ETF to hit that mark in history after (you guessed it) two bitcoin ETFs $IBIT & $FBTC.
Amazingly it went from $5b to $10b in just 10 days. The ETF is Top 5 in flows for the last month and the week Source: Bloomberg, Eric Balchunas
$PLTR trailing P/E: 336x
Source: Trend Spider
