Oil is pushing the massive trend line. We haven't closed here since August.
Source: TME
Shares of alternative asset managers tumbled on Thursday
After Blue Owl Capital Inc. restricted withdrawals from one of its retail-focused private credit funds, a fresh blow to a sector that’s faced heightened scrutiny in recent weeks. ... The selloff extended to Europe as big private equity players there tracked US peers lower in afternoon trading. CVC Capital Partners Plc fell as much as 4.5% in Amsterdam, while Switzerland’s Partners Group Holding AG slid as much as 5.3%. Source: zeibars @zeibars
KOSPI vs MAG index performance over the past 6 months needs little commenting.
Source: TME
Alphabet $GOOGL fell below its 50-day moving average last week and now sits right at the 100-day
If that breaks, a return to the 200-day MA might be in play Source: Barchart
A tale of two tech markets semis versus software
Source. TME, Bloomberg / Kevin Gordon
The U.S. trade deficit for 2025 remained in the red at $901.5 billion
This marks one of the largest gaps in history, slightly down (0.2%) from the $903 billion recorded in 2024, despite new tariff policies. December 2025 saw a sharp 32.6% rise in the deficit to $70.3 billion due to surging imports. Source: Bloomberg
Apple’s 40-day correlation to the Nasdaq 100 Index tumbled to 0.21 last week, the lowest since 2006, according to data compiled by Bloomberg.
Its correlation with the benchmark has been on the decline since May, when it reached 0.92, as Apple’s decision to mostly sit out the AI arms race has turned it into an outlier compared with many of its rivals. Source: zerohedge
Although global markets have narrowed the gap with the US in recent weeks, US equities still trade at a roughly 40% valuation premium to the rest of the world.
That premium could shrink further if big tech companies lose their capital-light appeal due to rising capex and begin to be valued more like capital-intensive businesses. Source: HolgerZ, Bloomberg
