Senate reaches deal to end government shutdown
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Germany, continues to lose ground on global stock markets.
The market value of German equities has dropped to just 2% of total global market capitalisation, as the early-year momentum has completely faded. Source: HolgerZ, Bloomberg
Lot of panic out there, but don't lose faith in November yet.
S&P 500 up 10% YTD heading into November? November higher 13 of the past 14 years. Final two months of the year higher 16 times in a row. Source: Ryan Detrick, CMT @RyanDetrick
The S&P 500 has gained 10% per year over the long run (including dividends) but that return hasn't come in a straight line.
Changes in investor sentiment have led to huge deviations from the 10% trendline at times, with periods of extreme greed (2000) & extreme fear (2009). $SPX Source: Charlie Bilello
🌍 G7 vs BRICS: The Global Power Shift Is On ⚖️
1️⃣ 💰 Debt: G7’s debt-to-GDP is 120%+, while BRICS sits around 60% — more fiscal freedom, less dependence on borrowing. 2️⃣ 👶 Demographics: G7 is aging fast, but BRICS nations enjoy a younger, growing workforce driving productivity and innovation. 3️⃣ ⚡ Energy Advantage: BRICS benefits from lower energy costs — a huge edge as AI ⚙️ and data centers drive up global power demand. 4️⃣ 📊 Fiscal Models: G7 relies on asset inflation & deficits to sustain wealth, while BRICS focuses on real income, production, and investment. 5️⃣ 🌏 Economic Gravity: At PPP, BRICS’ share of global GDP is set to surpass G7, shifting the world’s economic center eastward. 6️⃣ 🏅 Monetary Resilience: BRICS is exploring gold-backed systems and private gold ownership — a hedge against the West’s paper-asset dependence. 💡 Bottom line: The future of growth, energy, and real wealth is tilting east — and the world order is quietly being rewritten. ✨ Source : The Economist
A week ago, S&P 500 Q3 earnings were up 10.7% YoY.
Today is it 13.0%. Earnings continue to drive this bull market. Source: Ryan Detrick, CMT @RyanDetrick Carson
Tesla said shareholders voted in favor of CEO Elon Musk’s almost $1 trillion pay plan, with 75% support.
Board members recommended shareholders approve the pay plan, which they introduced in September. Top proxy advisors Glass Lewis and ISS recommended voting against it. Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas. The package for Musk consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024. The full award would give Musk, who already holds about 13% of the EV maker, more than 423 million additional shares and take his stake to about 25%. Musk would receive the first tranche of stock if Tesla hits a market capitalization of $2 trillion. Tesla’s current market cap is $1.54 trillion. The next nine tranches would be awarded if Tesla’s value increases by increments of $500 billion, up to $6.5 trillion. Musk would earn the last two tranches if the market cap rises by increments of $1 trillion, meaning it would need to hit $8.5 trillion for Musk to get the full package. Other goals tied to the pay plan include reaching 20 million vehicle deliveries, 10 million active FSD subscriptions, 1 million bots delivered and 1 million robotaxis in commercial operation. To date, Tesla has delivered more than 8 million vehicles, according to its September proxy statement. Source: CNBC
Gold and gold miners together represent about 5% of total global assets.
That is approximately 7–5 times below the highs reached in prior cycles. Source: Tavi Costa, Bloomberg
