Goldman Sachs: "We have seen one of the weakest periods of relative returns for technology over the past 50 years."
Source: Brian Sozzi @BrianSozzi, Goldman Sachs
Forget US Treasuries, Chinese bonds are the new safe-haven trade
Since the start of the war, foreigners have: - Dumped $82B of Treasuries - Piled into panda bonds And this has nothing to do with China paying higher yields… - US 10-year yield: 4.4% - China 10-year yield: 1.8% In the midst of the biggest energy crisis, foreigners are choosing panda bonds over USTs. Source: Bloomberg, Lukas Ekwueme
10 banks shape the profit map of global finance.
Source: Antony Martini, Macrotrends
Why an Attack on Iran’s Power Grid Would Ripple Across the Region
Iran’s electricity grid is interconnected with several neighboring countries, so disruptions wouldn’t stay contained—they could spread beyond its borders. Key links include: • Iraq, Afghanistan, Pakistan — import Iranian power • Turkey — two-way grid connection • Armenia, Azerbaijan, Turkmenistan — tied through energy networks A major disruption could: Cause blackouts or shortages in connected countries Disrupt regional energy trade and markets Increase instability in states relying on Iranian electricity Power grids are interconnected systems, not isolated assets—so impacts are often regional, not just domestic. Source: Dr. Taimoor Zaman Khan, wikipedia
Meanwhile... Power is shifting in Vietnam, one of Asia’s fastest-growing economies. Here's why you should pay attention.
Vietnam’s new president, To Lam, has consolidated both party and state leadership — a first in decades. This move signals faster decision-making, deeper reforms, and a more centralized vision for growth. What’s happening: • Stronger leadership control • Aggressive anti-corruption drive • Government restructuring at scale (150,000 bureaucratic jobs cut; 8 ministries abolished) • Private sector pushed to the forefront. 10%+ GDP growth targeted. And he’s just getting started. Why it matters: Vietnam is a critical node in global supply chains and a key alternative to China. But with rising reliance on the US and external shocks (energy, geopolitics), the stakes are higher than ever. The big question: Can centralized power accelerate growth — without losing internal consensus? This is not the Vietnam of 10 years ago. This is a nation that has found its footing — and is now running. Vietnam is entering a defining chapter. Source: FT
Last year’s price drop of -18.9% was way bigger than this selloff’s -9.1% max drawdown, but this year’s valuation pullback (-18.4%) is almost the same as what we’ve seen last year (-19.5%)
Source: Daily Chartbook
Iran War Sees Lowest U.S. Approval Rating Ever
Source: Voronoi
Many scenarios for the end of the Iran war suggest that Tehran will gain permanent control of the Strait of Hormuz
An analysis by JP Morgan suggests that Tehran could raise up to $90 billion a year this way, instantly making Iran one of the wealthiest Gulf economies. Source: ChrisO_wiki
