BREAKING: Container shipping costs from China have spiked to their highest levels since 2022
Since the beginning of 2024, shipping rates have more than TRIPLED. It now costs ~$9,000 to ship a 40-foot container from Shanghai to New York and ~$8,000 to Los Angeles. This has been driven by a sharp drop in Suez Canal transit volume, disruptions at some ports in Asia, and demand increase due to inventory restocking. Rising shipping costs should be considered as an upside risk to inflation. Source: The Kobeissi Letter
Hedge Funds reduced their bearish Japanese Yen bets by the 5th largest amount in history (week ended August 6)
Source: Bloomberg
About that ether crash last week: biggest surge in CFTC Ether leveraged shorts on record
Source. Bloomberg, CFTC, www.zerohedge.com
US banks are facing $517 Billion of Unrealized Losses - nobody wants interest rate cuts more than them
Source: Barchart, BofA
American stock ownership is back at all-time highs
Source: Markets & Mayhem, Visual Capitalist
As the Mag 7 slow the rest of the SP500 is showing signs of improving growth
Source: Bloomberg intelligence, Markets & Mayhem
A liquidity shock >>> SPX trading liquidity has collapsed the most on record over 2 weeks
Source: Bloomberg, Alessio Urban
The rich are getting richer faster than ever before
The top 40% of US income earners hold 83% of the total net worth, near an all-time record. The top 20% account for 71% of the total net worth, up 10 percentage points over the last 2 decades. On the other hand, the bottom 40% of income households hold only 8% of the wealth. Moreover, the bottom 20% of earners reflect just 3% of total US wealth. Over the last few years, the rich have gotten a lot richer. Most consumers are struggling. Source: The Kobeissi Letter, BofA
