THE BITCOIN SUPPLY-DEMAND MISMATCH EXPLAINED IN ONE NUMBER
Spot Bitcoin ETFs bought 5,676 BTC yesterday, while miners only produced 450 BTC Source: Bitcoin Magazine
ECB cut the key rates by 25bps as expected.
Depo rate to 3.25%, Main Refi to 3.4%. Guidance is unchanged: ECB to follow data-dependent, Meeting-by-Meeting approach. • Even after this third rate cut of the year, monetary policy remains restrictive in Europe, with the real short-term rate still at a level not seen over the past 15 years. Given the ongoing dynamics in economic activity and inflation, this implies that the ECB will have to continue to lower rates in the coming months, in order to bring its monetary policy to a neutral stance at minimum. Rate cuts at the coming meetings are therefore to be expected, in December and in the course of 2025. Given the worrying trend in economic activity data, an acceleration in the pace of rate cuts, with a possible 50bp cut at the December meeting, cannot be ruled out. If growth in the Eurozone stalls, a faster pace of rate cuts to remove the restrictiveness of the monetary policy, or even to move it into supportive territory, might prove to be warranted. Source chart: Bloomberg
👉 A SYNCHRONIZED GLOBAL MONETARY POLICY EASING
71% of major central banks are now easing their monetary policy, the most since the 2020 CRISIS. This is also in line with the Financial Crisis and the 2001 recession. Source: BofA
Central Bankers from Mexico, Mongolia, and the Czech Republic say they will buy more Gold to add to their Reserves
Source: Barchart
Semiconductor scare triggers a wave of profit-taking across the Nasdaq today.
$ASML, the main culprit, reports Q3 earnings tomorrow before market open. Source: Trend Spider
OUCH! ASML’s reduced sales forecast and 3Q booking miss sink semiconductor stocks.
Semiconductor index Sox down 4% with ASML down 13.4%. Source: HolgerZ, Bloomberg
China Weighs $853 Billion Debt Swap to Rescue Local Governments
Source: - Bloomberg
BREAKING: Donald Trump is now 10 percentage points ahead of Kamala Harris in the 2024 election, according to @Kalshi's prediction markets.
Since October 10th, election odds have gone from 50-50 to sharply favouring Donald Trump. Source: Kalshi
