APPLE IS EXPECTING BIG IPHONE 16 SALES, BASED ON CHIP ORDERS.
STOCK CLOSED UP NEARLY 3% Apple $AAPL has reportedly increased its chip order with TSMC $TSM, With the increased order in place, Apple is supposedly preparing to sell between 90M and 100M units of the iPhone 16 - Apple Insider
China 10-year yield declines to historic low as rally extends
The yield on China’s benchmark bonds fell to a record low as investors continued to snap up the notes amid pessimism about the domestic economy. The onshore 10-year government yield declined two basis points to 2.18%, set to close at the lowest since Bloomberg began tracking the data in 2002. Yields on the 20- and 50- year bonds have been trading at their historic lows for months. Source: Bloomberg
Bridgewater Associates is launching a fund that uses machine learning as the primary basis of its decision-making.
The vehicle will debut with almost $2 billion of capital from more than a half-dozen clients and begin trading Monday, according to people familiar with the matter, who asked not to be identified discussing the strategy. Source: Bloomberg
France's 10y risk spread over German bunds drops to 74bps on speculation Marine Le Pen’s far-right party will struggle to win an outright majority in French elections.
Source: HolgerZ, Bloomberg
S&P 500 buybacks have been much more powerfuil than passive flows
Source: GS
The US Treasury market remains volatile
The 10-year note yield is now up over 20 basis points in since Friday's intraday low. That's 20 basis points in a matter of hours without any material news? Or is it a Trump effect? UST over-supply? Whatever the reason, for the first time in almost 5 weeks, the 10-year note yield is set to break above 4.50%... Source: The Kobeissi letter
S&P EPS positive revisions have been a tailwind for the market.
However, note that EPS revisions outside of the top 20 have been NEGATIVE YTD and during the last 12 months. Source: JP Morgan
The 13 largest luxury companies by market cap.
Four fun facts: → $LVMH's market cap is more than double the size of the bottom ten companies combined. → $RMS is by far the largest single-brand company on the list, at 3.3x the size of $RACE. → Despite owning 10+ brands including iconic maisons such as Gucci, Saint Laurent, Brioni, and Bottega Veneta, $KER's revenue is "only" ~€20B, compared to Hermès' >€13B. → Tiffany & Co. was acquired by LVMH during the pandemic at a $16B valuation, which would place them at #8 on this list. Source: Quartr
