BREAKING: Gold's share of global international reserves jumps to 17.6% in 2023, the most in 27 years.
Source: WinSmart, Gainesville Coins, The Kobeissi Letter
A hawkish cut? As expected, ECB cuts rates by 25bps despite higher inflation projections for 2024 and 2025.
Main rate now at 4.25%, Deposit rate now at 3.75. ECB not pre-committing to any particular rate path. ECB to follow data-dependent, meeting-by-meeting approach. The main surprise of the day is inflation forecasts being revised slightly upwards for 2024 (2.5% vs. 2.3%) and 2025 (2.2% vs. 2%), suggesting that the ECB will maintain a restrictive stance, keeping key rates above the neutral rate for the next 12 to 18 months. Bond yields have slightly increased across maturities without significant weakness in peripheral rates. The market is now pricing in fewer than two rate cuts for the remainder of the year, aligning with expectations of one rate cut per quarter. Source: Bloomberg, HolgerZ
It’s official: Nvidia, Apple, and Microsoft are now bigger than China’s entire stock market.
Source: Bloomberg, www.zerohedge.com
Quote by Peter Lynch
Source: Invest in assets
The Bloomberg US Economic Surprise index is about the most negative since 2019.
DB's Jim Reid: Yesterday's ISM manufacturing report "was definitely one that dampened optimism about the state of the US economy right now. And it follows a run of weaker US data over recent days." Source: Bloomberg, Liza Abramowitz
Oil prices crash nearly 10% in 5 days over fears around weakening global demand.
Even as OPEC just extended oil production cuts of 2 million barrels per day, oil prices are nearing their 2024 lows. Recent data suggests that US economic activity in manufacturing and construction is slowing. As a result, oil prices are down 16% from their April peak and up just 3% year-to-date Source: The Kobeissi Letter
US job openings have just seen a sharp move down today.
JOLTS 8.06 million openings vs 8.4 million expectations. This is rather a large miss. This kind of a steep declining has only been seen 3 times since 2000. The jobs market continues to soften. Source: Game of Trades
Nvidia $NVDA hit a new all-time high today of $1,166 and has passed Apple to become the 2nd largest holding in the S&P 500.
$SPY $NVDA $AAPL Source: Charlie Bilello
