Is the US job market finally cooling down?
The JOLTs report for July showed a huge drop in job openings (8.82mln vs the Street 9.5mln), and June was revised meaningfully lower to 9.16mln from previous 9.58mln Source: Bloomberg, HolgerZ
Investors predict that the coming years will be marked with defaults and spending cuts as a larger portion of corporate, household and state income goes into financing debt
A stark indicator of the approaching sea change is the gap between what governments and companies globally are currently paying in interest and the amount they would pay if they refinanced at today’s levels. Apart from a few months around the global financial crisis, the gauge has always been below zero. Now it’s hovering around a record high of 1.5 percentage points. Source: Bloomberg
The last 30 years...
Source: Seek Wiser
The last time 10Y yields were this far above $SPX dividend yields was September 2007, the month stocks peaked
Source: zerohedge
The 2,850% gain in $AMC shares during the 2021 meme stock mania has been completely erased after a 98% decline
Barbie and Oppenheimer movies could not do anything about it Source chart: Charlie Bilello
Global liquidity slump could become a drag on risk assets
Source: Bloomberg, HolgerZ
CBOE Volatility Index $VIX has closed under 19 for 64 consecutive trading days, the longest streak since early 2020
Source: Barchart
Rice likely to get even more expensive as India imposes additional restrictions
India further tightens rice exports as the government sets a floor price of $1,200 per tonne for basmati rice exports. India also imposes a 20% tax on rice sales abroad. Rice is a staple food for half the world. Source: Barchart, Bloomberg
