Cost to move oil has surged!
Since Hamas attacked Israel, freight rates on 16 global routes are up +50%. Biggest gain has been for shipments across the Mediterranean Sea, which are up 2x. This is inflationary Source: Bloomberg, Genevieve Roch-Decter
Italy 10y risk spread over German 10y bunds back >200bps as budget day arrives
Italy PM Meloni to unveil tax-cutting 2024 budget today amid debt worries. Source: Bloomberg, HolgerZ
Moderna's stock is now down 81% from its peak and below the price it was trading at when the FDA issued an EUA for its Covid-19 vaccine back in December 2020
$MRNA Source: Charlie Bilello
SEC approval of Blackrock Bitcoin ETf was a FAKE NEWS
Bitcoin pumped (+10% to $30k) and dumped after BlackRock said that its application for an exchange-traded fund that invests directly in the cryptocurrency is still under review. Source: Bloomberg
BREAKING: Rite Aid, $RAD, has officially filed for bankruptcy just days after its 61st anniversary
As part of the bankruptcy restructuring, Rite Aid will close many of its 2,100 stores. The company has had more than $2 billion in losses over the last 5 years and 50% of their stores have closed from their peak. Their stock is down 80% this year and 99% from its all time high. Source: The Kobeissi Letter
Here's an index that represents the median stock closing last week at the lowest levels in a year
Source: J-C Parets
China | PBOC adds net 289 billion yuan via medium-term facility as Debt Sales Surge
The move adds to recent efforts to ensure hitting GDP target - Offers Most Cash Support Since 2020 - Bloomberg China’s central bank is making the biggest medium-term liquidity injection since 2020, stepping up efforts to support the nation’s economic recovery and debt sales. The People’s Bank of China added a net 289 billion yuan ($39.6 billion) into the financial system via a one-year policy loan on Monday, the most since Dec. 2020. At the same time, it drained a net 134 billion yuan of short-term liquidity through open-market operations.
Ownership breakdown of the US Treasury market ($26 trillion)
Source: Goldman Sachs, TME
