Hedgeye Cartoon of the Day:
Heads will roll...
Who has the losses on the books? Value of global bonds has lost another $1.04tn. This brings the total losses to $3.9tn since mid-July
Source: HolgerZ, Bloomberg
Ranked: The Most Carbon-Intensive Sectors in the World
Source: Elements / Visual Capitalist
A big intra-day reversal yesterday...
The SP500 just made a near 100 point reversal in 2 hours, adding +$660 billion in market cap... After jobs report numbers nearly doubled expectations, we saw a sharp move lower Friday morning. Expectations of a more hawkish Fed grew which pressured equities. But later in teh session, markets started buying the news on hopes of downward revisions and adjustments in the numbers... Source: Barchart, The Kobeissi Letter Activate to view larger image,
Robin Brooks tweet: "In the first 8 months of 2023, German exports to Kyrgyzstan were up 1400% from the same period in 2019
A lot of these goods - mostly cars and car parts - never ends up in Kyrgyzstan, but go directly or indirectly to Russia"
Interesting FT article on UK neobanks: "UK fintech: neobanks may end up blending in"
Low fees mean profits have remained elusive. But higher interest rates are now compensating for that, not least with better returns on client money put out on deposit. Satisfaction scores by customers are also much higher than traditional banks. Some lessons need to be learned. Source: https://lnkd.in/emZyY76d
Open interest for bullish call contracts has soared to an all-time high for $TLT
Traders see an end to the market rout that has led to TLT’s longest streak of weekly losses since 2022. Source: Credit From Macro to Micro
The yield premium on the S&P 500 has completely disappeared for the first time in over 20 years
The US 10-year treasury now offers (theoretically) the same amount of sweet hot sauce goodness that's on offer in the stock market. Source: David Ingles, Bloomberg
