ECB's Lagarde: "Rate cuts weren't discussed, would be totally premature".
Meanwhile, markets see the first ECB cut at April 2024 meeting. Source: Bloomberg, HolgerZ
US stocks now account for 61% of the $60 Trillion MSCI All-Country World Index, the highest level in history
Source: FT, Barchart, Bloomberg
7 powerful quotes on life...
Source: Seek Wiser
G7 vs. BRICS GDP
Source: Visual Capitalist, Barchart
Welcome to Zombie Land
"There are some serious problems in small-caps, especially in the US. Good luck paying interest without profits. Great chart via Soc Gen showing the distribution of stock forward P/E valuations in the MSCI Europe small cap and Russell 2000 index. Source: SG, Themarketear, Lance Roberts
The US housing market conundrum ->
New home sales just surged 12.3% month-over-month in September, the largest jump since August 2022. Even as mortgage rates push above 8% for the first time in 23 years, new home sales are surging. The gap between new home sales and mortgage rates has never been wider. Why is this happening? Explanation by The Kobeissi Letter: -> Homebuilders are taking on some of the cost of higher mortgages AND existing home sales are at their lowest since 2010. New homes are the only option for buyers and homebuilders are helping pay for it. Source: The Kobeissi Letter, www.zerohedge.com
The money market yield spike upends a ton of business models. In this case, landlording in the US
Inded, multifamily cap rate is now BELOW cash rate... Source: Jeff Weniger
Bitcoin has outperformed equities, gold and USD year-to-date It has increased by more than 100% this year, despite:
- War Conflict - Elevated inflation - Rising oil prices - High-interest rates This is what happens when institutions like Blackrock jump on board Institutional adoption is going to be a major theme for this asset class. Source: Game of Trades
