The relative Nasdaq 100 bull does not care about no rates moving higher...
Source: TME, Goldman Sachs
LVMH vs Novo Nordisk gap is getting extreme. Is there cross asset logic here, or is it just hot money switching from one ex hot asset to another "must have" asset?
Source: TME, Refinitiv
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
US Gov 2 year yield reaching major resistance zone
US Gov 2 year yield (USGG2YR Index) has reached major resistance zone 5.128-5.275. This zone is represented by the highs of 2006 and 2007. Keep an eye. 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
