Hong-Kong listed Chinese stocks are soaring this morning as China July politburo statement is more dovish than expected.
China wows to adjust and optimitize property policy and aims to support domestic economy. Source: CNBC
Pricing Power
Source: Brian Feroldi
The median price of an existing home sold in the US is up 14% from the January low, now less than 1% below its all-time high from June 2022.
How could it be? Consider the #chart below courtesy of Charlie Bilello: The US Population is 19% higher than where it was in January 2000 while the inventory of Existing Homes for sale in the US is 37% lower. Economics 101 -> higher demand and lower supply drive prices higher.
Hungary still has an inflation rate of >20%, highest inflation rate in entire EU.
Inflation is driven by food prices (Food CPI +29% YoY) as Hungary has been hit by a drought and this has caused prices to rise. In addition, there is a shortage on the labor market, low labor productivity & very expansionary macroeconomic policies. Source: Bloomberg, HolgerZ
There is always a bear market somewhere...
The meltdown in US commercial and industrial (C&I) loan growth is staggering. Cumulative C&I lending is -1.0% since the start of 2023 (red). Median growth by this point in the year is +4.5% (black), while 2022 was up +9.3% by this point (blue). Big US investment slump is underway... Source: Robin Brooks
Food for thought
Source: Michel A.Arouet
Beware "no landing" is nothing new
Source: Michel A.Arouet
Bitcoin volatility dips to yearly lows as FOMC meeting looms
Bitcoin ended its fourth week of narrow trading Sunday, sending volatility readings to levels not seen since the year began. The 30-day estimate for the world’s largest digital asset has fallen to just 0.74%, bitcoin’s lowest realized reading since Jan. 16 (71%), data from 99Bitcoins shows.
Bitcoin’s volatility details the measurement of how much its price shifts in a single day. The investment is riskier if the reading is significant, leading to harder-to-predict price swings. T3I’s BitVol Index, used to judge 30-day implied volatility for bitcoin options contracts, has also dipped to its lowest implied reading since its inception more than four years ago, data shows.
CVI’s Crypto Volatility Index, designed to mimic similar functionality to that of the S&P 500’s VIX, has also dipped to its lowest recorded levels. The index takes into account both bitcoin and ether’s (ETH) implied volatility over a 30-day period.
Source: Blockworks
