SEC delays set deadlines for Bitcoin ETF approval to early 2024
With a maximum 240-day window available to the #SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023.
US stock market current mood in one picture
Source: Heisenberg - Mr_Derivatives
Michael Burry is an outstanding contrarian investor and did exceptionally well during the 2006-2008 US housing crash
However, performance is not always repeatable and his next bets haven't paid off that well (at least the market views shared publicly - hedge fund long-term performance looks quite strong on a sharper ratio basis). Adam Khoo had a look at all of Michael Burry's recent predictions and he shared it with a chart on X. Here's a summary: In 2005, Predicted the collapse of the subprime mortgage market -> Housing market crashes in 2008, Global Financial Crisis. On Dec 2015, he predicted that the stock market would crash within the next few months. -> SPX +11% Next 12 months. On May 2017, he predicted a global financial meltdown-> SPX +19% Next 12 months. On Sept 2019, he predicted that the stock market would crash due to a bubble in index ETFs -> SPX +15% Next 12 months. Source: Adam Khoo Trader
China's credit landscape under stress!
Ever since the shockwaves of the #CountryGarden upheaval, the Chinese credit landscape has been undergoing a seismic shift. The credit default swap (#CDS) market tells a compelling story - #China's 5-year CDS is on a relentless rise (+25bps), and the Markit iTraxx Asian ex Japan #InvestmentGrade index is soaring (+30bps). Foreign investors are strategically repositioning, swiftly #divesting their holdings in Chinese #assets, particularly on the domestic front. Can the #PBOC orchestrate the necessary #stimulus maneuvers to put an end to this spiral of uncertainty?
We are approaching quite a formidable global #debt maturity wall...
Source: Markets & Mayhem, Morgan Stanley
BofA’s private clients have been dumping growth stocks while loading on Japan equities
Source: The Daily Shot, BofA
Russia’s central bank raises its key interest rate to 12% from 8.5% at an emergency meeting called after the Ruble crashed
The Ruble is recovering somewhat after its collapse, and now costs more than a penny again. Trades at 98 per Dollar. Source: HolgerZ, Bloomberg
From T.I.N.A (There Is No Alternatives to Risk assets) to T.A.R.A (There Are Reasonable Alternatives)... 6-months US T-bills yield 94bps more than the S&P's earnings yield...
Source: Bloomberg
