Disinflation is on the way in Germany
Disinflation is on the way in Germany. Wholesale prices dropped 2.9% YoY in June, an acceleration from the 2.6% decline from May & the biggest annual decrease since June 2020. Lower wholesale prices could translate to falling #inflation in Germany. Source: HolgerZ, Bloomberg
The NASDAQ (in yellow) has been massively decoupling from the FED balance sheet (in purple)
Source: The Market Ear, Refinitiv
S&P 500 peak in January 2022 vs. peaks in October 2007 and March 2000...
Source: Charlie Bilello
Nasdaq vs Yield Curve
Source: AmplifyME/ Anthony Cheung
"AI is the 4th era and the biggest age of computing"
"AI is the 4th era and the biggest age of computing" A great visual from $AMAT's recent earnings presentation covering the three historic eras of computing, dating back to 1980, and the future potential of the new AI era. Source: Quartr
JP Morgan AM says global bond rally is just starting
The rally that erupted after this week’s US inflation report was the moment Wall Street veteran Bob Michele has been waiting for.
“More and more indicators are at levels you only see in recession. We are buying every backup in yields. The considerable central bank tightening is starting to bite hard in the real economy.”, said Michele
The spread between US CPI and PPI is a good omen for corporate profit margins
The spread between US CPI and PPI is a good omen for corporate profit margins. This is key to widening profit margins. Companies are able to boost the prices they charge consumers more and more relative to their input cost. The spread between y/y CPI and PPI remains at the widest levels since the current incarnation of PPI started in 2011. Source: Bespoke, Lisa Abramowicz
The sp500 has been anticipating the improvement in earnings (ex-Energy) expectations so far. Can these expectations be met?
Source: Bloomberg (Gina Martin Adams for the #chart)
