LVMH desperately trying to find support
LVMH (MC FP) is now dropping 25% since April high. Stock is trying to find some support for a technical rebound in this bearish trend. Keep an eye at 670 support. If broken next support is 654. Source : Bloomberg
US average interest rate on credit cards is now close to 23% ⚠ (hitting a new record high since data are recorded)
Source: C.Barraud
WIth the Vix <17, Brent oil<$90/bbl and S&P 500>4350, do you feel that risk is currently mispriced?
Source: HolgerZ, Bloomberg
This is by far the longest bond bear market in history, at 38 months and counting...
Source: Charlie Bilello
Average interest rate on a US 30-year mortgage rises to 7.95%, its highest since July 2000
Mortgage demand also just fell to its lowest level since 1995. 8% mortgages are the new normal. Source: The Kobeissi Letter
Fighting the Fed has transformed bond ETFs into cash incinerators..
$TLT has come out of nowhere to hit #3 on the Top 20 Cash Burning ETFs list (lifetime flows minus aum today) with over $10b lost. Top of list used to be -2x/-3x, VIX, commodity ETFs. Now its vanilla bond ETFs... Great table from psarofagis thru Eric Balchunas, Bloomberg
Stars on X
By: World of Statistics
Vast majority on Wall Street think next 100bps move in 10Y yields is LOWER (and vast majority think the next 10% S&P 500 move will be LOWER)
The Deutsche Bank October 2023 global financial market survey, conducted between the 3rd and 6th of October, had 410 responses from around the world. - 75% think the next 100bps move in US 10yr yields is lower (average yield 4.75% during the survey). A big turnaround from June’s results where a small majority expected 4.5% before 2.5% when we were halfway between the two. Well done to that small majority as it got there in just 3 months. - 72% think the next 10% move in the S&P 500 will be lower. Slightly less than in June. In March 76% thought the next 10% move would be up so a different mood to earlier this year. Source: DB
