It took Gold ETFs 5 years to cross $50 Billion AUM.
Bitcoin did it in 57 days. Source: Bloomberg, Wells Fargo
us households equity allocation is at record high
Source: Goldman Sachs
The worst seems behind the economy.
This is indicated by the Ifo Business Climate Index, which has jumped to 87.8 in March, highest level since June 2023 vs 86.0 expected. Current conditions rose to 88.1 in March from 86.9 in Feb, Ifo business confidence to 87.8 from 85.7 in Feb. Suggests that we could see a recovery as households begin to spend their real income gains. Employment is robust and nominal wage growth comfortably exceeds inflation again. There could be some green shoots in the export sector, and even the deep slump in construction may have bottomed out. Source: Bloomberg, HolgerZ
China scrutinizes PwC role in $78 billion Evergrande fraud case
Chinese authorities are examining the role of PWC in China Evergrande Group’s accounting practices after the developer was accused of a $78 billion fraud, ramping up pressure on the global accounting giant that audited a slew of developers before the sector’s meltdown.
Source: Bloomberg
Despite facing the typical challenges of a frontier market, Vietnam offers many attractive characteristics contributing to its rapid economic growth.
Thanks to its young and well-educated workforce and its competitive labor costs, the country has emerged as one the main beneficiaries of the “China+1” trend; it is one of the preferred destinations of global manufacturers looking to diversify their supply chains away from China. Source: Lumen Vietnam Fund
Electric Vehicles: batteries discharged
The end of internal combustion engines is scheduled for 2035 in the EU and Switzerland, yet electric cars sales are not taking off mainly due to their steep prices as well as drivers’ apprehensions surrounding the sparse recharging infrastructure. The mounting skepticism toward electric vehicles has cost Hertz CEO Stephen Scherr his position, last week, as he had heavily invested in electric vehicles only to reverse course. Apple has also recently halted its electric vehicle project after sinking USD 1 bn into it. For those who take the step, the preference goes to affordable Chinese models. China’s BYD has already overtaken Tesla becoming the world's largest EV manufacturer. In the face of this Chinese wave, western manufacturers are struggling to keep pace, and Tesla’s profitability has been declining due to the massive price reductions it has been making. In light of this shifting landscape, a question arises: should Europe and Switzerland reevaluate their strategy and consider easing or postponing their ban on combustion engines cars?
Current state of the stock market:
Wingstop, $WING, a chicken wing company, is now up 84% over the last year and worth $10 billion. It's trading at 144x earnings and tripling the S&P 500's return... Who needs AI when you have chicken wings? Source: The Kobeissi Letter
Swiss National Bank SNB cuts interest rates by 0.25%, chart
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