Investing advice by Warren Buffet.
At $4.3bn, equity-trading revenue for Q2 was about $600mln more than what analysts were expecting and $100mln above Q1. Source: HolgerZ, Bloomberg
Cantor Fitzgerald close to $4 billion SPAC deal with Adam Back "to buy billions of dollars" of Bitcoin.
FT >>> "Brandon Lutnick, son of US commerce secretary Howard Lutnick, is nearing a roughly $4bn deal with an early bitcoin supporter to buy billions of dollars in the digital tokens using a vehicle backed by Cantor Fitzgerald. Cantor Equity Partners 1, a blank cheque vehicle that raised $200mn in cash in an initial public offering in January, is in late-stage talks with Adam Back, founder of crypto trading group Blockstream Capital, to buy more than $3bn in the digital currency, according to two people briefed on the talks. The deal, which mirrors a $3.6bn crypto buying venture Brandon Lutnick struck with SoftBank and Tether in April, would advance Cantor Fitzgerald’s strategy of using publicly listed shell companies to buy bitcoin as it aims to take advantage of a surge in digital currency prices amid US President Donald Trump’s deregulatory push. Howard Lutnick handed control of Cantor Fitzgerald to his children in May. Back is in discussions to contribute as much as 30,000 bitcoin to Cantor Equity Partners 1, worth more than $3bn. It would be part of a broader deal with the blank cheque company in which it would raise as much $800mn in outside capital to make further purchases of the digital currency, putting the overall deal at more than $4bn". Source: FT
🚨Earlier today, just before Bloomberg/CNBC/CBS reported that Trump wants to fire Powell asap, June US Producer Inflation came in below estimates
It came lower than expectations of all 50 forecasters in Bloomberg’s survey. ▶️ June US PPI annual inflation rises 2.3%, below expectations for 2.5%. ▶️ Core PPI inflation increased 2.6% Y/Y, compared to forecasts for a gain of 2.7%. THIS IS THE LOWEST LEVEL SINCE SEPTEMBER 2024 The last time PPI was at this level, the Fed was cutting 50bps before the election. Source: Bloomberg, Geiger Capital
Looking at today's market action when Bloomberg announced that the White House said they discussed about firing Powell, it seems that Deutsche Bank was right...
Maybe Trump & Bessent watched the market and decided to immediately "TACO"...
What a mess... 🤡
*TRUMP ON FED CHAIR POWELL: WE ARE NOT PLANNING ON DOING ANYTHING *TRUMP ON POWELL: WE GET TO MAKE A CHANGE IN 8 MONTHS US 2-year hashtag#yields bounced back after President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell. Source: CNBC, Bloomberg, HolgerZ
Party like it's 1999! Goldman posts best stock-trading quarter in Wall Street History
At $4.3bn, equity-trading revenue for Q2 was about $600mln more than what analysts were expecting and $100mln above Q1. Source: HolgerZ, Bloomberg
China continues to quietly acquire gold through the London market
China bought 15 tonnes of gold in May, according to Goldman Sachs estimates, 8 TIMES more than officially reported figures. Over the past year, China's monthly purchases have oscillated between 25-60 tonnes. Source: Global Markets Investors, Goldman Sachs
Germany is losing its edge on trade. The country’s share in global trade has been shrinking since 2017, w/losses accelerating after 2021, according to Bundesbank.
Over three-quarters of the decline from 2021 to 2023 was due to falling competitiveness – not Trump’s tariffs Source: HolgerZ, Bloomberg
