Syz the moment

That difference matters. Source: Goldman Sachs, COATUE

European aero and defense index, SXPARO, has surged by some 13% YTD. The squeeze has been absolutely huge since the start of the week, with RSI now trading at 80! Source: The Market Ear, LSEG Workspace

US Bureau of Labor Statistics (BLS) released yesterday preliminary Productivity and Costs data for Q3 2025 (July-September) and it’s a masterclass in efficiency. U.S. productivity just surged +4.9%—the strongest reading we’ve seen in nearly 6 years. The number is sharply above 3.3% consensus expectation, and higher than the previous 4.2% (revised up for Q2). But here is the real kicker: While output is soaring, labor costs actually fell -1.9%. In the world of economics, this is the Holy Grail. 🏆 The breakdown: Productivity: Jumped from ~3.3% ➡️ 4.9% Labor Costs: Flipped from +1% ➡️ -1.9% Indeed, Hourly compensation increased with figures varying around +4-5%. But Unit labor costs (compensation adjusted for productivity gains) declined or rose modestly, reflecting that productivity growth outpaced wage gains. Why does this matter to you? It means we are seeing massive growth without the inflationary "tax." This indicates accelerating economic efficiency, often driven by technology, innovation, or better processes. This is probably why the Atlanta Fed just hiked its Q4 GDP forecast to a staggering +5.4%. The Productivity and Costs report measures how efficiently the economy produces goods and services. This robust productivity growth is positive for the economy, as it helps contain wage-driven inflationary pressures and supports potential Fed rate cuts without overheating. This is bullish for markets, the economy, and risk assets. Source: Quantus Insights, Truflation

Source: Bloomberg, Geiger Capital

"German manufacturing orders for November surprised sharply to the upside, with the year-on-year figure rising +10.5%, versus expectations of +2.9%. Outside of the post-Covid rebound, this marks the strongest increase in almost 15 years. The data were boosted by large orders linked to government rearmament plans, but even stripping out such lumpy items, there has been a clear and gradual improvement in underlying momentum over recent months“ (Jim Reid, Deutsche Bank) Source: DB through Daniel D. Eckert @Tiefseher on X

📉 $LMT | $RTX | $NOC | $GD Source: Trend Spider

"People live in homes, not corporations." Blackstone shares are tumbling. Source: Brew markets

A bond trader just made the largest fed fund futures bet in history. The trade was a total of 200,000 contracts for January which amounts to a total risk of $8 million per basis point move. Source: Barchart @Barchart Bloomberg