In case you missed it: Germany’s private sector economy unexpectedly returned to growth in June.
The composite PMI rose to 50.4, up from 48.5 in May, signaling a move back into expansion territory. Manufacturing – a key sector for Germany – saw its PMI climb to 49, the highest level since 2022. While still below the long-term avg of 51.6, it's a notable improvement. The sector appears to be benefiting strongly from falling interest rates, which may help explain why Germany is currently outperforming much of the rest of the Eurozone. Source: HolgerZ, Bloomberg
Foreign investors have bought a whopping $128 trillion of US assets over the last 34 years.
Source: BofA
Countries that are home to most millionaires
Source: Investywise
US Tariffs have massive negative consequences on Japan's car exports
Source: GIR, zerohedge
In case you missed it... here's another potential source of inflation
Source: Charlie Bilello
Who is right?
.
GS: China Is the Main Destination of Strait of Hormuz Oil Flows
Source: Mike Zaccardi, CFA, CMT, MBA
⚠️True US Dollar bear markets are usually 20-40%:
1970s (-30%) - End of Bretton Woods (USD delinked from gold) 1980s (-40%) - Plaza Accord (G7 nations devalued USD to reduce trade deficits) 2000s (-30%) - Post-9/11 policy shifts, Fed rate cuts The US Dollar is down 9% YTD.
