An unbalanced world...
▶️ Share of Global Consumption... US: 29% Eurozone: 13% China: 12% ▶️Share of Global Manufacturing... China: 32% US: 15% Eurozone: 13% Source: Charlie Bilello, Deutsche Bank
Hermes $RMS Q1 2025
"Despite a high comparison basis in the first quarter, the group achieved solid growth in sales, thanks to the trust of its customers and the commitment of the teams, whom I thank warmly." – Axel Dumas, CEO Revenue growth by business line: Source: Quartr
$ASML CFO on the potential impact of tariffs:
—Tariffs could impact ASML across 4 critical supply chain categories —Actively working to mitigate tariff-related risks across its ecosystem —Timing & magnitude of Tariff-induced demand shocks are still too early to quantify Source: The Transcript @TheTranscript
Trump’s handling of the economy is not very popular
Source: @jason on X
It took 38 years for gold to rise from $35/oz to $1,000/oz. Then it took 12 years to rise from $1,000/oz to $2,000/oz in 2020.
It only took 4 years to go from $2,000 ~~~> $3,000 Source: CEO Technician, Bloomberg
Absolutely brutal chart for Alphabet $GOOGL MAU = Monthly Active Users
Source: Pythia Capital, No Brainer @PythiaR
Remarkable how little overlap there is between the main categories of 🇺🇸 imports from 🇪🇺 (pharma, cars, chemicals) & 🇨🇳 (phones, computers, semi-durable consumer goods).
This means limited scope for 🇪🇺 to supplant China imports, which face prohibitive tariffs (main beneficiary is Vietnam). Source: Daniel Kral @DanielKral1
Santander has overtaken UBS as continental Europe’s most valuable bank after Donald Trump’s tariff-induced market rout hit the Swiss lender harder than peers.
Santander Executive Chair is Ana Botín is with no doubt one of the greatest visionaries of our industry. Source: FT, Bloomberg
