A stunning chart by Goldman: the outperformance of US productivity growth is remarkable, particularly in the COVID/post-COVID era.
Source: GS, Tony Pasquariello, Giovanni Pierdomenico
Actual S&P 500 earnings growth has exceeded expectations during the last few years.
Will it be the case again this quarter? Source: The Market Ear, Factset
A good chart from GS that shows how sectors & factors may react to change in 10Y bond yields.
Source: Ayesha Tariq, CFA, Goldman Sachs
Musk’s company SpaceX is dominating the industry, responsible for a skyrocketing ~65% of the total licensed commercial launches in the US since its founding.
Blue Origin’s total launch count since its inception is only 16% of what SpaceX managed in 2024 alone. Source: Chartr
Spain proposes 100% tax on property purchases for non-EU buyers.
Spain is planning to impose a 100 per cent tax on real estate purchases for buyers from non-EU countries such as the UK in a bid to improve housing affordability by deterring foreign purchases. Prime Minister Pedro Sánchez announced the plan for the punitive property tax, which would apply to non-EU citizens who are not residents of the bloc, as part of a raft of measures aimed at tackling a “grave” housing crisis. Spain is one of many European countries where public anger is mounting over the difficulty of finding affordable housing to buy or rent as property prices soar and new construction lags far behind demand. Source: FT
"....the selloff in US bonds is driving yields higher everywhere, including in economies where the growth outlook hasn’t improved.
Of course, this second point isn't hard to explain. US Treasuries act a generic riskfree asset for the global financial system. When US yields move higher, it creates pressure on bonds everywhere." - TS Lombard, Perkins thru The Market Ear
Markets do not like interest rate uncertainty: Stocks and long-term bonds have declined for 5-straight weeks, the longest streak in at least 13 months.
During this period, the S&P 500 ETF, $SPY, has fallen 4.2% to the lowest since November 6th, a day after the Presidential election. At the same time, the popular bond tracking ETF, $TLT, has dropped 9.1% to the lowest since May 2024. Source: The Kobeissi Letter, Bloomberg
Donald Trump’s inauguration will include a “Crypto Ball,” with technology industry leaders celebrating him as "the first crypto president”.
Here's an extract from Brave New Coin: 👇 "In a move that blends politics and technology, Washington D.C. will host the inaugural “Crypto Ball” on January 17, 2025, in honor of the inauguration of Donald J. Trump as the first "crypto president." The event, poised to be one of the most exclusive celebrations in political history, is set to take place at the historic Andrew W. Mellon Auditorium, a venue befitting the occasion's grandeur and significance. The Crypto Ball is being spearheaded by David Sacks, Trump’s newly appointed AI & Crypto Czar. Known for his deep ties to Silicon Valley and the venture capital world, Sacks’ involvement underscores the administration’s commitment to embracing blockchain technology and digital innovation. This gala event serves not only as a celebration of Trump’s return to the presidency but also as a declaration of intent for a pro-crypto agenda in the United States. Tickets to the event are as exclusive as the concept itself. General admission starts at $2,500, but the true allure lies in the VIP and private packages. For $100,000, VIP guests gain access to exclusive networking opportunities with leading figures in the crypto space. Meanwhile, a $1 million private dinner package with Trump himself offers unparalleled access to the president—a rare opportunity for those deeply invested in shaping the future of the blockchain industry. The event is being sponsored by some of the biggest names in the crypto world, including Coinbase, MicroStrategy, and Galaxy Digital. Their sponsorship not only highlights their support for a crypto-friendly administration but also signals a broader alignment between the private sector and public policy under Trump’s leadership. MicroStrategy’s Michael Saylor, a long-time advocate for Bitcoin, and Coinbase CEO Brian Armstrong are expected to attend, cementing the event’s stature as a convergence point for the world’s crypto elite. As part of the evening’s program, attendees can expect keynote speeches from Trump and Sacks, celebrating the administration’s vision for integrating blockchain technology into national policy. News reporting suggests that President Trump will sign pro-crypto executive orders on day one of his administration, Rumors also hint at the unveiling of a government-backed digital currency initiative, potentially revolutionizing the global financial landscape. Musical performances and an array of high-tech showcases will punctuate the evening, blending entertainment with cutting-edge demonstrations of blockchain applications". Source: Brave New Coin
