Syz the moment

43% of global investors* believe Long Magnificent 7 is the most crowded trade, down from ~54% in August. Has the trade become overcrowded? *BofA survey of 195 participants with $503 billion assets. Source: Global Markets Investor

It's investing $500 million across 3 new projects: • Building 4 SMRs (small modular reactors) with Energy Northwest • Exploring SMR development with Dominion Energy • Leading SMR developer X-Energy's funding round Source: Stocktwits

Foreign Investors have dumped Indian Stocks EVERY SINGLE day this month for a total value of $6.7 billion. This month's selling is on track to surpass even March 2020. Source: Barchart, Bloomberg

Source: Compounding Quality

Spot Bitcoin ETFs bought 5,676 BTC yesterday, while miners only produced 450 BTC Source: Bitcoin Magazine

Depo rate to 3.25%, Main Refi to 3.4%. Guidance is unchanged: ECB to follow data-dependent, Meeting-by-Meeting approach. • Even after this third rate cut of the year, monetary policy remains restrictive in Europe, with the real short-term rate still at a level not seen over the past 15 years. Given the ongoing dynamics in economic activity and inflation, this implies that the ECB will have to continue to lower rates in the coming months, in order to bring its monetary policy to a neutral stance at minimum. Rate cuts at the coming meetings are therefore to be expected, in December and in the course of 2025. Given the worrying trend in economic activity data, an acceleration in the pace of rate cuts, with a possible 50bp cut at the December meeting, cannot be ruled out. If growth in the Eurozone stalls, a faster pace of rate cuts to remove the restrictiveness of the monetary policy, or even to move it into supportive territory, might prove to be warranted. Source chart: Bloomberg

71% of major central banks are now easing their monetary policy, the most since the 2020 CRISIS. This is also in line with the Financial Crisis and the 2001 recession. Source: BofA

Source: Barchart