According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967
The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons. This is interesting because the flow from central banks since 2020 had been eminently net sales. Source: www.zerohedge.com, Bloomberg
Dozens Of NYSE Trading Halts At The Open After "Technical Glitch"
The NYSE says it is continuing to investigate the “technical issue” that caused wild stock swings at the market open Tuesday as dozens of large-cap stocks suddenly plunged or spiked during the broken opening auction. According to the New Jersey-based New York Stock Exchange, "impacted members may consider filing for Clearly Erroneous or Rule 18 claims" adding that "In a subset of symbols, opening auctions did not occur. The exchange is working to clarify the list of symbols." Source: www.zerohedge.com
Eurozone business activity back to growth
The start of 2023 saw Eurozone business activity show a tentative return to growth after six successive months of decline. But better growth in Jan came with rates of inflation edging higher in both manufacturing and services. Source: Jeffrey Kleintop, S&P Global
How's the most bullish part of the cycle treating you so far?
The 3rd year of the 4-year presidential cycle is historically the most bullish for US stocks. Here's how the S&P 500 ha sbeen trading so far during this 4-year cycle. Source: J-C Parets
Global stocks and bonds are moving in sync like never before
The 120-day rolling correlation has reached the highest in data going back to 1998. Source: Bloomberg
Global bond sales to record start!
In less than three weeks, governments and corporates raised nearly $600 billion in new financing, a record. This new record was helped by both the best start ever for global fixed income indices and the largest inflow into investment grade bonds in over a year. Source: Bloomberg
Central Banks Gold Reserves
Breakdown of global central bank gold reserves shows U.S. way out in front in terms of nominal reserves; yet, as % of total reserves, France and Germany are catching up. Source: Arbor Research
Fed's deleveraging continues
Total assets have shrank another €19.5bn past week. Since start of QT, the Fed's balance sheet has shrunk ONLY by $476bn. Source: Bloomberg, HolgerZ
