India quickly catches up to China as the world’s largest emerging market.
Indian stocks comprise nearly 20% of the MSCI Emerging Markets index, while China has dropped to a quarter from 40% in 2020. The narrowing gap has become one of the biggest issues for investors in emerging markets this year as they debate whether to put capital into an already red-hot Indian market, or into Chinese stocks that are relatively cheap, but are being hit by an econ slowdown. https://lnkd.in/ddkSqFy5 Source: FT, Charlie Bilello
That was an enormous miss in durable goods, coming in at -6.6% vs a forecast of +0.3%.
We need to transport things in a growing economy, right? "Transportation equipment, down two of the last three months, drove the decrease, $19.6 billion or 20.5 percent to $75.8 billion. Source: Markets & Mayhem
Nasdaq has underperformed Russell 2000 for 11 of the last 12 days, erasing YTD outperformance for the big-tech index
Source: Bloomberg, www.zerohedge.com
China commodity stockpiles
Source: Robert Friedland on X, The Economist
🚨 Breaking! US GDP growth surpasses expectations, hitting 2.8% (est. 2.0%, prev. 1.4%).
GDP Annualized QoQ Contribution: Consumption 1.57 pp (prev. 0.98 pp) Government Spending 0.53 pp (prev. 0.31 pp) Investment 1.46 pp (prev. 0.77 pp) Exports 0.22 pp (prev. 0.17 pp) Imports -0.93 pp (prev. -0.82 pp) Source: MacroMicro
NEW: Fold becomes the first Bitcoin only financial services company to go public on the NASDAQ 👏
They already have 1,000 BTC on their balance sheet 🚀 Source: Bitcoin magazine
Dassault Systeme on Major Support Level
Dassault Systeme (DSY FP) has consolidated 33% since its January breakout! It is now testing a major support zone between 32.23 and 34.20. Keep an eye on this critical level over the next few days. Source: Bloomberg
The last time Tech stocks were at these levels relative to the S&P500, Tech stocks crashed, particularly relative to the rest of the market.
Source: J-C Parets
