#china #macro: Retail sales beat expectations
The strong growth in retail spending is particularly notable given the continued pressure on the property sector, with negative spillovers to household sentiment. It’s probably a relief to a government looking to reset the economy over time. Source: CNBC. Bloomberg, Mohamed El Erian
Only 30% of the SP500 stocks have outperformed the index year-to-date.
This is slightly higher than the 29% that occurred in 2023. Since 1990, a streak of 2 consecutive years with such a low percentage has happened only during the 2000 Dot-com bubble. By comparison, the historic median is 49% which typically implied healthy market breadth. The S&P 500 has rallied 12% year-to-date largely driven by just a few tech stocks. A few stocks are driving the entire market. Source: The Kobeissi Letter, Richard Bernstein Advisors
Probably a feeling shared by many households in developed economies and which (partly) explains the rise of populist parties
Source: Markets & Mayhem
McDonald's menu in 1972
Source: Retro Toys and Cartoons
#winners
Source: Leadership First
The US Dollar's reserve currency status remains in a downtrend:
The US Dollar share of the world's central banks reserves fell slightly to 58.4% in Q4 2023 from 59.2% in Q3 2023, according to the IMF. By comparison, the US Dollar accounted to 71% of reserves globally in 2000. However, it is worth noting that the US Dollar remains the most dominant currency and it's not even close. For example. the Chinese Yuan's share in Q4 2024 was just 2.3% and the Euro's share is ~20%. Is the US Dollar's reserve currency status safe? Source: The Kobeissi Letter, BofA
Roche Very Positive Weekly Close
Roche (ROG SW) closed last week for the first time over its last swing high! This is the first confirmation that the bearish trend has changed. As a reminder, the stock has consolidated 47% since the April 2022 highs. Source: Bloomberg
Waoouu... 🙄🙄🙄
Seven Chinese solar companies most people haven’t heard of are ALREADY providing more energy for the global economy than Exxon, Chevron, Shell, BP and the other Seven Sisters who once dominated oil production... Source: Bloomberg, David Fickling
