July was a painful month for the bears
Source: Investing.com
Asset class billboard updated as of 31/7/2023
Source: Charlie Bilello
The median sales price of a home in the US is now 560% of the median household income.
In 2008, it was 360% of the median household income. This is the least affordable housing market in history. Source: The Kobeissi Letter
REPORTED RECESSIONS: in US Luxury Goods...
Congruent with dour commentary out of LVMH, luxury spending slowed to a -7.6% Y/Y Recession in June = 9th month of negative Y/Y growth. Source: Keith McCullough
Swiss Manufaccturing PMI at lowest since 2009
Swiss manufacturing activity plummeted at the start of the third quarter, with PMI dropping to 38.5 points in July from 44.90 in June. While the gauge has been below the vital threshold of 50 since the start of the year, this is the worst reading since 2009.
Source: Bloomberg, Credit Suisse
SEC wanted Coinbase to offer only bitcoin trading
The SEC reportedly asked Coinbase to temporarily halt trading in all crypto assets, excluding bitcoin, prior to initiating a legal suit alleging violation of securities laws.Coinbase CEO Brian Armstrong said that the SEC told the company it believes all assets, except for bitcoin, were considered securities, the Financial Times reported on Monday.
When Armstrong asserted that Coinbase held a different interpretation of the law, the SEC declined to elaborate on the reasoning behind its conclusion, according to the report. Instead, the regulatory body insisted that “you need to delist every asset other than bitcoin.”
The SEC filed a lawsuit against Coinbase on June 6, claiming that the company was operating as an unregistered exchange. In the suit, the agency classified 13 cryptoassets as securities, including SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.
Source: blocworks
AI tools to help you carry on your daily tasks
Source: Loïc Staub
EBITDA explained to Kids... and adults!
Source: Nicolas Boucher
