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16 Aug 2023

China Shadow Banking Giant Alarms Investors With Missed Payments

One of China’s largest private wealth managers is triggering fresh anxiety about the health of the country’s #shadowbanking industry after missing payments on multiple high-yield products. Zhongrong International Trust Co. missed payments on dozens of products and has no immediate plan to make clients whole, indicating troubles at the embattled Chinese shadow bank are deeper than previously known. Wang Qiang, board secretary of the firm partly owned by financial giant Zhongzhi Enterprise Group Co., told investors in a meeting earlier this week that the firm missed payments on a batch of products on Aug. 8, adding to delays on at least 10 others since late July, according to people familiar with the matter. At least 30 products are now overdue and Zhongrong also halted redemptions on some short-term instruments, one of the people said. Source: bloomberg

16 Aug 2023

SMI Index on lower end of trend channel

SMI Index (SMI) is testing the lower end of September 2022 bullish trend channel. Will market have enough strenght to rebound from here ? Next support levels are 10'850 and 10'600. Source : Bloomberg

16 Aug 2023

Watchcharts Rolex and Patek second-hand indices are dropping rapidly, down -11.5% and -16.8% respctively over the last 12 months

This is an interesting smooth time series for global economy as it is independent from manipulation and less prone to day-to-day shift in sentiment. Source: www.watchcharts.com

16 Aug 2023

After adjusting for inflation, US retail sales fell 1.3% over the last year, the 9th consecutive YoY decline

That's the longest down streak since 2009. Nominal retail sales increased 2% YoY vs. a historical average of 4.7%. Source: Charlie Bilello

16 Aug 2023

Hedge funds top 5 holdings Q2 2023

Recurring #themes: Hyperscalers $AMZN $GOOG $MSFT Semiconductor $AMD $NVDA $TSM Consumer tech $AAPL $TSLA Specialty Retail $BBWI $RH Global apps $META $NFLX Payments $MELI $V Source: App Economy Insights

16 Aug 2023

The AI-hype has driven some stocks valuations to extreme levels

The most emblematic one among large-caps is Nvidia with a P/E ratio which went from under 50x to 224x in just 8 months. Source: Game of Trades

16 Aug 2023

SEC delays set deadlines for Bitcoin ETF approval to early 2024

With a maximum 240-day window available to the #SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023.

16 Aug 2023

US stock market current mood in one picture

Source: Heisenberg - Mr_Derivatives

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