Swiss inflation slows further as SNB mulls september rate hike
Swiss inflation slowed to the lowest rate in one and a half years, testing the determination of SNB officials who have signaled that a further tightening step in September is likely.
Consumer prices rose 1.6% in July from a year earlier, down from 1.7% the previous month.
Source: Bloomberg, Swiss Fed statistical office
China's currency regulators are asking some commercial banks to reduce or postpone their purchases of U.S. dollars
That is in order to slow the yuan's depreciation, two people with direct knowledge of the matter said. The informal instruction, or the so-called window guidance, is the latest in a series of steps taken by authorities this year to bolster a currency that has been hit by China's faltering post-pandemic economic recovery and rising yields for the U.S. dollar and other major currencies. Source: Reuters
Nasdaq 100 Index retesting recent breakout level
Nasdaq 100 Index (NDX) is retesting recent breakout level at 15’265. That level is now a support represented by March 2022 high. Will it hold ? Source : Bloomberg
Robinhood now makes much more collecting interest on client cash than from its core business.
This is $234 million that RH's customers should be collecting but they are currently handling to the Trading App. Source: www.zerohedge.com, Robinhood
Vinci back again on major breakout level
Vinci (DG FP) is once again back on major breakout level. Will it be able to rebound ? Source Bloomberg
Do US cyclical equities look vulnerable given the extent of growth optimism currently priced in vs. the weakness of ISM manufacturing?
Source chart: Goldman
Despite the strong upward move of the Citigroup US economic Surprises index and the strong YTD performance of financial assets, there are signs that things are that rosy for the SU economy
Source: TaviCosta
The average interest rate on US credit card balances has spiked to 20.7%
With data going back to 1994, that's the highest rate we've ever seen. Meanwhile, delinquency rates on credit card loans from small lenders are now at an all time high of 7.1%. That's above the 6.0% peak in 2008 and up sharply from 3.8% in 2020. Source: Charlie Bilello, The Kobeissi Letter
