The "X" war...
As highlighted by The Kobeissi letter, Meta currently owns the trademark for "X" in relation to "online social networking services." However, Microsoft owns the trademark "X" as it relates to online chat rooms and finance. Meanwhile, Twitter wants to make "X" into an everything social network with finance and banking. All while Twitter is suing Meta for copying Twitter... Source: Kobeissi letter
Something very unusual has been taking place since the start of the 2Q earnings season
US stocks that beat earnings are being sold... very unusual. Source: www.zerohedge.com
Retail investors are jumping into Mattel stock $MAT as the movie "Barbie" takes the world by storm
Source: Barchart, Vanda Research
C(RUDE) AWAKENING...
Crude oil is taking out the 200 day moving average. We haven't seen oil close above the 200 day moving average since Q3 2022.... Source: TME, Refinitiv
Hong-Kong listed Chinese stocks are soaring this morning as China July politburo statement is more dovish than expected.
China wows to adjust and optimitize property policy and aims to support domestic economy. Source: CNBC
Pricing Power
Source: Brian Feroldi
The median price of an existing home sold in the US is up 14% from the January low, now less than 1% below its all-time high from June 2022.
How could it be? Consider the #chart below courtesy of Charlie Bilello: The US Population is 19% higher than where it was in January 2000 while the inventory of Existing Homes for sale in the US is 37% lower. Economics 101 -> higher demand and lower supply drive prices higher.
Hungary still has an inflation rate of >20%, highest inflation rate in entire EU.
Inflation is driven by food prices (Food CPI +29% YoY) as Hungary has been hit by a drought and this has caused prices to rise. In addition, there is a shortage on the labor market, low labor productivity & very expansionary macroeconomic policies. Source: Bloomberg, HolgerZ