Ever so quietly under the covers of a quiet summer week, US Macro data surprised to the downside, with the biggest weekly drop since Feb 2019...
Source: Bloomberg, www.zerohedge.com
Credit Suisse raised its S&P 500 Year-End target to 4,700, becoming most Bullish Wall Street Bank
But as shown below, majority of Wall Street strategists have revised upwards their estimates for 2013. Source: TME, Bloomberg
The US debt ceiling before and after...
Source: Jim Bianco
Terry Smith investment principles:
1. Buy good companies 2. Don't overpay 3. Do Nothing Source: Compounding Quality
Turkish Central Bank Implements another Significant Rate Hike!
The Turkish Central Bank (CBT) has taken another important step, raising its key rate by 2.5% to 17.5%. Though it slightly missed market expectations (18.5%), the chosen monetary policy path has instilled confidence among investors. This is evident as the 5-year Turkish Credit Default Swaps have hit a new low, not seen since November 2021. Furthermore, Turkish government and corporate bonds denominated in USD have demonstrated an impressive performance, gaining +6% in 2023. In addition to these developments, it is noteworthy that Turkey has recently received substantial economic support from the UAE, totaling more than $50 billion. Could this influx of support help mitigate the sharp weakness experienced by the Turkish Lira? Source : Bloomberg.
According to the latest BofA survey, fund managers are now UNDERWEIGHT commodities
The last time fund managers were this bearish on #commodities, #crudeoil futures were literally trading below zero. Source: BofA
What goes up must come down...
The collapse in US CPI over the past year is extreme, falling from 9.1% to 3%. BofA writes: "...since 1980, only in 8 cases had inflation fallen by more than 6% in a year, and only in France in 1990 from a starting point lower than 10%." Source: TME, BofA
‘Cheapest country to mine bitcoin’ just banned the practice altogether
Kuwait’s capital markets regulator banned bitcoin mining this week as they reiterated prohibitions on crypto activities. The prohibition came down via an official circular released on Tuesday. Kuwaiti authorities had previously only expressed disapproval of crypto payments. Kuwait is now reinforcing restrictions on institutions and other payment services touching crypto, but so far it seems to have stopped short of outright criminalizing interactions with crypto for individuals. Still, regulators stated the use of crypto as a form of payment is strictly prohibited, and residents are advised against engaging in any transactions involving cryptocurrency. But until now, the regulatory status of crypto mining had been ambiguous. The recent circular changes that.
Source: Blockworks
