One of the most important news today:
Volkswagen targets layoffs and 10% pay cuts amid plans for German plant closures, union says. Source: Bloomberg
JPMorgan CEO Jamie Dimon just said the American 🇺🇸economy is still booming and inflation may not go away so quickly
Source: Evan on X
Palladium hits highest price since December
Source: Barchart
This is one of the most resilient stock market in history:
The S&P 500 has been trading above its 200-day moving average for 247 straight sessions, the third-longest streak in 8 years. The previous 2 records were posted in 2016-2018 and 2020-2021 which lasted for 430 and 400 trading days, respectively. Over the last 12 months, the S&P 500 is now up over 40%, marking the 4th best 12-month performance this century. There have been only three other occurrences since 2000 when the index rallied at least 39% year-over-year: 2004, 2010, and 2021. To put this into perspective, the S&P 500's average annual return since 1957 has been ~10%. Source: The Kobeissi Letter, The Daily Shot
Another poor US Treasuries auction yesterday.
This was the trigger that pushed yields higher (despite oil prices crashing -6%...) Bond yields no longer have much to do with how strong/weak the economy is. It’s all about deficits, high government spending, and huge Treasury auctions. Source: QE infinity
Of the 100 largest companies (the S&P 100), there are 25 who are trading for more than 50x reported earnings.
Meantime, there are zero companies trading for less than 10x earnings. Source: Jeff Weniger
US equities Bull markets go on longer than many of us think they will.
Source: Carson, RBC
With oil at $68, Russian FX reserves at/near all-time highs while Russian foreign debt, in USD, at 12+ year lows...
Source: Macrobond
