Syz the moment

The return spread between the seven largest S&P500 stocks compared to the rest of the index is now higher than when the Dot Com Bubble Burst. Source: Barchart, Bloomberg

Novartis (NOVN SW) is back on the triangle. Bad news of company losing patent ruling related to Entresto drug, has sent the stock down more than 3% in the last 30 min of trading. Keep an eye at this level.

Vinci (DG FP) is back again on major breakout level. Will we see a rebound from here ? Source : Bloomberg

Binance chief strategy officer Patrick Hillmann has confirmed his departure from the embattled crypto exchange. Hillman’s response on social media appears to address reports which said he, along with two other Binance executives, were leaving due to CEO Changpeng Zhao’s response to ongoing investigations by the US Department of Justice (DOJ).“I continue to respect and support [Binance CEO Changpeng Zhao] and am grateful for having had the incredible opportunity to work under his leadership,” Hillmann tweeted.
Source: Blockworks

The German 10-year yield has experienced a significant surge of almost 30 basis points since the start of July, marking a notable technical breakout. This breach of the 2.5% resistance level has the potential to alter short-term market sentiment and pave the way for higher rates. The upward momentum has been fueled by several factors, including the synchronized hawkishness observed in developed countries such as the US, Eurozone, and the UK last week. Additionally, hawkish FOMC minutes (release yesterday) and resilient hard data, including strong employment figures in the US and robust industrial production in Europe, have contributed to the yield's upward trajectory. It is worth noting the emergence of a catching-up effect in soft data, as indicated by the latest report on the U.S. ISM composite index. Tomorrow's release of the June NFP report could further ignite the discussion. Will we test the year's highs (2.75%) in this early summer period?

he United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin BTC mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate. Abu Dhabi has become a hub for all kinds of crypto mining activity in the UAE due to its energy efficiency and status as the center of trade in the country.

Source: CoinTelegraph

Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. This was the first monthly increase in trading volume since March, said the report. Among other high-profile U.S. institutions that filed or refiled last month with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs were Fidelity, Invesco and WisdomTree.

Source : CCData, Coindesk

The Bloomberg US High Yield CCC-rated bond index has recorded an impressive 9.6% gain in 2023. Despite concerns of an impending U.S. recession, the lowest quality segment of the high yield market has emerged as one of the top performers in the U.S. fixed income space. The resilience of the U.S. economy and robust release of hard data have contributed to a significant tightening of the average credit spread for CCC-rated bonds, reaching a 1-year low of 835bps. This represents a 165bps tightening since the beginning of the year. Notably, CCC-rated credit spreads are currently below the historical average of 925bps, while the average yield remains in line with historical levels at 12.8% compared to 12.7%. Furthermore, it is worth mentioning that less than 2% of the index is set to mature in 2024. The question now arises: will CCC-rated bonds continue to outperform driven by strong technical factors, or have we reached the top? Source: Bloomberg.