From Bloomberg:
“Bond holders want an ever-higher premium to hold the debt of developed-nation governments as turmoil in France and Japan underscores how politics is eclipsing central bank policy globally as a key market driver.” Source: Mohamed A. El-Erian @elerianm
Power Bills Surge in Deregulated States:
Over the past three years, residents in Maryland, Connecticut, Delaware, D.C., and California have seen electricity bills jump 29%, about 20 percentage points higher than overall inflation and well above the national average. By contrast, regulated states like Michigan, North Dakota, Arkansas, South Dakota, and Louisiana experienced only about a 5% rise in power costs Source: StockMarket.News @_Investinq
Quotes from Barron's & chart from McKinsey on AI CAPEX...
Source: Bloomberg, McKinsey, RBC
World‘s 4th richest country becomes first Eurozone member to invest in Bitcoin.
Luxembourg’s Intergenerational Sovereign Wealth Fund (FSIL) has allocated 1% of its $730 million portfolio to Bitcoin. Source: @CarlBMenger
Silver is putting in an absolutely huge shooting star candle. We need a confirmation, but this one is very big so watch out!
The $50 resistance remains a big one. Source: The Market Ear
The U.S. just finalized a $20 billion currency swap deal with Argentina and is now directly buying Argentine pesos to help stabilize the collapsing currency.
This comes just a day after Argentina’s short-term yields exploded to 87% as President Milei burned through reserves to defend the peso before the October 26 elections. The new U.S. support marks a dramatic intervention aimed at restoring liquidity and easing pressure on Argentina’s financial system, which has been teetering on the edge after weeks of heavy dollar sales and record borrowing costs. Source: StockMarket.news
Mighty Dollar...
The dollar index $DXY is taking out range highs, closing well above the 50 and the 100 day moving averages. We haven't seen the DXY close "properly" above the 100 day since the dollar bear started earlier this year. Not good short term news for the gold and precious metals space. Source: The Market Ear
In case you missed it... A UBS fund has 30 per cent of its portfolio tied to the failed First Brands Group
UBS O’Connor, a private credit and commodities specialist owned by the Swiss bank, revealed that 30 per cent of the exposure in one of its funds is tied to the auto parts group. O’Connor recently told investors in its “Opportunistic” working capital finance strategy that the fund has 9.1 per cent of “direct” exposure and 21.4 per cent of “indirect” exposure. Overall, UBS has more than $500mn of exposure to First Brands’ debt and invoice-linked financing, according to bankruptcy filings. Source: FT
