In just 5 years, the us dollar has plummeted by a staggering 92% when measured against Bitcoin...
Source: Loïc Staub
The geographical spread of valuations across regions remains significant.
12m forward P/E multiple. MSCI Regions. Data for the last 20 years. Source: TME, Factset
Is AI losing traction?
Source: Michael A. Arouet
Seasonality
S&P 500 is Now Entering the Worst 2-Week Period of the Year Source : gs, barchart
US Inflation – Where It Is And Isn’t
Source : Yahoo Finance
The ESG Backlash on Wall Street Spurs a Jump in ETF Closures
The dwindling demand is evident in the Americas from the slowdown in sales of new exchange-traded funds and the pickup in fund closures and outflows, according to senior ESG strategist at Bloomberg Intelligence. In 2023, the region saw just 48 new ETFs introduced, down from 104 in 2022 and 125 in 2021, data compiled by Bloomberg Intelligence show. A net $4.3 billion was pulled last year from ESG-focused ETFs in the US, marking the first-ever annual outflows. The $13 billion iShares ESG Aware MSCI USA ETF (ticker ESGU), the largest ESG-focused ETF, is seeing continued outflows this year, with $809 million yanked from the fund after a $9 billion exodus last year. Meanwhile, 36 ESG-labeled ETFs were liquidated in the Americas during 2023, more than double the prior year, data from Bloomberg Intelligence show. Almost 60% of the funds that were closed were actively managed. source : yahoo!finance, bloomberg
What is the exposure of German banks to us commercial real estate?
According to Moody's, Aareal Bank & Deutsche Pfandbriefbank have the largest exposure compared w/their capital levels. The shares of Deutsche Pfandbriefbank, which is the most shorted in Germany, have recently lost a quarter of their value. In case of Deutsche Bank, there is a gap between banks' exposure to US specialized lending and exposure to banks' US CRE book as DB engages to a material extent in other asset-based or project lending that would also qualify as specialised lending, according to Moody's. Source: Dekabank, HolgerZ
Coinbase Global Inc. shares jumped 14% in the extended session Thursday
After the crypto-trading platform swung to a quarterly profit and reported revenue well above Wall Street expectations, saying it benefited from “risk on” activity in the markets. Coinbase $COIN earned $273 million, or $1.04 a share, in the fourth quarter, versus a loss of $557 million, or $2.46 a share, in the year-ago quarter. Sales rose to $954 million from $629 million a year ago. Analysts polled by FactSet expected Coinbase to report earnings of 2 cents a share on sales of $826 million. In a letter to shareholders, Coinbase executives said that they saw “a sharp increase in crypto asset volatility,” akin to early 2023, and in crypto asset prices. That was mostly thanks to around approvals for a bitcoin spot ETF and “broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity,” it said. COIN Coinbase Q4 FY23: • Trading volume +6% Y/Y to $154B. • Bitcoin 31% of volume (-4pp Y/Y). • Revenue+52% Y/Y to $954M ($135M beat). • EPS $1.04 ($1.03 beat). Q1 FY24 Guidance: • Subscription & Services $410-480M ($373M expected). Source: App Economy Insigths, Market Watch
