Stocks, bonds and cryptos rally following soft US jobs data.
Hiring slows to 175,000 jobs in April way below the forecasted 240k. This is the lowest figure since Oct 2023’s +165k. Household survey came in below forecasts as well with unemployment rate rising to 3.9% from March's 3.8%. Wage growth slows to 0.2% MoM vs 0.3% expected. Note that 0.2% is consistent with 2% inflation. Source: Bloomberg, HolgerZ
Satoshi Nakamoto explaining why Bitcoin is a breakthrough in monetary history, exactly 15 years ago.
Source: Rizzo on X
The SP500 in gold terms has gone nowhere since 2017 + it’s hard to ignore this massive head and shoulders taking shape.
Source: Tavi Costa, Bloomberg
If you had invested $10,000 into Peloton $PTON at its peak in January 2021 and held to today you'd currently have ... $174
Source: Evan, Ycharts
Hong Kong growth beat estimates by the most in 13 years in the first quarter.
Source: David Ingles, Bloomberg
Bearish Bets against the Japanese Yen rise to highest level in AT LEAST the last 18 years 🚨
Source: Barchart, Bloomberg
Apple $AAPL CEO Tim Cook during earnings conference:
Apple has “big plans to announce” from an “AI point of view” during its iPad event next week as well as at the company’s annual developer conference in June - CNBC
It's clear, Japan is intervening to support the Yen:
Twice this week, we saw the Yen fall to its weakest point against the US Dollar since 1990. This was the first time in 34 years that 1 US Dollar converted to 160 Yen. Immediately after the Yen neared 160 twice this week, we saw a steep drop in the conversion rate, strengthening the Yen. The BOJ reported Tuesday that its current account will fall 7.56 TRILLION YEN, or $48.2 billion USD. This was clearly due to intervention equating to 5.5 trillion Yen, which we last saw in 2022 and 2011. The third largest currency in the world is in trouble. Source: The Kobeissi Letter
