GDP growth does not always correlate with earnings and equities performance
Source: Michel A.Arouet
CHINA AND JAPAN ARE DUMPING US TREASURIES
Japanese investors sold $61.9 billion of Treasuries in Q3 2024, the most on RECORD. Chinese funds dumped $51.3 billion, the second largest on record. Japan and China are two world's biggest foreign holders of US government debt. Source: Global Markets Investor
As a reminder... From April to October 2018, the US announced tariffs on half of all imports from China at 25%.
The Yuan fell 10% in an almost full offset. Turkey and Argentina had their own crises at the time and were blowing up constantly. But all of EM got hammered. Brazil was down 11%... History doesn't repeat but often rhymes... Source: Robin Brook, Bloomberg
According to the best source of Chinese gold and silver data – @oriental_ghost – China is on a silver consumption BENDER
Source: ale Gold great again
Foreign holdings of US Treasuries have jumped by $2.6 TRILLION over the last decade.
Europe’s Treasury holdings have risen by $1.5 trillion with the rest of the world acquiring $1.7 trillion of bonds. On the other hand, China and Japan's holdings have shrunk by ~$500 and ~$100 billion, respectively. Overall, total foreign holdings as a share of outstanding federal debt have dropped from 35% to 24%, near the lowest level in 18 years. This is the consequence of rapidly rising public debt with the supply of Treasuries rising ~$15 trillion over the last decade. Foreign demand for Treasuries cannot keep up with skyrocketing US debt. Source: The Kobeissi Letter
Ahead of US elections, Yuan’s overnight implied volatility is going through the roof
Source: David Ingles, Bloomberg
The BOJ kept interest rates steady on Thursday
The BOJ roughly maintained its forecast that inflation will hover near its 2% inflation target in coming years, signaling its readiness to continue rolling back its massive monetary stimulus. The Yen climbed as much as 0.9% on Ueda comments.
Central bank of India moves another 102 tonnes from London to its own vaults. It’s a trend.
Source: Times of India
