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6 Sep 2024

Is a massive regime change in markets taking place?

This week has again been volatile for stocks. But the big news for investors is for the first time in a few years, bonds are acting again as a hedge against stock market drawdowns. Or in other words: after a period of positive correlation which wrecked 60/40 portfolios, the stock/bond correlation is turning negative again. This is an important development. Source: Alfonso Peccatiello

13 Aug 2024

Bank of Japan owns ~80% of the country's ETFs and 7% of the entire Japanese stock market, according to Morningstar and the Tokyo Stock Exchange data.

Moreover, the BoJ holds ~55% of the Japanese government bonds. Huge distortions 👇 Source: Global Markets Investor

12 Aug 2024

An important development for portfolio construction: bonds and equities are negatively correlated again.

Source: Bloomberg, Alessio Urban

5 Aug 2024

Bonds have surged higher with the collapse in interest rates and the US Aggregate Bond ETF is now up 7.7% over the past year, outperforming the Treasury Bill ETF ($BIL +5.4%)

Source: Charlie Bilello

5 Aug 2024

A worrying divergence...

Source: J-C Parets

2 Aug 2024

BREAKING: The 10-Year Note Yield has dropped below 4.00% for the first time since February 2024.

This comes after the July Fed meeting and ISM manufacturing data came in weaker than expected. Markets expect the first Fed rate cut since March 2020 to come at their next meeting, in September 2024. Over the last week, the 10-Year Note Yield is now down over 30 basis points. Source: The Kobeissi Letter

29 Jul 2024

Junk bonds closed at an ATH (total return) last week $HYG

Source: Mike Z.

26 Jul 2024

CHINA 10-YEAR YIELD FALLS TO A FRESH RECORD LOW

So, what is the Chinese bond market signaling about the Chinese economy? Source: Bianco research

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