🚨HOLY COW: Hedge funds dumped global stocks at the fastest pace on RECORD over the last 2 weeks.
The majority of sales were in US equities and were even larger than during the 2022 BEAR MARKET. Meanwhile, sp500 and Nasdaq 100 are down 'just' 6% and 9% since their peaks. Source: Global Markets Investor
Italy's bond yield just crossed 4%! Thanks to Germany's embracement of debt to invest in defense and infrastructure.
Who remember what happened in 2011/2012? At the time the debt to GDP ratio was 108%. Today it is 140%... Source: Jeroen Blokland, Bloomberg
Incredible Germany equity inflows
Source: Goldman Sachs, EPFR
Make defense industry great again..
France Armies Minister Sébastien Lecornu encourages the French “to invest money patriotically to finance Defense”.
Europe's high-debt countries - like France, Italy and Spain - cheer Germany's fiscal expansion.
They're not doing that out of the goodness of their hearts. Germany now can't possibly say no to more joint EU debt issuance. A win for high-debt countries and their muddle through... Source: Robin Brooks
EU defence stocks so far this year....
Source: Koyfin
2025 returns by country:
Germany +21% Italy +19% France +17% UK +12% US -0.5% Source: Ben Carlson @awealthofcs
Is D.O.G.E going global ???
➡️ “What Europe needs is a DOGE,” Deutsche Telekom CEO Tim Höttges told an audience at the Mobile World Congress in Barcelona. ➡️ Höttges made a renewed call for Europe to cut down on barriers to market consolidation in Europe’s telecoms industry and consider charging U.S. tech giants to use mobile carriers’ networks. ➡️Elon Musk’s Department of Government Efficiency has looked to slash spending at federal government agencies, making huge job cuts at various different departments. https://lnkd.in/eJDZc4DS
