Why European manufacturing is doomed in one chart
Every European auto maker has lost market share in Europe. The only winners: Tesla (small) and China (absolutely ginormous gains) Source: zerohedge, GS
Investors now pricing in three rate hikes through mid 2027.
While I like overnight index swaps if one looks at fed fund futures its pricing in three hikes through spring. Source: Bloomberg
Trump’s net worth hit $7 billion in 2026.
That’s triple where it was in early 2024, according to Forbes data. Source: Steve Rattner
Satoshi Nakamoto enters the top 22 wealthiest people on Earth.
Source: Bitcoin Archive
Consensus has been positioning for a split congress (the House with the democrats and republicans keeping the Senate) but it might be wrong as a democrat sweep now looks like a real possibility.
Indeed, over the last few weeks, polymarket odds were showing a rising probability of Trump losing control of the Senate, but that trend accelerated sharply recently (see the chart below)! Source: Polymarket
The gap between US earnings growth and the rest of the world has never been wider
Earnings of US companies have grown nearly +1,300% since 1990. By comparison, earnings of global companies excluding the US have risen +500% since 1990. In other words, US earnings growth has been 2.6 times larger than the rest of the world. This comes as global ex-US profit growth has remained roughly unchanged between 2008 and 2025. The US economy is in a league of its own. Source: The Kobeissi Letter
Personal Savings Rate hits 2.6%, the 2nd lowest level in the last 65 years
Source: Barchart, CNBC
$META UNVEILS FIRST PETABIT-SCALE TRANSATLANTIC CABLE BETWEEN U.S. AND FRANCE
Meta announced Petal, a new roughly 7,000-km subsea cable designed to carry 1 petabit per second between the U.S. and France when it enters service in 2029. Meta says that is roughly 2x the capacity of today’s most advanced transoceanic cables and represents the largest single-generation capacity jump for a transoceanic system. Petal will use multi-core fiber technology across transoceanic distances, allowing more data to move through each fiber without a proportional increase in power or physical infrastructure. The system is being developed with NEC and Sumitomo Electric, while Orange will support the French landing. The project adds to Meta’s growing global network infrastructure as AI workloads drive sharply higher bandwidth requirements between data centers and regions. Source: Wall St Engine
