🚨 Chinese Existing Home Prices declined by 7.9% year-over-year last month, the largest decline in history!
Source: Bloomberg
The market is increasingly becoming more driven by earnings than multiples.
Source: BofA, Mike Zaccardi
US 2s/30s yield spread briefly turns positive for 1st time since January
Source: HolgerZ, Bloomberg
Inflows to US large cap funds on pace for 2nd largest on record.
Source: Flow Show, TME
The current equity bull market explained in 4 charts...
Source: TME, BofA
A landslide and sweep victory for Trump, this probably reduces uncertainty which is positive for stocks, BTC and the dollar.
Meanwhile, this could lead to more upward pressure on bond yields and a steepening of the yield curve. We also expect the "pro-republican" type of stocks to move higher. Pro-trump / republican seep victory sectors include Energy, Defense, Immigration-enforcement, For-profit education, Financials, some healthcare stocks, etc. Among the losers: Tech, Renewables, etc. From a geographical point of view, some US-friendly countries (India, Vietnam, etc.) might benefit from a Trump re-election. China and Mexico (and US stocks related to them) might suffer. Same for European autos exporters for instance. Source table: Bob Elliott
Romanian stock market index BET has outperformed the Nasdaq 100 over the past 5 years.
Source: Holgerz, Bloomberg
Yesterday's "SIZE" rotation put into perspective.
US small caps outperformed large caps by 4.5% on Thursday, a 6 standard deviation event and the 2nd biggest outperformance on record (trailing only the 10 sigma differential on October 10, 2008). This brutal rotation is taking place after a huge period of small-caps underperformance vs. large caps $IWM $SPY Source: Charlie Bilello, Steno Research
