The Bitcoin Industrial Complex crushed their record yesterday with $50b in volume (for context that's same as ADV of entire UK stock market).
$MSTR alone was $32b of it. $MSTU and $MSTX combined for $6b (which is more than all the spot btc ETFs, which were also elevated). What a scene... Source: Eric Balchunas, Bloomberg
UK borrowing costs hit highest level this year as gilt sell-off intensifies.
This should not come as a surprise, Eurizon SLJ Research's Stephen Jen says: When the debt stock is 99% of GDP, and the govt imposes the largest tax hike post-WWII and the largest increase in spending in multi-decades, why should one be surprised that the bond market shows signs of indigestion? Source: HolgerZ, FT
JUST IN : UK'S GOVERNMENT IS CONSIDERING RAISING CAPITAL GAINS TAX TO AS HIGH AS 39% PER THE GUARDIAN
Source: @gurgavin
India‘s economy is overtaking UK, the former colonial power.
And this is most likely just a start. Source: The Economist, Michel A.Arouet
Britain wakes up to a new party in power after 14 years of Conservative rule.
Sir Keir Starmer’s Labour party is headed for a huge majority in the House of Commons after Rishi Sunak conceded defeat in the UK general election. With the final results still streaming in, a national exit poll suggests Starmer will become prime minister more than 400 of 650 Commons seats, with the Tories holding most likely around 110 seats, the party’s worst result in its 190-year history. Sunak, who won his seat of Richmond and Northallerton, said he took “responsibility for the loss”. A victorious Starmer had earlier declared: “The change begins right here. It’s now time for us to deliver.” Source: FT, Bloomberg
UK election
Source: No Context Brits on X
United Kingdom's stock exchange, FTSE 100, hit an all-time high for the first time in more than a year
Source: Bloomberg, Barchart
UK Yields Extend Divergence from US Yields Post-BOE Meeting 📊
The Bank of England's today meeting took a more dovish turn than anticipated. Despite holding key rates steady at 5.25%, not a single BOE member voted for a hike for the first time since September 2021. Market sentiment is swiftly adjusting, with expectations shifting from a previously anticipated rate cut in August to now eyeing possibilities in June (70% chance) and even May (15% chance). The news triggered a significant rally in UK government bonds, driving the differential between 2-year UK and US yields to its lowest level in a year! This divergence underscores the evolving dynamics in global markets. Following the surprising interest rate cut by the Swiss National Bank, central banks worldwide appear to be reassessing their strategies. Source: Bloomberg
