Syz the moment

We might be witnessing one of the most significant global rebalancing we've experienced in recent history, in my view. Source: Tavi Costa, Crescat Capital, Bloomberg

In a statement, Japan’s Chief Cabinet Secretary Yoshimasa Hayashi said that his trip would have involved the discussion of U.S. tariff measures. “However, during the coordination with the US, because it became apparent that certain points required further technical discussion, the trip was cancelled, and it was decided that discussions will continue at the administrative level,” Hayashi told reporters. Japanese media outlet Kyodo News said it has not been decided whether he will reschedule the trip, while Reuters said Akazawa could head to Washington as early next week after the outstanding issues are resolved, citing an anonymous government source. Hayashi said Tokyo will urge the U.S. to amend its presidential order on reciprocal tariffs as soon as possible, and ask Washington to issue a presidential order to lower tariffs on automobiles and auto parts. Source. CNBC

Source: Charlie Bilello

One fabrication plant dedicated to producing Huawei’s AI processors is scheduled to start production as soon as the end of this year, while two more are due to launch next year, said two people with knowledge of the plans. While the new plants are designed to specifically support Huawei, it is not clear who exactly owns them. Huawei denied having plans to launch its own fabs and did not provide further details. Chinese companies are also racing to develop the next generation of AI chips adaptable to a standard advocated for by DeepSeek, which has emerged as the country’s leading AI start-up. Huawei’s latest products are seen as among those that would satisfy DeepSeek’s requirements. Source: FT

There are now more ETFs in the United States than total number of stocks, data compiled by Morningstar shows - Bloomberg. ~4,300 - Total number of ETFs. ~4,200 - Total number of stocks. Source: Bloomberg, ETF Tracker

👉 Imports from China just hit a 19-year low, and U.S. exports to China are sliding too. Tariffs, decoupling, and weaker demand are crushing the flow of goods. 👉 On paper, China’s GDP is still growing. But when your biggest trading partner is importing less than in 2006, that growth looks hollow. ➡️ It thus seems that China’s stock rally isn’t built on trade or fundamentals but rather being propped up by liquidity and policy support. Source: StockMarket.News @_Investinq

Annualized tariff revenues have hit a record $335 billion. This is more than triple the average seen in previous years. So far in August, collected customs and duties have reached $22.5 billion. Source: Global Markets Investor @GlobalMktObserv

➡️ FT: "The US has slapped punitive tariffs on India over its purchases of discounted Russian oil, dealing a blow to the world’s fastest growing large economy and deepening a rift between Washington and New Delhi. The 25 per cent levy — which came on top of a 25 per cent “reciprocal” tariff — took effect at 12.01am US eastern time on Wednesday and raised rates on India to among the highest rates in the world. President Donald Trump’s announcement this month that the US would double its tariff rate on India marked a sudden escalation of tensions, following the sides' failure to reach a breakthrough in trade talks. Negotiators had initially targeted the first stage of a trade deal by early summer". Source chart: Bloomberg