Syz the moment

EU commission: " The adoption of air conditioning in Europe has been a topic of concern due to its potential impact on health and safety during heatwaves. In Europe, the number of deaths during heatwaves has been significantly higher compared to the United States, with a mean of 83,000 deaths annually relative to 20,000 deaths in North America. This disparity is attributed to the lower adoption of air conditioning in Europe, which is less common than in the US. The lack of air conditioning in many European homes forces residents to rely on less effective cooling methods, such as electric fans, ice packs, and cold showers, which can lead to increased exposure to extreme heat and heat-related illnesses".

Source: Augur Infinity

The demand comes hours after Bill Pulte, a staunch ally of the US president, published a letter claiming the central bank official had ‘falsified bank documents and property records to acquire more favorable loan terms. Source: FT

The Cass Freight Index, a key measure of freight volumes in the US, has fallen to its lowest since the Great Financial Crisis, when excluding 2020. This signals weakening demand for shipping and goods movement, and a slower economy. Source: Global Markets Investor

October 1987, the Iraq-Kuwait recession, September 11th, the 2003 "jobless recovery," Covid lockdowns. These are times to buy the US stock market, not sell it. At 358, the MPU index is about as high as ever. Bullish. Source: Jeff Weniger @JeffWeniger

In July, the typical home sat on the market for 43 days, the slowest July pace in 10 years. By comparison, it was just 16 days in July 2021. Additionally, pending home sales fell -1.1% MoM, to their lowest since November 2023. Despite this, prices are still rising, with the median home sales price up +1.4% YoY, to a record July high of $443,867. Many homeowners are choosing to rent or delay selling rather than accept lower offers, further limiting supply. The housing market is stalling. Source: The Kobeissi Letter

That’d be the biggest 12-month downward revision in 15 YEARS. Total cut over 2 years would reach 1.5M jobs. Source: Goldman Sachs, Global Markets Investor

“The stable outlook indicates our expectation that although fiscal deficit outcomes won’t meaningfully improve, we don’t project a persistent deterioration over the next several years,” S&P said in its statement. The firm pointed to broad economic resilience, policy continuity, and strong revenue streams, including what it described as “robust tariff income” - as offsets to fiscal slippage stemming from legislative changes. While acknowledging concerns that tariffs could dampen business confidence, growth, and hiring while spurring inflation, S&P said revenue gains would help balance the ledger, WSJ reports. The agency’s decision comes against the backdrop of a $5 trillion increase in the debt ceiling and projections that net general government debt will approach 100% of gross domestic product, driven by “structurally rising non-discretionary interest and aging-related expenditure.” S&P cited several strengths underpinning the rating, including the resilience of the U.S. economy, effective monetary policy, and a deficit trajectory that, while elevated, isn’t accelerating. Yet the firm also noted risks... “Bipartisan cooperation to strengthen the U.S. fiscal profile - namely to meaningfully lower deficits and tackle budgetary rigidities - remains elusive,” S&P said. Below is a chart of USA sovereign credit risk Source: zerohedge