S&P 500 bulls drive the longest weekly winning streak in 2024. On the 37th anniversary of the “Black Monday” market crash, the S&P 500 is up for the sixth straight week. (BBG)

#Gold tops $2,700 for the first time to extend its record-breaking run. It is now up 31% YTD and on course for its best year since 1979.

Good Morning from #Germany, where the US President is currently visiting. The US is Germany's most important export market. Over the past year, Germany has exported goods and services worth €160bn to the US, accounting for 10% of its total exports.

#ECB's Lagarde: Haven't yet broken neck of inflation but in process.

Donald Trump Trump threatens to impose a 100% tariff on countries that conduct business in currency other than the US Dollar, adding a new pillar to his tariff platform. Trump, who has long embraced protectionist trade policies, said the dollar has been “under major siege” for…

The global bond rally has regained momentum due to econ concerns in the US and weak figures in the Eurozone. Value of global bonds rose 0.3% this week to $69.29tn, almost a fresh ATH.

Good Morning from #Germany where housing prices are stabilizing despite ongoing economic challenges. A few positive factors are at play: new construction activity remains low, and interest rates have fallen again. In August, the Europace House Price Index slightly increased by…

#Nvidia has wiped out >$400bn in value this week, weighing on key equity benchmarks. Nvidia shares have swung between $91 and $131 over past 30 trading days, w/a record amount of market value being wiped out Tuesday. That level of gyration drove its 30d realized volatility up to…

Good Morning from #Germany, which has significantly lagged behind the US in economic growth over the past 30yrs. Since 1980, the US econ has expanded tenfold, while Germany's has only grown fivefold. This disparity is partly due to faster population growth in the US. However, the…

It looks like the Carry Trade – that blew up markets – is attracting Hedge Funds again. Japan’s currency has weakened more than 5% against the dollar since Aug. 5. Yen shorts have risen ~30-40% in past week. bloomberg.com/news/articles/…

Good Morning from #Italy, where competitive conditions have deteriorated significantly in relation to other Eurozone countries. Unit Labour Costs (ULC) have risen significantly since the end of 1998. The most dramatic improvement in Unit Labor Costs has been in Greece.

Good Morning from #Italy, where real 10y yields have dropped to 1.72%, their lowest since 2022. This decline is due to a huge decrease in nominal yields, which have fallen to 3.57%, the lowest level this year.

Good Morning from #Italy, the 3rd largest net contributor to the EU. According to calculations by the German Economic Institute, Italy paid €4.5bn more into the EU budget last year than it received back. However, when measured per person, net payments per capita were only…

In case you missed it: US debt tops $35tn as the federal budget was $1.5tn in the first 10 months of fiscal year 2024. CBO projects a federal budget deficit of $2tn in fiscal year 2024 when adjusted to exclude the efforts of shifts in the timing of certain payments.

Good Morning from #Italy, where demographic trends are cruel. Population is aging & fewer babies are being born. Fertility rate – avg number of children born per woman – has steadily declined since late 1970s, dropping far below 2.1 for a stable population & causing it to shrink.…

Good morning from #Italy, an absolutely developing country in terms of the stock market. The combined value of all Italian listed companies is just $711bn, representing only 0.6% of global market capitalization, despite Italy contributing 2.1% to global GDP. Italy doesn't have a…

To put things into perspective: Over the last 35yrs, the whole life of Vix history, there have only been 2 prior episodes of Vix trading >60: The 1st was during GFC, the collapse of Lehman, the 2nd episode occurred during Covid and we had a 3rd occurrence: that was last Monday.

Warren Buffett’s Berkshire Hathaway halves stake in #Apple from 789mln shares at end-Q1 to 400mln Apple shares now. Cash holdings hit a record $277bn – about ~30% of the market – cap as billionaire investor dumps $76bn of stocks. ft.com/content/2aa3b5…

Global bonds have gained a whopping $1.2tn in value this week, most since Dec 2023, as bonds – at least govt bonds – love growth worries.

Good Morning from #Italy where the support for the Euro has grown substantially over the last decade, but remains at a low level compared to other big Eurozone countries and has recently fallen again, even though inflation in Italy is much lower than elsewhere and, above all,…