SPX, DAX, EUROstoxx50, NVDA, NQ all the same charts../ BoJ unch / UST 10's 4.50 / USD stays firm(er)

BoJ unchanged, focus for any major change remains for Q1 2024 >>> USDJPY could very well push higher and higher and test the BoJ resolve, eventually triggering intervention again nearer to 150JPY >>> next focus is UAW strike, Debt ceiling deadline 1st October, higher for longer now broadly accepted by all, but market need digesting it !, the risk is they keep rates higher for longer and we eventually get some sort of hardish landing

The UAW strike against automakers could be expanded unless there is major progress in contract negotiations by today

So Switzerland stopped hiking rates and the Bank of England followed suit. What do they have in common? Private sector vulnerabilities/Thread

UST 1.25% 2050, trading at 48cents, have we ever seen this ? suspect never. TLT closes at lowest price since April 11, 2011

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In FX, USDCHF pushed through resistance on SNB hold. USD stays firm overall, watch out for USDJPY again

Bonds, duration, long-end, steeper, markets repricing/repriced the higher for longer another nudge up >>> fiscal position is pretty bleak in many places, so long-end reacted, as expected, definitely more risk going forward with some sort of 'premium' repriced by funds and investors to hold duration bonds, keep an eye on credit >>> markets have to hope that UST 10's at 4.50 is enough for now ! or we will get a potentially nasty credit event

Equity markets showing signs of breaking down technically, watch out Europe, huge levels around here in EUROstoxx50, DAX etc, NVDA >>> the trouble is many charts look similar to the ones below, massive ramp up in H1, topping out in Q3, what next ? - see charts below, it's all the same, which make is pretty binary and dangerous into quarter-end

Crude staying firm on still strong data, US claims yesterday were lower at 201K (exp 220K), EU NatGas prices lower finally as Ozzie strikes come to and end

GOLD, Silver actually holding up very well in all this..