BoA : MAG7 35% of total U.S mkt cap / FED Sep priced / State pension to 80 ? / India / Business cycles no more

Stéphan
Aug 5
3 min read

Markets : Trump vows substantial hike of India tariffs over Russian oil, Swiss in a bind over tariffs too! , Friday’s weak payrolls triggered a sharp drop in Treasury yields, with the 2-year falling 25 bps, the largest move in a year, as markets priced in two rate cuts by year-end, markets rebounded half of Friday losses, mining stocks on fuego, DATA centers will eventually go through the usual cycle (...huge CAPEX spending as per recently, it will get commoditized (CHINA and others to overbuild etc) and eventually returns will get smashed (eventually-play accordingly) >>> What the ISM is describing is a business cycle that is dead and doesn't really exist anymore/THREAD, well worth a read
US tech stocks have reached a 100-year high relative to the S&P 500 in 2025, with the Mag 7 now accounting for 35% of total US market capitalization. - BofA
The Fed’s Mary Daly said the time for rate cuts is nearing, telling Reuters more than two reductions might be needed if labor market weakness persists
UK (AND elsewhere..) State pension age to hit 80 without reforms, expert warns >>> this POINT will com eback over and over and over, hence whichever government in charge is unpopular.. (France, europe, US, CH, UK all same demographics..)
India said the US threat of increasing tariffs on its goods for buying Russian oil is ‘unjustified and unreasonable.’ Japan’s trade chief is set to leave for the US to urge Washington to proceed with a promised cut to car tariffs
SAUDI ARAMCO takes on more debt to cover its dividend as free cash flow was insufficient (again) in 2Q despite realized oil prices of ~$67 a barrel (and very strong total production)
Swiss president under fire after Trump call leads to US tariffs shock. Karin Keller-Sutter accused of mishandling talks as shares dive after Switzerland hit with 39% tariff
World central banks bought another 166.5 tonnes of gold in Q2 2025. This is ~41% above the average quarterly purchase between 2010 and 2021#GOLD