UK CPI showed a persistent inflation, markets were expecting real signs of a cooling off, key Services numbers was +5.9% vs +5.4% exp. General election called : 4th July, pretty desperate timing/set of affairs for Sunak & Co
Federal Reserve minutes: Policymakers saw a longer path to rate cuts, nothing really new, rates market didn't react, high for longer, a slightly higher neutral policy rate ?
Metals, #copper, #GLD were overdone, now a few ugly days ahead working out short-term excesses
Nvidia CEO Jensen Huang says 'demand is just so strong' for its hot AI chips, as expected by implieds a move of 8-9% was expected and here we are after hours
China signalled it is ready to unleash tariffs as high as 25% on imported cars with large engines, as trade tensions escalate with the US and European Union
Apple is the 'hidden AI play,' as its hardware will be the key hub for AI apps/Eisman
Norway will further restrict access for Russian tourist travellers due to the ongoing war in Ukraine, blocking almost all entry
Yardeni : U.S Household mortgage debt as a percent of household real estate value is near an all-time low
Florida’s 125% surge in property-Insurance bills, car insurance (E-car mainly) up too
GOLDMAN: “.. our projections now imply that the current fiscal path would push the debt-to-GDP ratio to 130% by 2034 (vs. 97% in the same year under our 2019 projections) and real interest expense to 2.3% of GDP (vs. 1.5% in our 2019 projections) ..”
AMZN choses Spain - AWS plans to invest €15.7 billion in Spain, supporting 17,500 jobs annually in local businesses
Surging German wage growth casts doubt on timing of ECB rate cuts Collectively agreed pay rose 6.2% in the first 3 months of the year at the fastest pace in almost a decade, Bundesbank says
Janet Yellen urges EU to join US in curbs on cheap Chinese exports
AWS plans to invest €15.7 billion in Spain, supporting 17,500 jobs annually in local businesses (aboutamazon.eu)
Michael Pettis on X: "1/4 "China is urging the country’s top carmakers to source up to a quarter of their chips locally by 2025 as the world’s biggest automotive market looks to build a semiconductor supply chain amid escalating tensions with the US." https://t.co/kXvCE5Oxnx via @ft" / X
Insurance prices through the rood in some places and things like auto insurance rates in the US have increased by 42% over the past 2 years. That's the biggest 2-year spike since 1977
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