Nvidia's blowout results are exciting analysts so much, one of them even said the AI chipmaker will be 'most important company to civilization'
BRICS growing - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates are invited to join the BRICS
WSJ-Timiraos : Last year, Jackson Hole was about the lessons of Volcker. But for the second part of the Fed's inflation fight, some former Fed officials say Greenspan might offer the template. The debate is slowly moving from "how high" to "how long" >>> ''high for longer'', next tightening can and should come from Fed balance-sheet reduction
“My sense is he keeps it pretty brief,” BlackRock Global Fixed Income CIO Rick Rieder''says on the outlook for Fed Chair Powell’s Jackson Hole speech, later adding: “I think we’re basically at the end of this hiking cycle.”
Russia offers to swap frozen assets with the west, that's the financial equivalent of a prisoner's exchange ! Yevgeny Prigozhin trod a dangerous tightrope - his apparent death proves no one is indispensable
India is replacing Russia as a 21st-century space power. The Chandrayaan-3 Moon landing is the latest sign of the new geopolitics of space
EU PMI all under 50 yesterday, UK much weaker and even the U.S much weaker, services running out of steam ! >>> stagflation and/or some sort of China deflationary bust ! though China trying to stop the rot and pumping
Brazil's real, not the dollar, could be the solution to Argentina's currency turmoil, an economist says
US workers demand at least $78K to start a new job, according to a NY Fed employment survey
ECB QT continues, balance sheet shrank to €7,153bn, lowest level since Mar2021
The UK's steel exports to the European Union risk being hit with a climate surcharge. It's after Rishi Sunak's government made it cheaper for companies to emit carbon dioxide, potentially erecting another post-Brexit trade barrier with the EU
UBS on Sullivan criticizing China for halting publication of economic data: "The US is not blameless either. Underfunding statistical agencies has contributed to a decline in US data quality — fewer than half the companies asked provide data for non-farm payrolls"
Markets :
UST 10y blow out to 4.35 on supply risk and ahead of JH, back to 4.20% - let's see what JPowell has to say, more a focus of 'high for longer' imho, not how high can we go
USDCNH about 1pct off highs from last week, AUD attempts to rally (CHINA worries perhaps overdone in shot-term and various support legally thrown to the economy now), EURCHF got close to 0.9500 yesterday again
Metals shining last few days again, GOLD, XAG, XPT, Copper etc all recovering (chart), industrial metals reacting to recent China moves to support economy
NASDAQ : that's one of the more symmetrical move below the 50dma (chart - by he book), the bears might resell this NVDA rip, pretty impressive though it has to be said ! all this ahead of Jackson Hole
Remember that Druckenmiller interview..he and many others had a good day yesterday!
Summary: US treasury yields have cranked higher, with the long end of the US yield curve even posting new decade-plus highs in yields. The JPY is playing its usual hyper-sensitive role to yield developments, with EURJPY even posting a new post-2008 high today before retreating sharply today as bonds found a bid. But the yield and yen moves are merely a distraction ahead of a possibly critical message from Fed Chair Powell at the Jackson Hole conference on Friday.
TIPS Have Erased Most of 2023 Gains; 30-Year TIPS Auction on Thursday Key Test - Bloomberg 20y auction went 'ok' last night
Twelve small and mid-sized Chinese banks have been given the go-ahead to make changes in their shareholders’ stakes this month to fortify risk management.
''we are 95% done...the last 5% is always harder than the first 95%..''
Yevgeny Prigozhin trod a dangerous tightrope - his apparent death proves no one is indispensable | World News | Sky News all sorts of conspiracy theory out there, once the 'coup' failed, his days were counted imho
NASDAQ
Copper prices on the rise again it seems, though broadly speaking pretty rangy really
