CTA Eq positioning, max long / Precious metals! / BYD / India-Russisa-China / France risk up / Bessent, Trump ?

Stéphan
Sep 2
3 min read

GOLD new highs, what else!
Markets : still no show from Trump.. ?, Syria exports first crude oil shipment in 14 years, BYD : scale meets price war (Saxo research), VdL's plane was forced to land blind after 'russia jammed GPS', BRICS Leaders Schedule Virtual Meeting to Discuss Trump Tariffs, is France the new Italy (will find out shortly), CTA positioning in US equities officially sits in the 100th percentile and is now max long (chart available), #duration global yields sending a clear message (fiscal risk going global), equity markets stable/slightly softer/losing momentum, metals higher, in fact this is the only asset up very lately, as Trump put pressure on FED, even BTC is down 10% off highs recently, and we now have the new world order with China, Russia and India.. thanks to recent politicla fragility, shall we say, in US and Europe..Ukraine was part of the EU’s tariff deal with the US — Politico
India reduced exposure to UST0s while boosting GOLD holdings in FX reserves
A little bit of a U-turn >>> Fed should be independent but has made mistakes, Treasury Secretary Bessent says, and Putin has, in a despicable manner, increased the bombing campaign [of Ukraine]. So I think with President Trump, all options are on the table, and I think we'll be examining those very closely this week.
BoJ`s Himino said the CBk should keep raising interest rates but warned of high risks to the economy
Trump calls India-U.S. trade relationship ‘a totally one sided disaster’ after Modi visits China, China's Xi rolls out carpet for Ukraine war aggressors, sidelining Trump
China called on the Global South to follow it, Russia, and India in embracing “free trade” and a “more just and reasonable global governance system.” (FT); or ‘China unveils plan for new world order’ (Telegraph) as “Xi Jinping lashes out at ‘bullying behaviour’ in apparent attack on Trump’s tariff war against Beijing”
France - French Far Right Builds Momentum as Premier Heads Toward Exit - The party's president, Jordan Bardella, and its prominent figure, Marine Le Pen, have made clear their intention to bring down the government, which is also opposed by the left. President Emmanuel Macron could appoint a new prime minister, but Bardella suggests another election might be inevitable due to the political stalemate, with Le Pen saying her party is ready for whenever Macron decides to dissolve the National Assembly
Nestlé Fires CEO Following probe of pomantic Relationship with subordinate - Laurent Freixe is out after just a year in the top job at the food giant, which is trying to sell a number of underperforming businesses
ADB to fund Pakistan's core Belt and Road
TheEconomist"Fear the deficit-populism doom loop: Politicians, particularly in Europe, are in a terrible bind."
Spain, often heard the economy is booming lately, yet 10.4% unemployment, youth unemployment nearer to 23% ..