European gasoil (aka, diesel) prices surge again above the $1,000 per metric tone threshold (from 600$ early in 2023)
Exploring the four critical user segments of the fast-growing battery sector
German nuclear industry vs windturbine - fun fact below
Tory MP Says Electric Cars Could Cause "Blackouts" Without More Nuclear Power
Gas markets are becoming ‘extremely difficult’ to predict. It’s a big problem for Europe this winter
Apple is set to announce new iPhone models today
Switzerland, will be down to the folk : The match between nuclear and solar can begin. Switzerland hasn't had landfills since 2000 – all municipal waste is either recycled or incinerated 50% of the waste is recycled, and the other 50% is incinerated to produce electricity
«The $29 billion profit is not a gift but the capital needed to integrate and support the $500 billion of CS assets on UBS's balance sheet,» commented Sergio Ermotti in a video interview with Swiss state broadcaster «RSI»
JPMorgan CEO Jamie Dimon says he wouldn't be 'a big buyer of a bank' and sounds the alarm on the economy, ''we've been 'spending like drunken sailors,' and that's a big risk to the economy''
UK unemployment rises to 4.3% as jobs market cools, but real wages are growing again, signs of stagflation in UK
U.S GDP Q3 nowcasts: Atlanta Fed: 5.6% New York Fed: 2.2% St. Louis Fed: -0.25% - as clear as mud !
China set to overtake Japan as world’s biggest car exporter
ECB preview: a hawkish pause will satisfy hawks and doves/Saxo
Tesla stock soars 10% after Morgan Stanley says Dojo supercomputer could add $500 billion to its market cap
Markets :
-Central banks meeting coming up, with energy/commodities/crude higher/diesel prices in EU, all could (will) create a renewed 'inflationary' risk and this a concern
BTC formed a 'bearish cross', last time this happened in late 2021, price went down
3-Year Treasury hits highest auction yield in 16 years, 10's, 30's coming up
Japan 20y yields rose to 1.47%, highest since mid 2014, JGB's long-end dragging RoW down/yields up >>> so not much happening on JPY, although IMHO I would continue to look for opportunities to sell CRPSSJPY's on rallies (risk off and risk of BoJ intervention again)
Equity markets going to have to deal with higher yields, US debt ceiling drama, valuations going into quarter-end, not a bad time for a hedging trade
USD remains firm ish, GBP does not like signs of stagflation (no-one does), CHF still the super strong currency, hard to see what can change there, still too hard for specs to fight it
Heading into Triple Witching week (which only happens four times a year), the market has been struggling in a neutral position as it dipped into negative gamma territory for the second time this year. What we learned from the recent stretch of negative gamma in August is that context of structure and flow have become proportionately more important. This is partially because 0DTE flows have been supplementing the diminished liquidity from net negative market gamma >>> you saw what happened in Aug, first down, then UP, 'negative gamma chasing the moves', makes it more volatile on daily basis once you break up or down/momentum etc....
Maybe - whether there are good reasons to long the market is a different story, contrarians will be having a serious think..FT seems to think so this morning.. China attracts record ETF flows even as US and Europeans pull out China attracts record ETF flows even as US and Europeans pull out | Financial Times (ft.com)
China set to overtake Japan as world’s biggest car exporter | Financial Times (ft.com) it's not all good though China's Economy Is Likely Headed for a Full-Blown Financial Crisis (businessinsider.com)
Fun fact:
-In 2009 there were about 35.000 people employed in the nuclear industry in Germany, which at that time produced 135 TWh of electricity
-In 2016 there were 160.000 people employed in the German wind-turbine industry which produced a total of 80 TWh of electricity
Adam Jonas of MS out with a high profile upgrade: (crickey!)
1. Tesla is eyed as both a tech and an auto company, with a growing emphasis on software and services for revenue generation.
2. The development of Tesla's Dojo supercomputing effort could potentially replicate AWS's contribution to Amazon's total EBIT.
3. Tesla's full self-driving system version 12 is anticipated to release OTA by the end of the year, marking a notable progression in its tech development.
4. Tesla's AI day in early 2024 is a key event to watch for insights into its tech advancements and future strategies.
MS sees that Dojo can add up to $500bn to Tesla's enterprise value. This is their top pick!
A $400 Tesla share price would mean that Tesla is well back into the "trillion dollar" market cap club, even surpassing NVDA (assuming zero growth for the AI giant that is). From the "rich list" perspective, it would make Musk close to 2x richer than the 2nd person on the list, and almost half-way to becoming a trillionaire. In terms of the beef with Zuck, he is tapping him out in terms of market cap and Anakonda choking him on the rich list. One can only assume that this MoMo leads to a KO in the Colosseum octagon when the real fight eventually happens.
Apple is a Chinese company | Financial Times (ft.com) >>> With Apple stock near an all-time high, it’s worth asking how it got there — and how long that can last. The world’s most valuable company makes great products, but it may turn out that the biggest driver of its share price has been the close relationship CEO Tim Cook has cultivated with China.
Instacart aiming for valuation of $8.6 billion to $9.3 billion in IPO, reports say (msn.com) >>> was valued at $40bn at their last funding round in 2021
UK unemployment rises to 4.3% as jobs market cools, but real wages are growing again – business live (msn.com) a hint of stagflation there !
EURJPY here - USDJPY and other crosses - similar picture, GBPJPY etc - EURJPY needs to trade below 155 area to really challenge JPY shorts..
