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Miran confirmed as FED Gov, Cook stays / Trump - Xi 'trade' call on Friday / UBS / France / FOMC -1

  • Writer: Stéphan
    Stéphan
  • Sep 16
  • 3 min read
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  • GOOG joins the $3 trillion club

  • Markets : The S&P 500 is now trading at 3.3x sales, its highest valuation in history & The S&P 500's price to peak earnings ratio has moved up to 27.3, its highest level since 2000 and 59% above the historical median, Stephen Miran confirmed as Federal Reserve governor, GOOG joins the $3trn club, Swiss Regs vs UBS, parts of Russia run dry as Ukraine's drone strikes hit oil refineries, BdF trims economic outlooks & warns political risks >>> markets have a lot priced in to end of 2026, ahead of the Fed, let's see if Powell keeps the party going ! precious metals keep on going, #BTC or #XAU ? over the long-term it's hard to think BTC to be used as collateral for REPO and or used by central banks around the world (you never know but not yet), while one can with GOLD immediately..

  • Trade : US, China Reach TikTok ‘Consensus,’ Setting Up Trump-Xi Call, U.S. warns Canada over F-35 deal

  • France politics and budget : big picture France cannot really be bailed like Greece 15y ago, the debt is similar in terms of debt/GDP , but in absolute terms it's huge, and the current government(s) does NOT want to cut spending in any serious way,

  • Switzerland’s US tech ‘whale’ - Conservative central bank has more than $42bn invested in Apple, Microsoft, Amazon, Nvidia and Meta-FT

  • Trump cannot fire Fed’s Lisa Cook before FOMC meeting, appeals court rules

  • Two years ago, Stephen Miran’s career in finance seemed to reach a dead end. The investment firm he co-founded was closing, having never really gotten off the ground.

    Now he is at the forefront of President Trump’s bid to remake the Federal Reserve / WSJ

  • GS Pasquariello: "While I agree the market is top heavy and concentrated, consider this: the P/E ratio of the top 10 stocks in S&P today is 28x … at the highs in March of 2000, that measure was 43x.  I’m not saying the starting point today isn’t demanding — objectively, it is — I’m saying that it doesn’t rise to the level of over-valuation that we saw in the tech bubble."

  • FT “Yields on the bonds of groups including L’Oréal, Airbus and Axa have sunk below those on French government debt of similar maturity in recent weeks, according to data compiled by Goldman Sachs, in a sign that investors may see them as a safer bet.”

  • UK : 438 quangos received £376 billion in government funding in 2023-24, on top of £36 billion in non-governmental income


The Fed might cut rates this week, but ... "Too many investors look at the present. The present is already in the price. You have to think out of the box and visualise 18-24 months from now, what the world is going to be and what securities might trade at - if you can see something in two years that’s entirely different from the conventional wisdom, that’s how you make money." -Druck












Tax payers' money well spent ?






 
 
 

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