NVDA key data / FED's cash sponge, RRP almost gone / Eventful September-Oct period coming / PCE today

Stéphan
Aug 29
3 min read

Taxes, land taxes, wealth taxes, could other countries go similar to US with worldwide taxes in the future ? stealth taxes through higher tariffs coming and/or cut government spending (bondvigilantes are watching..) - French and UK budget up next in focus
Markets : important PCE today (2.9% core exp), NFP next Friday and payroll adjustment on 9th Sep, French confidence vote 8th Sep, ECB meeting 10th Sep, and FOMC 17th Sep, French backlash very likely, much higher taxes rerquired/cut spending, same UK budget coming up (30th October), Trump's fight with everyone continues, the EU might actually stand up on Techs, yields curves steepening globally (Japan’s bond market just flashed its weakest signal in 16 years), #NVDA overdone, The Fed’s $2.5 TRILLION cash sponge has almost vanished (KEY..), and U.S tariffs exemptions on small orders ends today >>>> best be prepared and buy a bit of vol/hedge/reduce risk
#NVDA Sales growth is down 20% last 4 qtrs with $1.5T equity mkt cap added over that same period, The income statement says they made $26.4B, up 56% YoY. The cash flow statement says operating cash flow is flat YoY and free cash flow is down 50% QoQ
First fall in German unemployment claims since late 2022 and the IAB survey is flying, positive turn of event there!
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