Post Jackson Hole takeaways / BoJ's Ueda / BTC / Orsted / NVDA earnings in focus this week

Stéphan
Aug 25
3 min read

Week ahead : U.S Housing, confidence, GDP, jobs, inflation, Nvidia earnings up next, and the usual Trump tweet of course, UKR, Israel news, NVIDIA's market cap is now just ~$1 TRILLION below the Japanese stock market
Markets : JH kept its reputation for a decent few moves! Powell surprised Mr Market and was a littel 'dovish' (#macro been weaker lately..not surprising really, next big event is NFP next week!), rates 10bps down, USD 1% softer and SPX/QQQ loved the sound of it, note DAX is actually lower than it was when the news came out n Friday, #BTC down few percent as we start the week (big picture failed 120K area)
BOJ’s Ueda expects tightening job market to push up wages, ECB rate cut talk may resume after September pause (key is presser)
Higher tariffs are kicking in. Walmart and other retailers said about their impact
U.S Housing affordability just hit a new all-time low. The median American household now needs to spend 48% of their income to buy the median-priced home — worse than the peak of the 2006 bubble
European wind giant Orsted plunges ~19% after Trump administration halts construction of key wind farm. The Danish company was already struggling financially, trying to raise >$9 billions in an emergency equity injection
Telegraph Britain ‘heading towards IMF bailout’. Economists warn of 1970s-style debt crisis unless Chancellor changes course >>> doubt the '76 play is justified, but to put things inperspective, conditions would require up to 150bn £ in spending cuts!...in contaxt to the failed attempt to cut 2, 3 or even £5bn ...

Key Takeaways from the Fed’s Annual Jackson Hole Conference

Interest Rate Outlook: Fed Chair Jerome Powell indicated that the central bank is likely on course for a rate cut in September, pointing to a “shifting balance of risks” in the economic outlook.
Monetary Policy Strategy Update: Powell announced adjustments to the Fed’s policy framework, including the rollback of the “makeup strategy” adopted in 2020 and a revision to the language describing the central bank’s maximum employment objective.
Political Tensions: The conference was overshadowed by political controversy, as former President Donald Trump criticized Fed Governor Lisa Cook, stating he would dismiss her if she does not resign amid allegations of mortgage fraud.