The sceptical case on generative AI. Hype is huge around the technology, but some uncomfortable truths are also being raised-FT (it's the view of one, nonetheless a few good points worth noting)
Bitcoin (and others) plunged Thursday night on news that Elon Musk's SpaceX has sold all its holdings of the cryptocurrency
Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world's biggest debt restructuring exercises, as anxiety grows over China's worsening property crisis and a weakening economy + Dalio article : China needs to engineer a beautiful deleveraging
Powell will keep his options open at Jackson Hole, data dependent (currently pretty strong!)
U.S : More than a third of the nation’s bridges are in need of repair, and over 43,000 are in poor condition and classified as “structurally deficient,” according to the American Road & Transportation Builders Association
Norway hiked 25 bps move to 4.00%. Another hike is expected in Sep
As per BoAML survey, most Fund Managers expect (have been expecting) long-term rates to fall, and yet, 10y UST is now higher and its previous peak last year, reaching a 16y high, Real yields on US 10-year treasuries are well above the 2018 high and nearing 2%. We are now at 2009 levels
Japan core-core CPI data comes in above 4% again, hits 4.3% in July
Texas power prices surged 6,000%, climbing toward the $5,000 price cap, leading the state grid to ask consumers to voluntary cut energy usage
Washington gave Denmark and the Netherlands official assurances that the United States will expedite approval of all necessary third-party transfer requests of F-16s to Ukraine so that Ukraine will get F-16s when the pilots are trained
Markets :
Bonds breaking lower will break equities, until equity markets break to save bonds.... , IF..TREASURIES don't rally properly on risk.off days, then it's a real problem for markets
BTC and other coins hammered on Musk (does he need funding?), a great twist again
UST's long-end been selling off hard, though if/when things break in equity on some sort of 'credit event', then they will rally again in short.term - wild times ahead
Bond volatility is slowly spreading in other parts of the markets
If some sort fo credit event happens, JPY will do well, it's oversold, USDJPY & CROSSJPY's will correct lower. JPN inflation still pretty firm! and we had a JGB20y auction failure this week too
as.."Tesla’s deliveries in China last month hit a six-month low, with around 31,000 cars sold locally, even as overall sales of battery-powered cars grew more than 30%. In comparison, Warren Buffett-backed BYD sold 230,000 vehicles in July."
Also, Coinbase has made a statement saying its systems are experiencing issues and they are working on a fix. Say that funds remain secure
Why U.S. bridges are in such bad shape (cnbc.com) that's a lot of infrastructure work to go!
China, Russia, energy policy.. what else..
Adyen’s $20 Billion Wipeout Caught Almost Everyone by Surprise. Neither analysts nor short sellers were ready for stock’s dive
Slowest sales growth since 2018 IPO sent shares into tailspinBy Paul Jarvis and Lisa Pham
(Bloomberg) -- Almost no-one saw Adyen NV’s €18 billion ($20 billion) share plunge coming.
Prior to Thursday’s 39% drop, the majority of analysts had a buy or equivalent rating. And of the four out of 35 tracked by Bloomberg that had a sell, even Citigroup Inc.’s Street-low target of €1,050 was made to look optimistic. Adyen shares closed at €898.4 in Amsterdam.
Ulez: More than 300 cameras damaged or stolen in four months - BBC News when gentle folks have to pay hard cash it gets tricky. New Zealand has pushed back the start of taxes on agricultural greenhouse gas emissions to give farmers more time to adjust to the requirements
good grief
That's a bummer for those travelling north-south regularly
Former Watergate attorney makes case for cameras in courtroom for Trump Jan. 6 trial | The Hill that would-will be fun to watch !
DAX here - but as stated above many similar patterns in major equity indices
have a great weekend