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China’s K-shaped economy continued to deepen...
Bitcoin continues to drop to key lows, down to almost $60k.
The S&P 500 closes at its highest level on record, now on track for a 10-week win streak for the first time since 1985.
While the S&P 500 and Nasdaq continue making new all-time highs, the underlying strength of the US economy is increasingly concentrated in a narrow set of consumers and companies....
Equities are dangerously expensive…. The US Equity Risk Premium - measured as the S&P 500 earnings yield minus the 10-year Treasury yield - has collapsed to zero or negative, meaning investors are currently receiving little to no extra return for owning stocks over risk-free government bonds.
A brief reprieve in the markets with lower-than-expected UK inflation surprisingly falling from 3.3% to 2.8%, this will likely reverse in coming months with rises in energy and food prices.
Yields ramp higher yesterday U.S. 30-year rises 6bp (highest since 2007), Japan’s +7bp with equities -0.7% and clearly trending lower (Moving averages & MACD).
Woeful UK data. HMRC payrolls fall 100k with the unemployment rate rising to 5.0%.
Bond yields continue to grind higher today with Japan and U.S. 30-years both up another 2bp today, after both rising 9bp on Friday.
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