US, France 30Y Bond Yields Highest since 2022, Japan, UK highest since 1996
Long end yields continue to do the Feds work. With 30-year at 5.62% (briefly 5.70%) this effective monetary tightening takes the pressure...
Morning Macro
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Equities Hit Record Percentage of Total US Household Financial Assets
Fed hike priced at 87%; BOJ seen certain to hike; IG credit splits on AI premium; 10Y at 4.96%; equities hit record 48.2% of US assets.
Brent Hits $110, Yields Surge, Housing Inventory Imbalance
Brent hits $110 on Houthi pipeline strike; PPI hot at 5.4%; yields surge to cycle highs; diesel tops $6/gal; housing inventory imbalanced.
Got Gold? Macro Cracks Under the Weight
US yields rise despite buybacks, Trump floats $5k payments, UK yields jump, while tech margins soar and markets eye ke
10Y & Oil Hits Correlation High, Dutch CB Moves 86T of Gold to London, Snowflake Stocks Surge
10Y-oil correlation hits GFC highs; EU gas storage low; Dutch move gold to London; S&P short interest nears 2008 peak; Snowflake soars 22%.
Commodities Jump, OIS Prices Likely Hikes in September, Precious Metals Fall
Bond vigilantes return as yields hit multi-decade highs; Fed hike odds surge to 70%; Brent breaks out after US-Iran strikes.
US 10-Yr Yields At Highs, Market Watches Jobs Data, Chile Copper Decline
10Y hits 19mo high as Bessent's bond fix falters; jobs week ahead; GCC pulls capital home; China PMI contracts; Chile copper output slumps.
Market Awaits Warsh Speech, US Corporate Profits Surge, Citadel Securities Posts Record Q2
Hedge funds make biggest energy buy in 4yrs; US corp profits hit record $4.8T at 14.9% of GDP; Citadel posts record $7.3B Q2 revenue.
US July PCE Inflation Above Expectations, Nvidia Q2 Revenue
US PCE hits 3.7%, core 3.3%; new home sales sink 10.5%; Nvidia posts record Q2, guides big growth; BOK hikes to 3.00%.
Bond Pressures Ease, Delta CEO Says AI To Boost Profits by 50%, Rice Surges
30Y eases pre-Warsh; Fed holds $540B of 10-15Y debt raising buyer questions; AI dynamic pricing spreads; uranium breaks out; Aussie CPI hot.
Druckenmiller on Bessent, Gold Rally, Trump Escalates Canadian Trade War
Gold surges as China demand, Newmont soars 45%; Trump doubles Canada tariffs while Druckenmiller flags 30Y yield as fiscal check.
Treasuries Slip, Earnings Season Strongest Since 2011, Gold vs AI
US yields rise as growth strengthens, while equities fall. Record QQQ inflows and China’s gold buying highlight ongoing risk rotation.
JGB Yields Push, US 10-Year Treasury Yield Reaches Highs, UK Unemployment
JGB yields hit 30-year highs as yen weakens; US yields climb on inflation fears, equities slide, UK wages stay firm.