OUCH! #Bitcoin tumbles <60k, faces worst month since FTX debacle. US Bitcoin ETFs have seen outflows of $182mln in April, 1st monthly outflows.

Pot stock ETF jumps as the US Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, acc to AP, a historic shift to generations of American drug policy that could have wide ripple effects across the country.

Good Morning from #Germany , which has once again averted a recession (defined as 2 negative quarters in a row). The economy grew by 0.2% in Q1 2024 after a downwardly revised 0.5% in Q4 2023. Modest growth was driven by an increase in gross fixed capital formation in construction

In case you missed it: The US Treasury ramped up its estimate for federal borrowing for the current quarter to $243bn, more than most dealers had anticipated. Should ultimately mean ~$100bn more bills in Q3 given the assumption that coupon supply is unlikely to move from the

Two #inflation stories can be told in Germany. First the good news: Germany's inflation rate was unchanged at 2.2% YoY in April, slightly below mkt forecasts of 2.3% as service inflation slowed to 3.4% from 3.7% but food inflation rose from -0.7% to +0.5%. Core CPI eased to 3% in

Japanese Yen fluctuates like the currency of a banana republic by 3%. Manic swings ruin Japan holiday. Trading volumes surged to around five times more. Yen has rebounded strongly after sliding past 160 per Dollar earlier. bloomberg.com/news/articles/…

#Bitcoin keeps falling as the cryptocurrency saw 2nd consecutive week of ETF net outflows for 1st time ever.

Good Morning from #Germany , where the 2 largest private banks are apparently doing brilliant business in #Russia . Acc to the FT, Deutsche Bank has increased its profits in Russia from €26mln before the war to €40mln in 2023, while #Commerzbank has more than tripled its profits

#Yen starts unch to the week after last week's mini-crash that brought the yen to its weakest level against the dollar in 34yrs.

TotalEnergies ‘seriously’ looking at moving listing from Paris to New York as US investors were more positive about the company and supportive of its fossil fuel strategy. ft.com/content/03eb89…

Hey guys, catch my weekly newsletter 'What did I learn this week?' I discuss French Pres Macron’s call for more autonomous Europe. Where he is definitely wrong is his idea for the ECB to incl growth & decarbonization target in addition to inflation target. linkedin.com/feed/update/ur…

The AI boom is set to drive a rally in what's traditionally the most boring corner of the stock market: utilities. Utilities to see booming demand as more data centers go online. Power consumption will increase massively. Goldman's Power Up basket has soared 28% and the Data

Good Morning from #Germany , where the Germans seem to have lost their famous work ethic. More and more people are working part-time, the number of sick days is increasing and labor productivity is falling. Around half of women employees in Germany work part-time, compared with

This chart from Goldman Sachs is eye-opening: Asset-heavy stocks have underperformed a great deal. Given the accelerating pace of innovation so apparent all around us, it’s tough to suggest that investors should shun capital-light industries that continue to compound such

Good Morning from Germany, where social spending is going from record to record despite a low unemployment rate. For 2024, the budget provides for the Federal Ministry of Labour and Social Affairs expenditure amounting to €175.7bn, 37% of the total federal budget. In 2021, the

Rating agencies doubt #France 's target to cut massive debt BUT left their rating unchanged: Moody's maintained France's rating at 'Aa2' w/stable outlook. Fitch, which downgraded its rating last year, left it unch at 'AA-' w/stable outlook. France's public deficit widened to 5.5%

Alphabet closed >$2tn in market cap for the first time ever. Latest mkt cap rankings: Microsoft ~$3tn, Apple ~$2.6tn, Nvidia ~$2.19tn, Alphabet ~$2.1tn. Energy ($1.82tn), Materials ($1.01tn), Utilities ($1tn), and Reits ($0.92tn) subsectors each clocking in below $2tn in mkt cap.

Bonds rally as Fed’s preferred #inflation metric not as bad as feared. PCE deflator rose to 2.7% in March from 2.5% in Feb vs 2.6% expected. Core PCE, the Fed's preferred measure of underlying price pressures, remained at 2.8%, compared w/an anticipated fall to 2.7%. First full

Another funny economic idea: Donald Trump's econ advisers discuss penalties for nations that de-dollarize. BRICS nations lead global debate over reducing dollar exposure. #China has reduced holdings of US Treasuries to $775bn, down from ATH of $1.3tn. bloomberg.com/news/articles/…

Good Morning from #Germany where the state is getting bigger & bigger. Govt spending on personnel & administration is rising steadily. In 2016, 256k people were employed in federal administration; this figure has now increased to 298k. Since traffic light coalition govt took