US Q1 GDP growth was slower on soft consumer spending. The US economy expanded at 1.3% pace versus initial estimate of 1.6%. Consumer spending was lower on outlays for goods like autos.

Good Morning from #Germany , which has experienced the highest real wage growth since 1992. Real wages rose by 3.8% YoY in Q1 2024. Real wage growth resulted from a weakening inflation trend and a strong increase in nominal wages, which were up 6.4%. Inflation compensation bonuses

German 10y yields jump to 2.64%, highest since Nov, following a somewhat hotter inflation report. German Harmonized CPI rose to 2.8% in May YoY from 2.4% in Apr, above the 2.7% median estimate in a BBG poll of economists. German national CPI rose to 2.4% from 2.2% as expected.

Germany's #inflation rises to 2.4% in May from 2.2% in Apr while Core CPI remains unch at 3%. Uptick was driven by base effects related to the introduction of a cheap public-transportation ticket (so-called 49€ ticket), which pushed prices down 12 months ago. But also food price

Good Morning from Germany where consumer mood continues to rise, increasing for a 4th month in a row, as purchasing power is set to improve w/easing inflation. Forward-looking GfK consumer-climate index for Germany forecast confidence to rise to -20.9 in June from -24.0 this

In case you missed it: US 10y yields back >4.5% following a hotter consumer confidence survey, hawkish comments from Kashkari, and slightly weaker 5y and 2y bond auctions.

OOPS! #Nvidia is now worth $2.8tn after the recent rally, a whole $300bn more than the German stock market.

Good Morning from #Germany , which last year saw the highest number of naturalizations of foreigners since the turn of the millennium. A total of 200,100 foreigners were naturalized in 2023. The 5 most common nationalities, Syria, Turkey, Iraq, Romania and Afghanistan, accounted

To put things into perspective: If you invest 100 USD in the S&P 500 Index, you are investing: 7.2 USD in Microsoft, 6.2 USD in Apple, 5.9 USD in Nvidia, 4.3 USD in Alphabet, 3.7 USD in Amazon, 2.4 USD in Meta. (HT Goldman)

Good Morning from #Germany where business morale stagnates, denting recovery hopes. The Ifo Institute's closely watched confidence barometer, based on a survey of ~9k comps, came in at 89.3 points in May, same reading as in Apr vs 90.4 expected, suggesting that the bottoming out

To put things into perspective: the outperformance of Semis (the SOX) vs the S&P500 has made its way back through dotcom levels and approaching a new record high. (HT Goldman)

Is Private Equity in a bubble? Don't miss my take on LinkedIn! linkedin.com/posts/holger-z…

Good Morning from #Germany , where all German stocks are now worth less than Nvidia. Germany's stock mkt value is just ~$2.5tn, Nvidia's value is $2.62tn. This week, Nvidia has gained $348bn in value, the combined value of traditional comps Siemens, Deutsche Telekom, and Mercedes.

Is Private Equity in a bubble? Don't miss my take on LinkedIn! linkedin.com/posts/holger-z…

US liquidity has increased for the third week in a row. This also explains the recent winning streak on the Nasdaq 100 and the crypto rally.

Good Morning from #Germany , where the gap w/France can also be observed in the bond markets ahead of French President Macron's 3d visit. The risk premium of 10y French bonds over Bunds is still 0.47ppts, partly b/c the debt ratios of the 2 countries are diverging.

Good Morning from #Germany , where productivity is on the decline. Overall labor productivity, measured by GDP per hour worked, dropped by 0.4% compared to the same quarter last year. It was 1.2% lower than a year ago when measured per person employed.

Ether turned positive, gained 0.3% after SEC approves 8 #Ethereum ETFs incl BlackRock and Fidelity. But ETF issuers must have their S-1 registration statements go effective before trading can begin. It's unclear how long this process will take but some analysts are speculating

'This is crazy, don’t miss this 25 minute trading window,' Goldman says: For S&P 500, the last 10 minutes is 25.50% of full days volume. The first 15 minutes is 7.40% of full days volume. Removing, this 25 minute period, the other 6 hours, 5 minutes make up 67.10% of days volume.

OUCH! Jamie Dimon said that parts of JPMorgan’s business in China had “fallen off a cliff” recently. ft.com/content/25d17e…