#Bitcoin briefly hit another all-time high, rising in step with U.S. equities as investors ramped up risk-taking across global markets on growing hopes for a Federal Reserve rate cut. (BBG)

reinvention of American capitalism? The Trump adm is in talks w/Intel about the US govt potentially taking a stake in the struggling chipmaker – a move aimed at supporting its push to expand domestic manufacturing. Direct govt ownership in this once-iconic tech giant

Good morning from #Germany, where 30y bond yields climbed to 3.35%, the highest level since 2011. Investors are demanding higher term premia as the surge in bond supply weighs on the market.

Tech looks vulnerable, warns Apollo strategist Torsten Slok. He shared a “chart of doom” comparing today’s S&P 500 with its path from the mid-1990s to the peak of the dot-com bubble in 2000 – suggesting the current rally could end the same way.

Good Morning from #Germany, which is trailing badly in the global growth race. Since 2017, the economy has barely grown at all, while US GDP has surged more than 19%, Spain 13%, and France 8%.

Good Morning from #Germany, where housing prices jumped in July, especially for existing homes. Strong demand in metropolitan areas, tight supply, and fears of rising interest rates amid the govt’s debt binge are driving the market higher.

European gas price nears its lowest since July 2024 on hopes of a Russia-Ukraine ceasefire.

&P Global Ratings said revenues from Donald Trump’s tariffs will help soften the blow to the US’s fiscal health from president’s tax cuts, enabling it to maintain its current credit grade. While Trump’s trade war has roiled markets, S&P affirmed its AA+ rating for the US

Good Morning from #Germany, where rising debt costs are biting harder. The government had to pay 3.28% to sell more 30-year Bunds; the highest yield since 2011. And demand was weak: the bid-to-cover ratio came in at just 1.03.

OUCH! Momentum/AI unwind continues w/Goldman Sachs High Beta Momentum Pair (High Beta Momentum Long vs High Beta Momentum Short) now down 15% from the recent high.

Good Morning from Germany, where the yield curve is steepening. The gap between 2-year and 30-year bond yields has widened to its highest level since 2019 — driven by growing concerns over a looming surge in German govt debt.

Good Morning from #Germany, where the economic slump worsened in Q2. GDP fell by 0.3% in Q2 QoQ, worse than the initial estimate of -0.1%, mainly due to a sharp drop in capital investment, which declined 1.4%. Consumer spending rose by 0.1% QoQ, contributed less than prev thought

Rarely has the end of an era been signaled more gracefully than by Jerome Powell. "The Kansas City Fed was wise to bring Chair Volcker to this national park more than 40 years ago, and I am proud to be part of that tradition," Powell said, before stepping off the stage.

In case you missed it: #Ether just surged to a new all-time high; its first in nearly 4yrs. As the 2nd-largest cryptocurrency behind Bitcoin, Ether is riding a wave of momentum fueled by the growing use of stablecoins, most of which are built on the Ethereum blockchain.

Good Morning from Germany, where labor income has been outpacing capital income in recent years. The labor share of GDP has recently climbed to nearly 84% – and it could soon reach its highest level since 1950.

In case you missed it: Moody's has cut #Austria's rating outlook to negative from stable, citing a sustained and material weakening in Austria's fiscal strength. Forecasts significantly higher deficits and expects a continuous increase of the public debt burden,

Good Morning from Germany, where Chancellor Friedrich Merz is looking for excuses after a rough start on economic policy. “This task is bigger than some may have imagined a year ago – and I say that self-critically,” Merz admitted in a speech on Saturday in Osnabrück.

ECB's Lagarde says Central-Bank Independence Is critically important. bloomberg.com/news/articles/…

Good Morning from #Germany, which – for once – is looking strong, at least compared to France. The 10y French risk spread over Bunds has widened to nearly 80bps, after French PM François Bayrou called a vote of confidence for Sep 8.

In the eyes of bond investors, #France is now seen as being in the same risk league as #Italy. After French PM Bayrou called a Sept. 8 confidence vote, 10y yield gap between French &Italian bonds has narrowed to its tightest level since 2005 – a striking sign of how far France’s