Further evidence higher unemployment is coming: US consumers' perceptions of the labor market have weakened to the worst level since 2021. The difference between the share of Americans saying that jobs are plentiful minus those saying they are hard to get declined is down to

The ECB application of the Bernanke/Blanchard model indicates that supply shocks (shortages, energy, food) are key for explaining €zone inflation dynamics and negotiated wage growth. Chart from a recent Philip Lane speech.

Chinese banks have built a $100bn short against the US dollar to prop up the yuan — and hedge funds are eager to get in on the trade. At the center of it all are transactions known as FX swaps. These have quietly become a key tool for state-run Chinese banks seeking to prop up

Torsten at Apollo: This is the soft landing.

As a percent of total assets, money market fund holdings are now at 2-year lows

We have had September 100% right so far. A dash for USD cash is likely in coming weeks as liquidity will dwindle fast. More -> stenoresearch.com/steno-signals-…

Mario Draghi's report on European competitiveness -- the key message on energy states the very often ignored obvious: "High energy costs in Europe are an obstacle to growth" Executive summary (69 pages): commission.europa.eu/document/downl… Full report (328 pages): commission.europa.eu/document/downl…

Former ECB President Mario Draghi called on the EU to invest as much as €800bn extra a year to make the bloc more competitive and to commit to the regular issuance of common bonds to compete w/China and the US. Draghi said that Europe will need to boost investment by about

Don't date in the EU Bubble tonight...

CHART OF THE DAY: From Mario Draghi's report on European competitiveness. How the commodity trading industry profited from the 2021-22 market chaos. (Note that last data point in 2022, and profits already came down in 2023. Link to report: commission.europa.eu/topics/strengt…) #OOTT

Mario Draghi calls on the EU to deregulate in order to foster innovation and help tech companies thrive. 🇪🇺🫡

🎧 Inauguramos la temporada 4 del FLASH de mercados de Afi. En este episodio 93, Javier Pino nos habla sobre la dinámica actual del mercado.

Mario Dragi, in The Economist , right on 🎯:

Piet Haines Christiansen Yes, but inflation markets are wrong ;) ... I think at least.

BREAKING: 452 large companies have now declared bankruptcy year-to-date, the 2nd highest number in 14 years. This is only below the 466 bankruptcies recorded in 2020 when economic activity was halted by lockdowns. In August alone, 63 firms have gone bankrupt, up from 49 in

Biggest ever one-week drop in cost of shipping a container from Shanghai to New York. Since hitting a July peak below $6000 pr 40ft box, the Drewy global #container #shipping index has seen a sharp reversal, slumping 13% this past week alone to $4168, slowing the YTD advance to

☕️ Existen tantas formas de tomar el café como nos de la imaginación. En Málaga son unos expertos en el tema y tienen varios nombres para el café con más o menos leche. ¿Sabías que el de leche manchada con un poco de café se llama nube? ¿A vosotros cómo os gusta? #SaberYGanar

I chose violence on this lovely Sunday.

BofA: Small caps have typically outperformed large caps in the 6 months after the first rate cut

Nuestro analista Javier Pino comenta sobre el recorte de 50pb de la #Fed. "Los elevados tipos reales dan margen a la FED para hacer frontloading en las bajadas."