Nikkei jumps and Yen gains as #Japan's assets enjoy relief from US trade agreement. The headline 15% reciprocal tariff is a considerable discount from the 25% in the letter earlier this month. Toyota shares rising as much as 10% after NHK reported the US would impose a tariff https://t.co/Mi24v5uME8
— Holger Zschaepitz (@Schuldensuehner)
Jul 23, 2025

Good Morning from Germany, where auto stocks are rallying on hopes that Europe can secure a trade deal w/the US similar to Japan’s. Under the new US-Japan agreement, all Japanese imports — incl cars — will face a flat 15% tariff. That’s good news for Japanese carmakers, as it https://t.co/WQhSr16KiA
— Holger Zschaepitz (@Schuldensuehner)
Jul 23, 2025

OUCH! #Japan’s 10y bond yields have jumped to their highest level since 2008, driven by growing fiscal concerns. The spike came after President Trump announced a trade deal w/Japan. It appears Japan may be covering part of the cost of US car tariffs by using its own investment https://t.co/TzSuliHeEy
— Holger Zschaepitz (@Schuldensuehner)
Jul 23, 2025

German benchmark index Dax jumps in AH trading after headlines the EU and the US are progressing toward an agreement that would set a 15% tariff for most products. Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors https://t.co/1RgOJ0WqWH
— Holger Zschaepitz (@Schuldensuehner)
Jul 23, 2025

Good Morning from #Germany, where consumer confidence is slipping due to ongoing economic uncertainty and frustration w/the new political coalition. The GfK consumer climate index dropped for the 2nd straight month, falling to -21.5 in the Aug forecast – down 1.2 points from Jul. https://t.co/J9YQZALdKT
— Holger Zschaepitz (@Schuldensuehner)
Jul 24, 2025

OOPS! German business activity continued to grow marginally in July, though at a slightly slower pace than in June. The German flash composite PMI fell to 50.3 points in July, down from 50.4 in June and below the 50.7 forecast in a Reuters poll. https://t.co/mQBunGV3p0
— Holger Zschaepitz (@Schuldensuehner)
Jul 24, 2025

#ECB leaves its key deposit rate unchanged at 2% as expected. ECB not pre-committing to a particular rate path. Will follow a data-dependent, meeting-by-meeting approach. Says domestic price pressures have continued to ease, and wages are growing more slowly. The economy has so https://t.co/2NXSl5eA5G
— Holger Zschaepitz (@Schuldensuehner)
Jul 24, 2025

#ECB sentiment moved a bit hawkish during the presser, leading traders to scale back their expectations for rate cuts this year. Markets now anticipate only 19bps of easing for the rest of the year. https://t.co/FH8F14Zmky
— Holger Zschaepitz (@Schuldensuehner)
Jul 24, 2025

Good Morning from Germany, where the latest Ifo Business Climate Index suggests the economy is holding up surprisingly well despite rising tariffs. The index edged up from 88.4 in June to 88.6 in July – slightly below expectations (89.0). This marks the 7th consecutive monthly https://t.co/VSs1GqZBDA
— Holger Zschaepitz (@Schuldensuehner)
Jul 25, 2025

It's all about liquidity: The S&P 500 has reached a new all-time high, driven by record levels of the US money supply. https://t.co/SV1uBtlNZ7
— Holger Zschaepitz (@Schuldensuehner)
Jul 26, 2025

Good Morning from #Germany, where Deutsche Bank just reported its highest profit since 2007. But on the global stage, it’s still falling behind. With a market value of just $65bn, Deutsche pales in comparison to giants like JPMorgan, which is closing in on a $1tn valuation. Even https://t.co/fEKtyFLiH4
— Holger Zschaepitz (@Schuldensuehner)
Jul 26, 2025

Retail investors are winning big this year – meme stocks are back. The Goldman Sachs Meme Stock Index, which tracks some of the market’s most shorted names, is up 39% – a full 30 percentage points ahead of the S&P 500. Even the Goldman Sachs Retail Favorites Index, packed with https://t.co/tg0etRNSb1
— Holger Zschaepitz (@Schuldensuehner)
Jul 26, 2025

Good Morning from #Germany, where hopes are high for a quick trade deal w/the US ahead of next Friday’s deadline. With a trade surplus of €69bn, Germany is even willing to accept an asymmetrical deal — one where European exports face a 15% US tariff, while American goods enter https://t.co/JdoL8wHv36
— Holger Zschaepitz (@Schuldensuehner)
Jul 27, 2025

EU, US clinch deal to avoid Trump tariff hike ahead of deadline: Agreed on 15% tariffs across the board. 15% agreement includes Autos. EU deal will not include pharma. Trump says EU to buy hundreds of billions of dollars in military gear. Trump says energy is important component https://t.co/8EmsgMofoJ
— Holger Zschaepitz (@Schuldensuehner)
Jul 27, 2025

Good Morning from Germany, where export-focused stocks are starting to recover some of their underperformance following the new trade deal.
The DAXplus Export Strategy Index – which tracks the ten biggest exporters from the DAX and MDAX – rose by 1%, twice as much as the main DAX https://t.co/vfMYFpSofH
— Holger Zschaepitz (@Schuldensuehner)
Jul 28, 2025

EU trade deal with Trump sparks backlash in Europe: The new trade agreement w/the US is drawing criticism across Europe. German Chancellor Friedrich Merz said, "I'm not satisfied with this result in the sense of calling it 'good.' But considering where negotiations started with https://t.co/oKL3vZgEM6
— Holger Zschaepitz (@Schuldensuehner)
Jul 28, 2025

Europe is heading for the next humiliation. If #Nvidia continues its triumphal march, the chip manufacturer could soon be worth more than the 50 largest comps in the Eurozone. https://t.co/kNB9UwKNf4
— Holger Zschaepitz (@Schuldensuehner)
Jul 28, 2025

Good Morning from #Germany, for which Goldman Sachs has slightly raised its growth outlook following the EU-US trade deal.
Goldman still expects 0.3% GDP growth for this year, which is slightly above the market consensus. However, for 2026, the forecast has been raised from 1.4% https://t.co/Vafd5xFiok
— Holger Zschaepitz (@Schuldensuehner)
Jul 29, 2025

Speculation is surging on Wall St, Goldman Sachs warns. The firm sees strong parallels to the dotcom boom (1999–2000) and the meme stock frenzy (2020–2021). Goldman’s own Speculative Trading Indicator has hit its highest level in over a decade.
Key signs of the current frenzy: https://t.co/kNUHLGUnvT
— Holger Zschaepitz (@Schuldensuehner)
Jul 29, 2025

Good Morning from #Germany, where econ shrank slightly in Q2. GDP fell by 0.1% QoQ, following a downwardly revised 0.3% increase in Q1. The stop-and-go pattern of the German economy continues, w/no sign yet of a self-sustaining recovery.
Main drag in Q2 was a decline in https://t.co/9NWV1JLPqz
— Holger Zschaepitz (@Schuldensuehner)
Jul 30, 2025