📊 If you want to know why the markets have risen so sharply this week, you can also find an explanation in this chart: US Net Liquidity has risen significantly this week by $270bn back >$6tn, although the Fed's balance sheet has continued to shrink slightly. https://t.co/r0zBGKoDsR
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📊 Good Morning from Germany, where hopes are high that a new govt will also improve economic relations w/the UK. The UK had already recently become more important as an export destination for German companies, in terms of volume, the UK is the 8th most important export market. https://t.co/0eckBv1poh
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📊 If it feels like the market has been very well-behaved of late: the last time the S&P 500 lost more than 2% was in December. https://t.co/6cQjgS635J
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📊 Will Meloni and Le Pen be right-wing Besties? Only when it comes to debt. There is competition between the two women in important policy areas.
https://t.co/UICvyC0HIt https://t.co/c22fNC79Zi
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📊 Mind the gap: We’ve seen narrow performance in the past 12 months, It might gone too far, MS says. https://t.co/gTcIDhadIx
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📊 Late good Morning from Germany where the tax rate is expected to reach a new high in the coming years. The budget for 2025 doesn't offer any major tax breaks. However, the income tax rate will be adjusted for inflation to prevent hidden tax increases. The solidarity surcharge,… https://t.co/UOio7Jvn9f https://t.co/dnAcgtWD3p
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📊 OOPS! After tactical voting held back the far right, a left-wing alliance is on track to become the biggest force in the French parliament. Still, the shape of the future govt remained uncertain after no group won an absolute majority. New Popular Front – which incl former… https://t.co/Zc9GlQUkDG https://t.co/HTQetGzcBq
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📊 The Euro starts a tad lower to the week as French leftists surprisingly win the most seats in legislative elections. https://t.co/6AWW5YgKv7
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📊 OOPS! #China’s central bank didn’t buy any gold for a 2nd month in June. Bullion held by the People’s Bank of China remained at 72.8mln ounces. The central bank opted not to add to reserves in May, ending an 18mth buying spree that helped push Gold prices to their highest ever.… https://t.co/9PB2Kpwgld https://t.co/ZHigjNwKcL
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📊 Good Morning from #Germany where the trade balance widens despite a fall in exports, indicating the subdued recent demand for German goods. The difference between exports and imports of goods rose to €24.9bn in May, 2nd highest monthly surplus in German history, from €22.2bn in… https://t.co/zbk0U1Z8bl https://t.co/uNSIQguBcI
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📊 #France 10y risk spread over #Germany drops after surprise win for Left in French Vote. https://t.co/fMBFEU5psO
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📊 The German govt owns ~$2bn in #Bitcoin – and it's freaking out crypto investors as Federal Criminal Police Office (BKA) simply dumps the Bitcoin on the market, thereby depressing prices. BKA sold 900 bitcoins in June – worth $52mln – from a massive haul seized from a now-defunct… https://t.co/smOFYzyfLh https://t.co/mvPXVKmE2n
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📊 Good Morning from #Germany, where prices for refrigerated dairy products are skyrocketing. A 250g packet of butter now costs €1.99, a third more than at the start of the year and just 30 cents short of the record €2.29 set in Dec 2022. Butter is a very emotional topic for… https://t.co/iMHI6I6CqB https://t.co/a0uXc3WSN7
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📊 Looks like the Democrats don't have the courage to Biden hot swap. https://t.co/fXowp2pBlp
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📊 Good Morning from Germany, where retail deposits hit another record high. In May, the total balance reached €2.8tn. A third of German financial assets are held in current accounts, which typically do not earn any interest. As a result, many Germans are missing out on potential… https://t.co/MesDxogARD https://t.co/50mSavGM38
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📊 A test of fiscal dominance? German FinMin Christian Lindner’s publicly aired doubts about the legality of potential #ECB crisis aid for France are testing nerves in the region’s policymaking circles. https://t.co/MOQ758Ipy2 https://t.co/EKqQoo0pe6
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📊 Big Tech is eating the world w/#Apple once again the undisputed #1. Apple gained 2% after bullish Bloomberg report about the upcoming AI-enabled iPhone sales prospects. Now worth almost $3.6tn, Microsoft #2 w/$3.5tn ahead of Nvidia w/$3.3tn. https://t.co/elNJDuWaXz
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📊 Good Morning from #Germany where wealth inequality has decreased since 2008, as shown by the Gini coefficient. Germany's wealth inequality is now just above the Western European average. This improvement is b/c median wealth has increased more significantly than average wealth… https://t.co/X6CR4W40NE https://t.co/20z5ztnJ1V
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📊 Mind the gap: Single stock implied volatility trades higher than index volatility. The degree to which single stock calls are priced relative to where SPX index is priced, is at one of the highest levels of all time, Goldman says. The 3 month 25 delta call on avg S&P 500 stock is… https://t.co/AUGkUiupaY https://t.co/skLB8vCFuW
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📊 US June CPI undershoots headline and core, making the case for a Sept cut even stronger. US CPI well below forecasts at -0.1% MoM and 3.0% YoY, vs +0.1% and +3.1% expected. Core CPI at +0.1% MoM, 3.3% YoY cooler than the +0.2% MoM and +3.4% expected. Core CPI drop paced by sharp… https://t.co/q8Roygnq2Q https://t.co/euBWDWZNG1
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📊 Biggest theme today: Russell outperforms Nasdaq 100 massively w/Russell +344bps, NDX -213bps. https://t.co/xdYBh62etj
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