🇬🇧🇬🇷 The Greek 10-Year Government Bond (GGB) yield subtracted from the British 10-year Gilt yield. Andrew Sentance, ex-Monetary Policy Committee:

“We’ve still got bond yields that are even higher than the US. In fact, we’re even higher than Greece when it comes to borrowing costs, which is an indictment of where the UK is at the moment, or where it’s perceived to be by the financial markets.”

Yeah, fair enough. In early 2016, still in the throes of their debt crisis, Greece was paying over 10pp more for 10-year debt. Now Greece is paying around 1.3pp less than the U.K.

💯 CHART WATCH 💯

🇺🇸 Severe correction in the Austin, Texas rental market…

Asking rents have fallen about 18% since mid-2022.

🏠 CHART WATCH 🏠

🇺🇸 The number of ETFs have surpassed the number of actual stocks…

🫥 CHART WATCH 🫥

🌐 Remember that “sell America” trade the financial press was trying so hard to sell you in April?

As it turns out, it never made it out of April, and a whole lot of “buy America” ensued in May & June.

💫 CHART WATCH 💫

🇺🇸 U.S. 12-Month Consumer Inflation Expectations: the Conference Board (dark blue), the University of Michigan (light blue), and the New York Fed (…I guess medium blue).

📈 CHART WATCH 📈

🇨🇳 Another look at the Chinese Internet ETF ($KWEB).

📈 CHART WATCH 📈

🇫🇷🇩🇪 10Y OAT-Bund Spread, in basis points…

📈 CHART WATCH 📉

🇺🇸 Will Lisa Cook, fired from the Fed over financial fraud, be arrested by September 30th?

Newly trading on Polymarket.

🤩 CHART WATCH 👿

🇺🇸 Apple's ($AAPL) $100 billion stock repurchase plan is the biggest among US announced buybacks so far this year, followed by Alphabet’s ($GOOG)…

🍎 CHART WATCH 🔍

🇺🇸 Buffett’s Top Stocks (1978-2024)

🍎 CHART WATCH 🌟

🌐 The gold price (GCV25) is extremely compressed with upward trending lows & flat highs.

It’s gonna blow!

🪙 CHART WATCH 🪙

🇨🇴🇵🇪🇧🇴 The production of cocaine is at an all-time high.

🧪 CHART WATCH 🧪

🌐 Average Altcoin Price (Top 150 Coins by Market-Cap, Equally-Weighted)

💰 CHART WATCH 🤑

🇺🇸🇨🇳 The number of Chinese students in America over time by educational level…

📚 CHART WATCH 🎓

🇺🇸 The chart shows cash burn at the Meta. The author is pointing out that in both 2022 & 2025, Zuckerberg was blowing through capital expenditure.

In 2022, investors punished $META with a 77% decline from its peak. This time, despite blowing a similar percentage of cash, the stock is up 45%.

I have a theory: in 2022, Zuck was wasting all of that money on the metaverse. People found that whole concept dubious. No one was all that interested in trading in reality for a new virtual life, and so the spend seemed asinine.

This spend is on AI & other market trends. It is congruent with the contemporary bubble narrative. Meta may be deluded once again, but if so, this time so are the investors…

📱 CHART WATCH 📱

🇺🇸 Gavin Newsom’s non-campaign presidential campaign has paid off for him so far this summer, according to new polling from Emerson College.

At least with people who fall for that sort of thing…

❌ CHART WATCH ❌

🇺🇸 September seasonality for the S&P 500: 56% declines of an average of -1.17%.

🔴 CHART WATCH 🔴

🇺🇸 Payroll growth has sharply decreased since May (monthly change in thousands)…

🔺️ CHART WATCH 🔺️

🌎 Bitcoin is at a critical point in its price action. It’s re-testing the December-January resistance.

Is 108.5-109.5 now support? Or are we in for a spill? Either way, something significant is likely to occur.

In fact, there’s a number of assets with volatility that seems eerily low.

😰 CHART WATCH 😰

🇧🇷 Lula’s approval-disapproval has gone negative this August. The conflict with Trump over Bolsonaro’s prosecution and as a result trade temporarily buoyed Lula’s numbers, but that has since transitioned to a new low.

The same (first-rate) polling conducted research into potential outcomes in the 2026 presidential elections:

The survey found that Lula is behind the governor of São Paulo, Tarcísio de Freitas, former minister of the Bolsonaro government, with 48.4% to 46.6% in a hypothetical second round.

The survey showed him tied at 48.3% with Bolsonaro, who is prevented from running. He is ahead of former first lady Michelle Bolsonaro, who is among the family members considered potential alternatives to the former president, with 48.8% to 47.9%.

✅ CHART WATCH ❌

🇺🇸 The PCE Chain Price Index:

The PCE Chain Price Index increased 0.2% (2.6% y/y) after rising an unrevised 0.3% in June and an unrevised 0.2% in May. The y/y gain steadied at 2.6%.

📈 CHART WATCH 📈