? To put things into perspective: If you measure valuations against history, US equities and US High Yield look rich, US Treasuries and European assets look cheap. (via MS) https://t.co/WoPE4b5IUS
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? Good Morning from Germany, where we're seeing a steepener trade in slow motion. After all, the 2s/10s yield spread has risen to -32bps, up from -83bps in 2023, showing ECB's cut in Jun hasn't fully materialized yet. So far, yield curve has only steepened slightly since those cuts https://t.co/8yDI4v9Lsu
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? It seems that investors are buying that Trump wants a weak Dollar. Speculators have increased their bets against the Greenback. https://t.co/wNNMSbVjG9
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? Speculators have ramped up their bets against long-dated US bonds due to the rising prospects of Trump 2.0. https://t.co/IWjHYPZotC
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? In case you missed it: German benchmark index Dax plunged 3.1% this week, fared the largest percentage decline since Aug 2023. The index closed in the red every day this week. https://t.co/ba2Y4cm5FQ
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? Good Morning from #Germany where the effect of falling producer prices is starting to fade. In June, the Producer Price Index (PPI) dropped by just 1.6% and even rose by 0.2% MoM. This suggests that the positive effect on consumer price #inflation might also start to level off. https://t.co/PQ2aFeFpTW
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? My favorite chart from Goldman: Correlation between mkt-cap-weighted S&P 500 and S&P 500 Equal Weight Version over the last 30 sessions has completely broken down, and registers as close to zero as we have seen in 20 years. https://t.co/3MQ7RCzflt
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? #ECB's Lagarde: Direction of wage growth in 2025 and 2026 is downward. German real wages grew 3.8% in Q1, the most since the reunification wage boom. https://t.co/6m95GGLqe6
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? #ECB's Lagarde: What we do in September is wide open. Markets are much clearer in this respect. Market participants are pricing in a further interest rate cut with an 80% probability. https://t.co/DKhkXbnyWq
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