Category: EN
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Up-Only
Last week was an interesting week which saw equities and fixed income markets go on in their respective ways, with the former melting up all week to new ATHs while the latter craters to near cycle lows in yields on subdued economic data. Is the Glass Half Full or Empty? Or Perhaps Both? Source: Bloomberg,…
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250908 – September Swoon?
Right on queue, we entered into the seasonally tricky September period with a small headline miss on NFP, with the 3-month average trend slowing the weakest space since the pandemic. While the NFP Headline Came in with a Small Miss, the 3-Month Average Trends Shows an Undeniable Slowing to the Weakest Pace Since Covid Source:…
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Seasonal Caution
A slow week overall with US markets almost ignoring the two most anticipated events of the past week – Nvidia’s earnings results and Friday’s PCE data. While stocks levitated early in the week on low volatility, prices eventually corrected ahead of the long-weekend due to the weakness in tech shares (disappointing Nvidia and Dell earnings).…
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250825 – J-Pow
Back for the Annual Re-Run… After a full week of anticipation, Chair Powell delivered a show-stopper by delivering an unexpectedly dovish speech that emphasized downside employment, while willing to look through tariff-related inflation pressures. “If those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment,” “The question…
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SOFA Q3 Q&A Recap
1. Tokenomics & Production Q: What is the SOFA token distribution plan, and when is the TGE expected? A: We haven’t finalized a distribution or TGE timeline yet, as our priority is ensuring strong commercial traction from ongoing BD efforts. Once we’ve achieved the right level of adoption and momentum, we’ll be in a much…
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250818 – Heat Check
The Current Mood Source: FT, Reddit We ended a choppy but ultimately range-bound week with the latest inflation measures parting ways, with the July PPI showing an unwelcome spike to the upside (+0.9% MoM vs +0.2 expected, led by a jump in professional services) following the benign CPI from the week prior. Inflation Gauges Struggling…
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250811 – Summer Break
Not a whole lot of to report this week, as the S&P 500 brushed off the post NFP shock to recover back close to their ATHs. On the other hand, Nasdaq managed a new record thanks to strong earnings reports, brushing off the ongoing political drama with the Trump administration & new import taxes. US…
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Negative Revisions
What goes up must come down. After an extended period of ‘up-only’ mode, risk assets were reintroduced to gravity with a disappointing NFP figure that missed across the board. While the soft headline print reaffirmed the slowing labour trend (4.117% to 4.248% on the unemployment rate), the BLS reported the largest 2-month negative revision in…
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15% Floor
15% – that would seem to be the new ‘official’floor tariff rates for all US trade deals going forward given the most recent announcements with Japan and EU over the weekend. Europe just matched Japan in getting a 15% general tariff, though with some unresolved vagaries over energy purchase and VAT arrangements. Nevertheless, at the…
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Indomitable
Another week, another record high. The SPX hit another ATH on Friday, the 3rd fresh record for the week and the 6th in July. The market continued to ignore ongoing tariff escalations (30% on Mexico & EU), nascent price-pressure passthroughs in the latest CPI, and the latest drama to terminate Fed Chair Powell ‘for cause’.…