acemaxx.bsky.social
macro economics, charts, books, short interviews, Alumni University of St. Gallen, Switzerland
https://acemaxxanalytics.substack.com/
7,365 posts
565 followers
122 following
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Companies may have money to spend but are wary of making capital investments given policy #uncertainty, exhibited by weak but inflecting #capex intentions.
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Investors have flocked to previously unloved small- and medium-sized companies in #Europe, drawn by lower interest rates and the promise of a #growth boost from #Germany’s historic €1tn #stimulus plan.
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Companies with weaker credit ratings tapped the HY-yield bond market for $32bn in May, the most since Oct, acc to data from @JPMorgan - #JunkBond sales in the 1st week of June already have surpassed April’s $8.6bn total.
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GS Research estimates that S&P 500 returns over the next 12 months will be more than 10%, bringing the index to 6500.
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On average, Cyclicals (ex energy) have outperformed Defensives, the high-volatility factor has outperformed low-volatility (sector neutral basis),
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#Prosperity is defined as wages per hour. The only relevant question is: do we have a #productivity per hour that provides this wage - plus profit for the companies. If this is the case, which is obvious for #Germany, overtime has nothing to do with prosperity.
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In 2024, the value of #exported goods decreased by 1.2% on a y-o-y basis, while the value of #imports decreased by 2.6% over the same period.
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When money comes in, #stablecoin operators can exercise some
discretion over precisely how and when to buy reserves. When they face redemptions, they have to act faster ...
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Note: #Switzerland is not designated as a “currency manipulator” - In 2024, #Swiss franc depreciated by 7.3% against US #dollar and strengthened by 0.6% on a nom effective basis, chart #USTreasury