So what is the real story and reason behind NVIDIA’s stock being hammered over the last couple of days. Ostensibly, it is being presented that a small AI start-up in China (DeepSeek) has single handedly undermined the entire US AI industry by training its AI model for a mere $6m using old Nvidia 800 chips. […]
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Back in August of last year I highlighted the seemingly incongruous activity of corporate treasurers who had been raising record levels of new debt from bond issuances, notwithstanding the prevailing market ‘wisdom’ and recomendations that interest rates could only fall from those prevailing levels. Well, with long end bond maturies rising, including an approx +50bps […]
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Today’s headlines may be celebrating the recovery in US jobs numbers in November (or at least the BIS’s ‘non-farm payroll’ guesstimate), but the reality may that we are just seeing the month-on-month distortions and knock-on effects of goosing the pre-election report for September which seem to have come out of the October figures. In that […]
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If you want to understand why the UK and Europe are in industrial decline there is no better chart than looking at the comparison of electricity prices by country. Is it any wonder the UK will soon no longer have a steel industry and Germany’s de-industrialisation is not far behind? Of course this competitive disadvantage […]
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Now that’s a surprise, an upbeat job growth (gu)estimate released by BIS, in its last update before the November elections. One might almost think they are trying to apply some lipstick to ‘Bidenomics’ to avoid the prospect of their own jobs being culled by that prospective DOGE grim reaper, Elon Musk. What may be less […]
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Can the USD be saved? Given the trajectory in Federal debt and deficits and apparent reluctance of the Uniparty to extract their snouts from the public trough that seems unlikely. Indeed, the assumption that inflation and debt monetisation will continue to define US Treasury policy is the defacto consensus opinion within financial markets and as […]
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After lies, damn lies and statistics, government ‘estimates’ such as the BIS’s monthly guesstimates for non-farm payrolls must rank as one of the more unreliable economic datasets, particularly in the run up to a quadrennial election year in the US. While also undermined by the debt fueled life support currently being administered by the incumbent […]
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“The new car market is no longer a market, unfortunately. It’s a state-imposed supply chain.”Robert Forrester, Chief Executive of Vertu Motors (UK) Unfortunately, this is a bit like noticing the iceberg after not only hitting it but realising that there aren’t enough life-rafts. At present, the car industry, including dealers such as Vertu, are reporting […]
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