Okay, maybe we get the plan, nurse the US economy and restore domestic manufacturing, while hopefully retaining control of Congress in the forthcominhg mid-terms, but then what, because what we have got so far is just a load of ‘fugazzi’ from a NY real estate developer? GDP is up a little, but less than the […]
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Does anyone not yet understand that the game advertised and sold to voters/investors was never the real one being played? Sure, Trump may favour a return to fiscally responsible governance, but his lack of action here, much to the consternation of some in the MAGA camp, is because he has much bigger fish to fry […]
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For currency markets and bond vigilantes, Trump is proving to be a great disappointment, particularly against the initial high hopes of a return to honest financing following the election rhetoric and the early progress on DOGE by Elon Musk. The initial rally in the USD has now reversed as Trump’s bloated “One Big Beautiful Bill […]
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Are we being played, yet again? Markets have been suggesting as much since the start of the year, with gold soaring, the USD wilting and US treasury yields edging higher. The penny seems to have dropped even for Elon Musk as Congress tries to push its pork filled funding bill while failing to incorporate any […]
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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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