markets


"Worst Day Since 2022": Wall Street's Top Traders Explain Why Momentum Suddenly Blew Up, And What's Next

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"Today’s session represents a clear escalation of the rotation and dispersion themes that surfaced yesterday - less about Software and more about a broader “re-risking to reversal” moment, where crowded Momentum exposure is being challenged aggressively" - Morgan Stanley


Global equities mixed; markets await ECB and BoE rate announcements - Newsquawk US Market Open

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European bourses are broadly on the backfoot; US equity futures mixed, but the NQ outperforms, as chip names benefit from Alphabet boosting AI spending.

Precious metals back underpressure; Crude falls as US-Iran talks are to proceed - Newsquawk EU Market Open

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APAC stocks were mostly lower following the continued tech selling stateside and flip-flopping regarding US-Iran talks, while commodities were pressured overnight with silver prices dropping by a double-digit percentage.

Hong Kong Graduates Face Toughest Job Market In Five Years

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Recruiters say companies are now far more selective in their hiring.


Silver Crashes 20% As China Opens, Gold & Bitcoin Also Plunging

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...but “structural drivers remain intact and we continue to expect a rebuild to the upside.”


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"Vicious Moves": Momo Meltdown As SaaSpocalypse Spreads; Power Producers Nuked

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...trading is dominated by survival moves rather than fundamentals... as hedge funds were hammered...


'An Unresolvable Existential Threat': UBS Asks 'What Inning Are We In?'

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Software stocks - secularly challenged but technically oversold - remain in the ‘too hard box’...


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Geopolitics was also in focus after US-Iran talks scheduled for Friday were reported be off, and then later, back on again.

Google Goes Wild After Hours After Beating Estimates, Projects Mindblowing CapEx

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This capex number is... nuts.


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US-Iran nuclear talks in Oman to proceed on Friday, after initial reports of cancellations over US disagreement; ISM Services tops on headline, but sub-indices disappoint; ADP monthly employment underwhelms; US VP Vance proposes a trading bloc for critical minerals; EIA crude stocks draw more than expected; AMD earnings beat falls short of lofty expectations; LLY earnings impress; US sets quarterly refunding at USD 125bln, as expected.

4th Worst Day For Momentum In History Amid IPP, Nuclear Meltdown: Here's What's Going On

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 "More of an unwind than rotation. More defense than offense. Retail is actually less active but also not supporting the tape. Buybacks are a at a seasonal low."


Alphabet Earnings Preview: "The Most Beloved Mag 7 Name"

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Perfection is priced in. Good luck getting anything more in this tape. 


Japan Is Normalizing: Risks To The Yen Carry Trade

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Japan's transition from a monetary- and fiscal-policy-dependent economy to a free-market economy could significantly affect a major source of global market liquidity...


'Guilty Until Proven Innocent': SaaSpocalypse Spreads As Nasdaq Breaks Key Technical Support

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“Until the dust settles, it’s a dangerous path to be standing in the way of AI.”


The SaaS Time Bomb Inside BDCs: A Deep Dive Inside The Next Private Credit Crisis

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Who is most exposed, and how big are the projected losses?


No Surprises In Treasury Refunding Statement: No Auction Size Increases For "Next Several Quarters"

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"Based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters"


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Futures Rise Despite Software, AMD Rout Ahead Of Google Earnings

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“I don’t think the market has fully resolved whether this move was based on fear or fundamentals. What’s clear is that we’ve had a confidence break, really, at the category level. Before convictions can be rebuilt at that really important company level, we are seeing this kind of indiscriminate selling.”


"Big Miss": Wall Street Disappointed After Dismal Novo Nordisk GLP-1 Sales Outlook, Shares Plunge

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"Guidance is messy..."


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NVIDIA (NVDA) AI chip sales to China are reportedly stalled by a US security review, and Chinese customers are, meanwhile, not placing H200 chip orders.

Gold Giant Bundesbank Signals An Open Vote Of No Confidence in Global Monetary Stability

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The repeated desire of ECB President Christine Lagarde to centralize national gold reserves at the ECB vault is almost universally rejected by eurozone members. So much for the repeatedly touted integration of the euro system.