Would you rather lose your job to stagflation, recession or deflation? Argentina’s voters have gone for the populist option – good luck! OpenAI – I guess the genie is out the bottle.
Rumours Starlink could be 2024’s big IPO are in circulation, but hype and the Musk effect have inflated the value of Space commercialisation and the financial actuality. What are they really worth?
Markets feel buoyant and happy, and that makes me nervous. What are we missing? How will spot the inevitable shift in sentiment coming? It’s a traders market. Meanwhile, long-term investors are changing the very structure of the market.
Athens and London? The power of positive politics is very evident in Greece. Curiously, the surprise appointment of David Cameron as UK Foreign Secretary might just hint at a positive outcome for the UK if it triggers a proper discussion on Brexit failure and our relationship with Europe.
What matters more; a new smart-phone or food security? Spending billions developing AI to make life more confusing, or improving the environment and social cohesion? Science and Technology can address humanity’s biggest problems – but how do we ensure they are focused on the right ones?
UBS’s new $3.5 Bln ATI CoCo Bond was 10 times oversubscribed. It conclusively demonstrates the market not only has no memory, but very little understanding either. This is not a good time to be the very bottom of the bank subordination ladder.
Bond Markets are a wonderful thing to behold in full rally mode, but expectations of a swift return to lower rates depend on Central Banks playing ball, and nothing else changing. Experience shows things change quickly re inflation, rates and markets!
Markets thrive on competing perspectives, but trends after the strongest narrative. Rather than pray for early rate cuts to boost prices, maybe we should figure out what would be best for the economy?
