Norway wealth fund with huge losses

One of the biggest sovereign wealth funds, Norway’s sovereign wealth fund, has lost around 74.2 billion dollars in the first quarter of 2022. The fund lost about 5% in the first three months of this year. Nevertheless, the fund still contains around 1.3 trillion dollars.

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German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

PMI falls in several countries

Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.

Beyond Meat COO arrested for battery

Doug Ramsey, the COO of Beyond Meat, was detained this weekend. Ramsey is accused of biting a man’s nose in a parking garage in Arkansas following a college football game. He was lodged in the Washington County jail after being accused of third-degree battery.

Spain’s trade deficit rose sharply

Spain’s trade deficit increased from EUR 1.60 billion in July 2021 to EUR 6.56 billion in July 2022. Spain’s imports rose 37.1% to an almost record high. This created the greatest trade deficit since December 2008, led by energy products, capital goods, non-chemical semi-manufactures, food, drinks and tobacco.

EU inflation is still high

The annual inflation rate in the Euro Area was confirmed at a record of 9.1% in August of 2022, compared to 8.9% in July. The highest contribution came from energy again. The Eurodollar holds around the parity level.

Biden with $900 million announcement

Today, President Joe Biden will announce the approval of $900 million funding for building EV charging stations. It should take place in 35 states and is a part of $1 trillion infrastructure bill that was approved in November of last year. Over the next 5 years about $5 billion will be granted to states to build thousands of EV charging stations.

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Newcastle coal drops sharply 📉

After Newcastle coal grew above the $420 level from March to $450 in September, it fell by 8% in one day below the $400 per tonne mark. Coal is falling as China pledged to raise coal production capacity by 300 million tonnes. This is about the equivalent of China’s yearly imports.

Bovespa rose by 5.5% in one day 🚀

Bovespa, a Brazilian stock index, rose 5.5% in a single day, close to 116,000, a level not reached since April. This is because of the first round of the presidential election. Results revealed that President Jair Bolsonaro of Brazil’s far-right party surpassed polls and still has a chance to win.

RBA raised interest rates by 25 bps

The Australian ASX 200 Index climbed strongly from a critical low and gained 3.75% to 6,700. The Reserve Bank of Australia surprised the markets with a modest 25 bps rate increase to 2.6%. This led to a drop in the Australian dollar and bond yields and supported an increase in equity prices.

Brazilian real gains 4% in one day 🔥

The Brazilian real increased by 4% versus the dollar, trading at about $5.2. BRL strenghtens as investors cheered an unexpectedly close outcome in the first round of the presidential elections. After no candidate receives a majority of more than 50% of the vote, the contest will proceed to a runoff scheduled for October 30.

Silver skyrockets 🚀

Silver futures are up 8% and hit $20.3 per ounce on the first trading day of Q4 of 2022. Silver is up by almost 15% in just one week.

Tesla stock drops 7%

Tesla trades at $246, down 7% in a single day. Looking back, the stock dropped 10.51% over the last four weeks and is down 40% from its all-time high.

News

Weekly macro report – Inflation-linked bonds are attractive

This macro report will be slightly different from the others. We will look at some assets where we see solid logic and will try to explain the BoE moves.

Tesla delivers record number of vehicles in Q3

Tesla delivered 35% more vehicles to customers in Q3 than in Q2. However, it's still less than expected and the stock is falling.
Gold sparks to $1700 – what happened?
XAU
2.08%

Gold sparks to $1700 – what happened?

The weaker US manufacturing index negatively impacts the US dollar and helps gold reach the level of $1700.
USD/JPY tests cycle highs near 145
0.23%

USD/JPY tests cycle highs near 145

A cautious uptrend is still seen in the USD/JPY pair, despite fears of another BoJ intervention.