Who Is Buying Tech? (And Why?)
The Nasdaq Composite is leading the major U.S. equity indexes higher today, as investors step into a tech-stock dip amid the traditional late summer volume lull. At the top of today’s Daily Briefing, Real Vision’s Andreas Steno Larsen gets right to the point with Hedge Fund Telemetry founder Thomas Thornton: Who’s buying this tech dip? Scaling out from recent price action and a broader discussion of positioning, Andreas and Tommy talk about current economic data, including a decline in initial claims for unemployment benefits and an upside surprise from the Federal Reserve Bank of Philadelphia’s monthly manufacturing index for August. Andreas also asks Tommy about what looks like a pump-and-dump of Bed Bath & Beyond shares. And we hear from Rob Arnott about the risks of betting against bubbles. Watch the full video featuring Rob Arnott and Ash Bennington here: https://rvtv.io/3QG02LO. Learn more about your ad choices. Visit podcastchoices.com/adchoices
19 Elo 202237min
Have We Reached Peak Hawkishness?
Although the decision to raise interest rates by 75 basis points was unanimous, minutes from the July meeting of the Federal Open Market Committee show multiple officials acknowledged a risk that the central bank could tighten “by more than necessary” in its effort to control inflation. Officials also observed that the bulk of tightening effects have yet to be felt, noting that unemployment would likely rise from here. Underscoring the global nature of this inflation phenomenon, the U.K. Consumer Price Index surged to a 40-year high of 10.1% in July. Darius Dale, the founder and CEO of 42 Macro, joins Real Vision’s Andreas Steno Larsen to talk about the FOMC minutes, what recent data, including U.S. retail sales, suggest about the Fed’s future path, and the worrying stagflationary signs from overseas. We also hear from Roger Hirst about what the CPI and interest rates can tell us about a recession. Watch the entire episode of Insider Talks featuring Roger Hirst here: https://rvtv.io/3wbmO5K. Learn more about your ad choices. Visit podcastchoices.com/adchoices
18 Elo 202231min
Why This Energy Crisis Will Get Hotter
U.S. equity indexes continue to go higher despite accumulating evidence of slowing domestic and international economic activity and rising pressure on people and government in Europe and elsewhere due to energy and food shortages. The situation has grown particularly acute in Germany, where sentiment continues to slide amid drastically reduced natural gas supplies and a historic drought. Authorities there are reversing policy to keep at least three nuclear reactors running and supplying baseload power, as feelings about the once-verboten technology shift amid a resource-strangling war in Eastern Europe. Ash Bennington welcomes Tony Greer, the founder of TG Macro and the editor of the Morning Navigator, to talk about what energy markets are saying about global growth. We also hear from Wouter Jongbloed on the broader context and potential implications of Europe’s energy crisis. Watch the full interview with Wouter Jongbloed and Andreas Steno Larsen here: https://rvtv.io/3A4B95n. Learn more about your ad choices. Visit podcastchoices.com/adchoices
17 Elo 202237min
Is All the Bad News Priced In?
The People’s Bank of China got the week started with surprise rate cuts on domestic growth concerns, the Federal Reserve Bank of New York’s Empire State Manufacturing Survey on general business conditions for August registered its second-biggest slide since 2001, and the National Association of Home Buyers/Wells Fargo Housing Market Index declined for the eighth straight month. But all three major U.S. equity indexes were higher heading into the close, as Treasury yields continued to drift lower. Perhaps investors anticipate a Federal Reserve pivot. Perhaps they’re pricing in a selloff in crude oil. Has the larger trend shifted? “We have NEVER seen a time in history like this,” tweeted Michael Gayed in July, “where a significant drawdown in Treasuries matched a significant drawdown in stocks (which may not be over).” Gayed, the publisher of the Lead-Lag Report, joins Maggie Lake for today’s Daily Briefing to talk about stocks, bonds, and the rising risk of demand destruction because of Fed rate hikes just as supply chains come back on line. Learn more about your ad choices. Visit podcastchoices.com/adchoices
16 Elo 202237min
The Next Big Trade - Jeff Snider on the “Grotesquely Upside Down” Eurodollar Futures Curve
Here’s a full-length episode from Real Vision's original series, The Next Big Trade - be sure to subscribe. Jeff Snider, the chief strategist at Atlas Financial and the co-host of the Eurodollar University podcast, joins Harry Melandri to talk about the “grotesquely upside down” Eurodollar futures curve in another gripping episode of The Next Big Trade. Jeff and Harry also discuss the implications of a rising U.S. dollar and the consequences of a collateral shortage for the global financial system. Learn more about your ad choices. Visit podcastchoices.com/adchoices
14 Elo 202254min
My Life in 4 Trades - Sergio Silva Is a Study in Resilience
Here’s a full-length episode from Real Vision's original series, My Life in 4 Trades - be sure to subscribe. Imagine losing $4 million and the opportunity to set up your family for life as well as your digital identity in less than a year. Sergio Silva, the sales director at Fireblocks, joins Maggie Lake for a riveting episode of My Life in 4 Trades, where he talks about his ups and downs in a volatile 2022, shares the hard lessons he’s learned and explains how his Mexican roots give him the perspective and the strength to play the long game. Learn more about your ad choices. Visit podcastchoices.com/adchoices
13 Elo 202247min
The Market Doesn't Have to Crash
The University of Michigan preliminary sentiment index for July ticked up to 55.1 from 51.5 in June, as a sub-measure of consumer expectations reached a three-month high. And U.S. stocks continue to surge on the hope inflation has peaked. News from overseas continues to reflect an unsettled, at best, macroeconomic environment, with the U.K. economy shrinking for the first time since the pandemic lockdowns of 2020, water levels on the Rhone River falling to a critical mark due to historic drought, and credit growth in China slowing sharply on sluggish demand. Real Vision co-founder and CEO Raoul Pal joins Andreas Steno Larsen for today’s Daily Briefing to talk about inflation, recent economic data, risk appetite amid what remains a fraught geo-macro moment, and why this might be the most hated equity market rally ever. Is it possible that stocks have already seen their lows and that this rally has real legs? Learn more about your ad choices. Visit podcastchoices.com/adchoices
13 Elo 202238min
Is a Soft Landing a Pipe Dream?
U.S. stocks surged again this morning on news the Producer Price Index fell by 0.5% in July, the first monthly decline since April 2020. At the same time, producer prices were up 9.8% year over year. And multiple Federal Reserve officials said tightening would continue until inflationary pressures completely ease. “Stocks are going up,” notes Harry Melandri, an advisor at Mi2 Partners and the host of Real Vision’s The Next Big Trade podcast, “and that doesn’t seem consistent with Fed statements.” That we need inflation to have peaked and to no longer be a problem does not mean, of course, that it’s happened. To that end, we hear from emerging markets investing pioneer Mark Mobius about reasons to start nibbling amid what’s still a bear market as well as the possibility that there’s another shoe to drop because the Fed remains hawkish. Harry joins Maggie Lake, the host of Real Vision’s My Life in 4 Trades podcast, to talk about all that and much more, including Harry’s Cheesecake Factory anecdote. Watch the full interview featuring Mark Mobius and Maggie Lake here: https://rvtv.io/3zHPXXi. Learn more about your ad choices. Visit podcastchoices.com/adchoices
12 Elo 202236min
