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Cryptocurrency: Crypto markets surged after the White House announced plans for a strategic crypto reserve.
Canada: Canada’s Economic Policy Uncertainty Index hit a record high last month.
Credit: New issuance of structured securities is approaching pre-2008 levels, driven by strong demand for asset-backed securities and collateralized loan obligations. While residential mortgage-backed securities remain well below their mid-2000s peak, corporate and consumer debt securitization has surged, reflecting renewed investor appetite for higher-yielding alternatives to traditional bonds.
Commodities: Gold’s one-year Sharpe ratio appears stretched.
Equities: Here is the quarterly performance attribution for the S&P 500 and the S&P 600 (small caps).
China: China’s steel exports are surging as domestic demand weakens, while steelmaker profits have collapsed to multi-decade lows. The divergence highlights a struggling domestic market, with excess supply shifting overseas.
Food for Thought: Global wellness economy growth and market comparison:
Edited by William Villacis
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