There is quite a bit of underperformance in the European blue-chip EuroStoxx 50 compared to the US benchmark S&P 500. German auto troubles have not gone away from the Chinese competition, but I don’t think that’s the only thing driving the underperformance. There is still trouble around the Black Sea, the Dead Sea and the Red Sea.
There were also some headlines of consolidation in the micro-chip industry. I can’t recall the specifics, but it seems that the processor wars of the late 2000s have returned in a somewhat different format with some overlap in players. I can’t see much price action post the iPhone 16 release…
The days around the Fed’s rate setting are always interesting. I prefer to position into it and then wait some days before positioning again. In my professional money management days, we removed leverage going into monetary policy meetings and put on leverage after the dust had settled. I’ve stuck with that.
My indicators still show that I should be longer than neutral. I am yet to share my proprietary covariance indicator, stay tuned!
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