‘Japan is now selling more Treasuries than any other country, almost $100 billion over April and May.’ blinks.bloomberg.com/news/stories...

‘Banks’ equity repo positions are making new highs again, likely driven by hedge funds seeking leverage in the stock market.’ blinks.bloomberg.com/news/stories...

‘It is a little sobering to see correlations plunge to an even greater extent than they did in the late stages of the dot-com bubble.‘ blinks.bloomberg.com/news/stories...

Global 'FOMO' keeps fueling Wall Street’s AI exceptionalism www.reuters.com/commentary/r...

’Rank-and-file employees and some early investors will be free to ​sell 911.5M ⁠shares on the second trading day after the company's debut quarterly report. Those eligible shares are currently worth about $123B, eclipsing the $86B worth of shares currently trading.‘ www.reuters.com/legal/transa...

‘The feeling arises with robocalls and suspicious emails, with too-good-to-be-true marketing claims and grotesquely inflated prices: We’re being scammed. Everything is a grift, and everyone is a grifter.’ www.bloomberg.com/features/202...

‘Stripping out energy, the trend in all the other components of the PPI was clearly upward. With energy costs rising again, the question of whether businesses must eventually pass higher prices on to consumers must return to the agenda.’ www.bloomberg.com/opinion/news... by @johnauthers.bsky.social

‘Much of the big cloud providers' spending now rests on promises from a small number of private model companies, leaving the whole infrastructure layer exposed if AI monetisation is delayed.’ www.man.com/insights/vie...

“You can’t go back to serfdom. It really feels like the people in power want to be kings. Historically, that doesn’t work out for kings.” www.wsj.com/us-news/the-...

“The market is clearly extremely risk-on.” -JPMorgan CFO Jeremy Barnum www.wsj.com/finance/bank...

‘Ultimately, investors will have to come to terms with the fact that the AI buildout might ​be a zero-sum game, meaning something has to give. ​Either hyperscalers' free cash flow suddenly bounces back or ⁠chipmakers' growth slows sharply.‘ www.reuters.com/commentary/r...

‘For 20 of the past 26 trading days, the Nasdaq 100 Index has seen a daily gain or loss of roughly 1% or more. Since 2000, that’s only happened when Covid hit in 2020; during the bear market of 2022; the GFC; and, before that, during the dot-com bubble.’ www.bloomberg.com/news/article...

‘At currently indicated valuations, companies going public or expected to go public in 2026 could enter the market with aggregate valuations of roughly 12% of U.S. GDP – over twice the previous records of 1999 and 2021.’ www.hussmanfunds.com/comment/mc26...

‘Persistently above-target inflation could end up as the new normal. The longer the economy remains resilient, as government deficit and corporate spending continue unabated, the more sustainable the move higher in yields will be.‘ www.bloomberg.com/news/newslet...

“Today’s 54% absolute margin debt growth, and 26% excess margin debt growth over the last 12 months both exceed the historical trigger points in our study,” Leuthold wrote. Historically, “neither series spends much time above the threshold.“ www.cnbc.com/2026/07/15/b...

‘Foreigners are a significant force for US stocks, owning just under a third of the market. Europe (including the UK) accounts for almost half of this hefty $25 trillion tranche. But their sentiment looks to be cooling.‘ blinks.bloomberg.com/news/stories...

‘If, to beat price increases, companies rush to buy equipment before the new data centres to house it have been completed, they may slow spending in future periods as they digest what they have already bought.’ www.ft.com/content/83aa...

‘Newly minted millionaires from blockbuster IPOs such as SpaceX funnelled more than $74bn to Morgan Stanley’s wealth management division in the second quarter, part of a storming performance by the Wall Street bank.’ www.ft.com/content/fff7...

“We’ve burned through all of the buffers we had. Everything,” said one trader. “All of that’s now gone,” he said. www.ft.com/content/6c31...

‘There was a time when it seemed like housing would always pay-off, no matter how much debt you took on; and often it did. The housing bust of the global financial crisis shattered that illusion. Now it seems stocks are the sure bet.’ www.bloomberg.com/opinion/arti...

‘A big reversal in the AI trade would not just take a hammer to investment banking and trading revenues. It would wreck credit quality in commercial banking and shrink client assets in wealth mgmt. Falling short-term rates, would take a bite out of net interest margins.’ www.ft.com/content/b775...

‘Japan’s retail traders turned the most bearish on the dollar in almost two decades last month amid speculation that official intervention may weaken the currency against the yen.’ www.bloomberg.com/news/article...

Citadel: ‘The final week of June and the first week of July were the two strongest weeks of average daily net buying in our Long-Short Momentum pair ever observed on our platform.’ www.citadelsecurities.com/news-and-ins...

‘The cover ratio measures how many dollars of orders a bond deal receives for every dollar of bonds issued. For hyperscalers, it has fallen from nearly 5x in February 2026 to below 2x in July, suggesting investors may need wider spreads to absorb additional supply.’ www.apollo.com/wealth/insig...

“Energy is increasingly moving against the broader market. The trailing 1-year daily correlation between S&P 500 Energy and S&P 500 Ex-Energy has turned negative for the first time since the dot-com bubble and reached its most negative level ever.” www.dailychartbook.com/p/has-retail...

‘Inflation-adjusted, the current event is now larger than canal mania, railway mania, the roaring 20s, and the dotcom boom. And it occurred in about half the time of its predecessors, all of which led to sometimes serial busts.‘ paulkedrosky.com/ai-capex-boo...

‘The AI trade and the weakening Japanese yen appear closely tied. The low in implied correlation in 2024 occurred on July 3, the same day USD/JPY peaked. This time, the correlation index reached a low on July 10, while the USD/JPY exchange rate peaked on July 8.‘ www.marketwatch.com/story/anothe...

Simon White: ‘My leading indicator, which includes commodity prices, money growth and manufacturing data, has consistently pointed to the non-transient nature of inflation all through the post pandemic cycle. It has inflected higher again.’ blinks.bloomberg.com/news/stories...

‘AI compute backlogs now exceed $2.2T. A deceleration in AI revenue, a derating of the labs, or a loss of capital-markets access could raise the risk premium applied to these longer-dated, unsecured cash flows enough to make them more trouble than they're worth.’ mailchi.mp/carlyle/the-...

‘Investors can get a lot of yield by locking their money up for longer with the biggest, most creditworthy U.S. companies. Yet these bonds aren’t providing as much additional yield for taking that extra risk as they have in the past.‘ www.wsj.com/finance/inve...