Time to take off some risk
Today's slide deck: https://bit.ly/30zbljw -
Today we issue another general note of caution on the status of global equity markets, which look stretched even if there are rational (real yields) and especially seasonal narratives in support of recent developments. Elsewhere, we dive into Amazon's broadside against Visa, whether that company and Mastercard could see eventual pressure on margins, other key equity stories and earnings, the dire potential supply situation for European natural gas, the very weak euro and a weak German 30-year bond auction, US treasuries and more. Today's pod features Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.
Intro and outro music by AShamaluevMusic