...on the day that Kamala Harris unveils her price-fixing, vote-buying agenda for economic growth...
...as gold soared to a record high, topping USD$2,540 for the first time while the USD plunged to 5 month lows because it appears Kamala is over taking Trump in the poll prediction markets.
Source: Bloomberg
Basically she just admitted Americas are still suffering from the severe effects of the Biden Harris regime and now she want four more years?
US equities also soared this week to their best week of the year, led by a a 5%-plus surge in the Nasdaq (up 12% from last Monday's lows)...
Source: Mkt Watch
Locally, the ASX200 also surged higher last week following important local and overseas macro-economic news that brought the “Goldilocks Trade” back to life and, with it, the aussie stock market
Local reporting season dominated the ASX on the stock level with good old-fashioned fundamentals at their rightful place, determining the path for equities:
Winners: Zip (ZIP) +24.8%, Magellan (MFG) +15.3%, JB Hi-Fi (JBH) +14.9%, Lovisa (LOV) +10%, Evolution (EVN) +8.8%, AGL Energy (AGL) +8.8%, and Commonwealth Bank (CBA) +6.6%.
Meanwhile, The global debt hit a new record in the first quarter of 2024, increasing by USD$1.3 trillion in just three months, to an eye watering and all-time high of USD$315.1 trillion, equivalent to 3.0x world GDP!!!
This deluge in borrowing is a widespread trend across economies.
While the U.S. and Japan were the largest contributors across advanced economies, China, India, and Mexico drove the largest share in emerging markets.
Overall, the global debt-to-GDP ratio reached 333% as higher debt servicing costs and growing debt burdens continue piling up.
Source: Visual Capitalist
I trust everyone knows there is no way this massive debt will ever get repaid. Sooner or later the house of cards debt will come tumbling down.
Have a great weekend!
Please note no ANDIKA BULLETin on Monday.
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
