Bonds, Bullion, Bitcoin, & Big-Tech (Ex-NVDA) Bid Despite Macro Meltdown


So we have nearly reached the end of FY23/24 and excluding today's final trade the ASX200 has risen 554.7 points or 7.7% for FY 23/24

When you look at the performance of the ASX200 Gross Total Return Index it's up 11.3%

So more ugly US Macro data overnight which has seen the US Macro Surprise Index fall to it's weakest print since JAN 2016 and tonight the US PCE or Personal Consumption Expenditures Price print comes out. This print is a measure of the prices that people living in the United States pay for goods and services. The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behaviour.

Source: Bloomberg

In the end the Nasdaq managed small gains and The Dow and S&P lagged, all just holding green into the close...

Source: Market Watch

Gold, Bitcoin, Crude and Bonds were all bid.

Finally, of course, today was to some extent about positioning for the 11am our time Presidential debate. Goldman Sachs shows us this chart shows how institutional investors view November's outcome...

Source: Goldman Sachs

Simply put, Unified government is a major risk for bonds - Equities most sensitive to a Trump win.

Have a good weekend

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