J Studios/DigitalVision via Getty Images By Benjamin Schroeder & Michiel Tukker Hot US inflation and still robust growth are adding upward pressure to global rates Geopolitics and oil prices are still a source of volatility for rates. But following the ratchet higher in rates on the back of the US jobs report, long-end rates have become stickier at their elevated levels even as oil briefly dipped ...
J Studios/DigitalVision via Getty Images By Benjamin Schroeder & Michiel Tukker Hot US inflation and still robust growth are adding upward pressure to global rates Geopolitics and oil prices are still a source of volatility for rates. But following the ratchet higher in rates on the back of the US jobs report, long-end rates have become stickier at their elevated levels even as oil briefly dipped towards US$90/bbl on Tuesday. It might be just a growing numbness to the news cycle of supposed deals and renewed conflicts. Shortly after oil hit new lows, headlines of both Iran and US attacks pushed prices back up. But keep in mind that US rates – especially real rates – have been doing their own thing for a while given the resilient backdrop in both the macro data and risk assets overall. A hawkish repricing of the Fed has been the result, and if we look at the upcoming CPI that is set to show a headline inflation print above 4%, it strengthens the case for the hawks. There might still be arguments to look through this inflation print, which could well mark a peak. But for now, the market has to work with the data at hand, which still points in a bearish direction. And as for longer EUR rates, they cannot withdraw themselves from spillover pressures forever. With central banks turning more hawkish and CPI data unlikely to appease inflation concerns in the near term, a more bullish tilt to rates might have to come from concerns about growth. Higher energy costs and a tightening of financial conditions should start to weigh on the economic outlook over the medium term. But this risk seems to be largely ignored by markets. Whilst in our baseline we think growth should hold up, the balance of risk is clearly tilted to the downside. Therefore, we think markets will face resistance to price ever more hawkish monetary policy paths. At some point, growth risks should take over from inflation risks. Wednesday’s events and market views The US will release US CPI data for May. Exp...
Morsa Images/DigitalVision via Getty Images Summary Pattern Group Inc. ( PTRN ) stock has performed well since its IPO of +41% but is still trading at a reasonable forward EV/EBITDA of mid-teens. As the company is the world's largest e-commerce accelerator with few competitors along with a potential addressable market of $505bn, growth prospects are strong with EBITDA growth averaging 30% up to 20...
Morsa Images/DigitalVision via Getty Images Summary Pattern Group Inc. ( PTRN ) stock has performed well since its IPO of +41% but is still trading at a reasonable forward EV/EBITDA of mid-teens. As the company is the world's largest e-commerce accelerator with few competitors along with a potential addressable market of $505bn, growth prospects are strong with EBITDA growth averaging 30% up to 2029. The company's key differentiator is its strong technology using proprietary data and AI to optimize the e-commerce supply chain from inventory management to sales. Company background Pattern is the largest global e-commerce accelerator. PTRN buys inventory from its brand partners and resells the products on key sites such as Amazon, Walmart, Tmall, and TikTok Shop. The company operates on over 70 marketplaces in 100+ countries, where some key brands include Reebok, Champion, and Forever 21. PTRN serves multiple industries, such as consumer electronics, pet supplies, clothing, and beauty, for example. The primary advantage of the company is that it optimizes the entire e-commerce supply chain from product procurement, inventory storage, advertising, pricing, conversion, order fulfillment, and customer feedback. The distinct revenue model is pictured below, where PTRN, through technology, AI, and scale, optimizes traffic, conversion, price, and availability (the four most important pillars) to generate revenue. Pattern As stated by the company in its recent 10-Q : We have gathered more than 77 trillion data points comprised of keyword, shipping, advertising, sales, market share, click, social, conversion, customer service and other data. Utilizing these data points and sophisticated machine learning and artificial intelligence (“AI”) models, we strive to optimize and automate key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service PTRN's advantage to clients is that it takes on the inventory risk of...
Dzmitry Dzemidovich RMG ML Sports Holdings ( SHOTU ), a newly organized special purpose acquisition company announced the pricing of its initial public offering of 20M units at $10.00 per unit, yielding gross proceeds of $200M. The Cayman Islands-exempted blank-check company is led by CEO James Carpenter and President and CFO Douglas Horlick. Each unit consists of one Class A ordinary share and on...
Dzmitry Dzemidovich RMG ML Sports Holdings ( SHOTU ), a newly organized special purpose acquisition company announced the pricing of its initial public offering of 20M units at $10.00 per unit, yielding gross proceeds of $200M. The Cayman Islands-exempted blank-check company is led by CEO James Carpenter and President and CFO Douglas Horlick. Each unit consists of one Class A ordinary share and one right to receive one-eighth (1/8) of a Class A ordinary share upon the consummation of the company's initial business combination. The units are scheduled to begin trading today, June 10, 2026, on the Nasdaq Global Market tier under the ticker symbol “SHOTU.” Once the underlying securities separate for individual trading, the ordinary shares and rights are expected to list under the symbols “SHOT” and “SHOTR,” respectively. Santander is acting as the sole book-running manager for the vehicle. RMG ML Sports Holdings has granted the underwriter a 45-day option to purchase up to an additional 3M units at the IPO price to cover over-allotments. The offering is expected to close on June 11, 2026, subject to customary closing conditions. More on RMG Ml Sports Holdings Financial information for RMG Ml Sports Holdings
EU Targets Head Of Russian Orthodox Church With Sanctions What is there left to sanction in Russia? Apparently the European Union still sees plenty of opportunity to punish Russia over the Ukraine war, and is set to go after even religious leaders, now in year five of the conflict and many sanctions packages later. The head of the Russian Orthodox Church, Patriarch Kirill, is among many names to b...
EU Targets Head Of Russian Orthodox Church With Sanctions What is there left to sanction in Russia? Apparently the European Union still sees plenty of opportunity to punish Russia over the Ukraine war, and is set to go after even religious leaders, now in year five of the conflict and many sanctions packages later. The head of the Russian Orthodox Church, Patriarch Kirill, is among many names to be targeted in the EU's latest anti-Moscow sanctions proposal . Kirill has long been accused of justifying the war based on his several patriotic-themed sermons over the years. via Associated Press Brussels first tried to impose individual sanctions on the patriarch in 2022, but Hungary under PM Viktor Orban had exercised veto power over the move. The sanctions would involve travel bans and an asset freeze, as has already happened with Kremlin officials and notables. Kirill has at times utilized language in public that frames Putin's 'special military operation' in Ukraine as a 'holy war'; however, some sympathetic pundits especially in the Orthodox Church world have said these are simple calls to patriotism and defense of the 'motherland' or homeland - a common mindset among most religions and nationalities. American politicians and other church leaders in the US have taken swipes at Kirill and the Russian Orthodox Church - and yet it must be recalled that in the lead-up to Bush's disastrous 2003 Iraq invasion, since proven to have been based on lies , propaganda, and falsehoods - an overwhelming number of prominent Evangelical and Baptist leaders supported it as a somehow 'righteous' or 'godly' regime change mission . The Russian Orthodox Church has of late been especially angry that the Ukrainian government under Zelensky has been seizing churches and historic monasteries in Ukraine which still hold communion with Moscow. In some cases, Orthodox bishops in Ukraine have been arrested simply for not severing spiritual ties with Kirill. This has happened even when bishops, m...
SpaceX's June 12 initial public offering (IPO) will be one for the history books. The company is set to sell 555,555,555 shares at a price of $135 per share in an offering that will raise $75 billion and value the company at approximately $1.77 trillion. In terms of market capitalization , the SpaceX IPO is poised to shatter records and make the space-tech specialist by far the largest public mark...
SpaceX's June 12 initial public offering (IPO) will be one for the history books. The company is set to sell 555,555,555 shares at a price of $135 per share in an offering that will raise $75 billion and value the company at approximately $1.77 trillion. In terms of market capitalization , the SpaceX IPO is poised to shatter records and make the space-tech specialist by far the largest public market debut in history. But while SpaceX will sell a substantial tranche of shares on the public market, it's clear that CEO Elon Musk will retain a virtually unassailable position in the company's voting rights. Even with the stock sale, Musk is poised to control roughly 82.4% of the company's total voting rights through his ownership position in the space stock . Is this a positive or a negative for investors? Image source: Getty Images. Continue reading
格隆汇6月10日|据彭博,追踪SK海力士的最大杠杆交易所交易基金(ETF)的基金经理日前做出反驳,否认了关于这款规模达100亿美元的产品正在加剧这家韩国芯片制造商股价波动的指控。南方东英资产管理有限公司的首席投资官Wang Yi表示,这家在香港上市的ETF的交易与SK海力士股票波动之间几乎不存在相关性。他称,南方东英的分析发现,即使在今年该股波动最剧烈的一些交易日中,该基金每日调仓所带来的影响也十分有限。 Wang Yi发表上述评论之际,与韩国主要芯片公司挂钩的单只股票杠杆ETF正面临越来越严格的审查。继南方东英的产品迅速增长之后,韩国本土上月推出了一系列与SK海力士和三星电子挂钩的杠杆ETF。这些基金可以放大投资者的收益,但也引发了担忧,即它们在交易日结束时的调仓交易可能会加剧个股及更广泛韩国股市的波动。 南方东英的SK海力士杠杆ETF自去年10月推出后,迅速成为全球同类产品中规模最大的ETF。随着5月底资产规模激增至约100亿美元,华尔街一些银行的交易员开始指出,该基金的调仓资金流可能是导致SK海力士股价以及韩国股市整体出现超常波动的一个潜在驱动因素。 Wang Yi说,南方东英的ETF产品采用基于场外掉期结构运作,依赖华尔街大型银行帮助获取流动性。韩国这些基金采用基于现金股票和期货的结构,并在内部进行再平衡。
champc/iStock via Getty Images The signals for a “Big Top” in U.S. technology stocks remained absent, according to Manish Kabra, head of U.S. equity strategy and multi-asset strategist at Societe Generale. A chart shared by Kabra compared U.S. technology profits, measured by 12-month forward earnings per share relative to the S&P 500 ( SP500 ), with the sector's relative performance versus the bro...
champc/iStock via Getty Images The signals for a “Big Top” in U.S. technology stocks remained absent, according to Manish Kabra, head of U.S. equity strategy and multi-asset strategist at Societe Generale. A chart shared by Kabra compared U.S. technology profits, measured by 12-month forward earnings per share relative to the S&P 500 ( SP500 ), with the sector's relative performance versus the broader index, showing the two have largely moved in tandem over the past three decades. Kabra said three ingredients were visible ahead of the internet and telecom capex peak in 1999-2000: a renewed Federal Reserve hiking cycle, credit spreads widening six to nine months before the market peak, and broadening economic growth, with the ISM manufacturing index reaching 60. According to the strategist, those conditions remain absent today. SocGen does not expect a major Fed hiking cycle to restart; the private sector continues to deleverage, and the ISM remains in mid-cycle territory rather than signaling an overheating economy. Kabra added that technology's recent outperformance has been fully profits-driven , with the chart showing a close relationship between relative earnings growth and relative stock performance. Here is the chart: Societe Generale Here are some tech ETFs: ( VGT ), ( XLK ), ( IYW ), ( FTEC ), ( IXN ), and ( RSPT ) More on tech Downside Risks Rise As Tech Volatility Spikes The Chip Stocks That Will Crack First Markets Don't Like Good News Anymore Tech just pulled a 'once in 4 million years' move Weekly ETFs: Six of 11 sectors record outflows; materials sector leads inflows