Torsten Asmus For years, the macro consensus has held that the post-COVID world is one of structurally higher interest rates and persistent inflation, according to T.S. Lombard's Dario Perkins. He isn't ready to abandon that supercycle thesis — but he's found a chart that should give its proponents pause. The wage share — labor's slice of nominal GDP — has been falling. That's a problem for the hi...
Torsten Asmus For years, the macro consensus has held that the post-COVID world is one of structurally higher interest rates and persistent inflation, according to T.S. Lombard's Dario Perkins. He isn't ready to abandon that supercycle thesis — but he's found a chart that should give its proponents pause. The wage share — labor's slice of nominal GDP — has been falling. That's a problem for the higher-rates camp, because the supercycle story rests on a power shift from capital back to labor. If workers were genuinely winning, the wage share would be rising. It isn't. Perkins traces the squeeze to two forces that have since reversed: central banks hiking just as workers were securing real gains and governments flooding labor markets with immigration to paper over post-COVID shortages. Worker power, briefly resurgent, got snuffed out. The recovery case rests on tight labor markets, populist restraint on immigration, and fiscal activism. The wild card is AI — labor-augmenting or labor-replacing determines whether the wage share rebounds or craters further. Perkins comes down on the augmenting side. Which brings us to the chart . Over five decades, the wage share and equilibrium interest rates tracked each other closely. Recently they've sharply diverged — the wage share down, r* elevated. That gap has to close somehow. "Either the wage share must recover, or all this talk about a new regime of structurally higher bond yields is probably wrong," Perkins said. T.S. Lombard Treasury ETFs: ( TLT ) ( TLH ) ( IEF ) ( IEI ) ( SHY ) ( SGOV ) ( SCHO ) ( BIL ) ( TBT ) Bond ETFs: ( AGG ) ( BND ) ( VCIT ) ( MUB ) ( MBB ) ( JNK ) ( LQD ) ( HYG ) ( TIP ) More on iShares 20+ Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, etc. Treasury Yields Are Testing The AI Equity Rally Upside Chasing In Tech Stocks Surges To Covid Extremes U.S. Bonds Hit 5%: Mayday U.S. federal debt hits 100% of GDP, but Washington keeps spending Rising bond yields threaten to upend stock rally, de...
Kim Crawford, global fixed income portfolio manager at JPMorgan Asset Management, and Laura Cooper, global investment strategist and macro credit head at Nuveen, discuss the selloff in global bond markets as a fragile ceasefire between the US and Iran extends past 40 days and a deal to reopen the Strait of Hormuz remains elusive. They speak on Bloomberg Television. (Source: Bloomberg)
Kim Crawford, global fixed income portfolio manager at JPMorgan Asset Management, and Laura Cooper, global investment strategist and macro credit head at Nuveen, discuss the selloff in global bond markets as a fragile ceasefire between the US and Iran extends past 40 days and a deal to reopen the Strait of Hormuz remains elusive. They speak on Bloomberg Television. (Source: Bloomberg)
Temperatures in France and England could rise by 15C, while hot air could to give way to snow in parts of US After a prolonged spell of cool conditions across much of Europe, a dramatic swing in temperatures is expected in the coming days as warmer air surges north into western and central parts of the continent. A large blocking high over the North Atlantic and slow-moving low pressure across sou...
Temperatures in France and England could rise by 15C, while hot air could to give way to snow in parts of US After a prolonged spell of cool conditions across much of Europe, a dramatic swing in temperatures is expected in the coming days as warmer air surges north into western and central parts of the continent. A large blocking high over the North Atlantic and slow-moving low pressure across southern Scandinavia dragged Arctic air southwards last week, sending temperatures 10-15C below the seasonal average for more than a week. Continue reading...
International Energy Agency Executive Director Fatih Birol warned that the tally of commercial oil inventories is shrinking at an accelerated pace. “I think it is depleting very fast,” he told reporters at the sidelines of a meeting of Group of Seven finance ministers in Paris, echoing comments from last week. It will be “several weeks, but we should be aware of the fact that it is declining rapid...
International Energy Agency Executive Director Fatih Birol warned that the tally of commercial oil inventories is shrinking at an accelerated pace. “I think it is depleting very fast,” he told reporters at the sidelines of a meeting of Group of Seven finance ministers in Paris, echoing comments from last week. It will be “several weeks, but we should be aware of the fact that it is declining rapidly,” he said. He also highlighted that the spike in fertilizer and diesel prices comes at the start of the travel and planting season. “This could have major implications for the food prices and together with the higher energy prices they might give a big push to inflation numbers,” he said. Oil Inventories Falling at Record Pace on Iran War, IEA Says Big Oil Bosses Warn Energy Is Moving Closer to Cliff’s Edge Iran War Is Draining World’s Oil Buffer at an Unprecedented Pace Speaking earlier on Monday, French Finance Minister Roland Lescure — who is hosting the G-7 meetings — told Bloomberg Television’s Oliver Crook that there was a strategic reserves release a couple of months ago and “if need be we’ll do it again in the future.”
Hong Kong’s largest annual LGBTQ carnival has been cancelled for the second year in a row after failing to secure a venue and the relevant event licences, according to its organiser. Pink Dot HK announced on Monday that it was forced to cancel this year’s festival after property manager Link Reit pulled its offer to rent two venues to the advocacy group. The event was scheduled to be held at Stanl...
Hong Kong’s largest annual LGBTQ carnival has been cancelled for the second year in a row after failing to secure a venue and the relevant event licences, according to its organiser. Pink Dot HK announced on Monday that it was forced to cancel this year’s festival after property manager Link Reit pulled its offer to rent two venues to the advocacy group. The event was scheduled to be held at Stanley Plaza and Murray House on June 14, after Link Reit earlier pledged its support and facilitation...
(RTTNews) - Tencent Music Entertainment Group (TME, 1698.HK), on Monday, announced the completion of its acquisition of Ximalaya Inc. pursuant to the merger agreement announced in June 2025.
(RTTNews) - Tencent Music Entertainment Group (TME, 1698.HK), on Monday, announced the completion of its acquisition of Ximalaya Inc. pursuant to the merger agreement announced in June 2025.
Iran has signalled “unprecedented” commitment to its ties with China by appointing a veteran of peace talks with the US as its emissary to Beijing, a move experts say also underscored China’s rise as a “third space” where Middle East powers could quietly negotiate. Tehran has made Mohammad Bagher Ghalibaf, speaker of the country’s parliament, its special envoy to oversee the country’s relationship...
Iran has signalled “unprecedented” commitment to its ties with China by appointing a veteran of peace talks with the US as its emissary to Beijing, a move experts say also underscored China’s rise as a “third space” where Middle East powers could quietly negotiate. Tehran has made Mohammad Bagher Ghalibaf, speaker of the country’s parliament, its special envoy to oversee the country’s relationship with China, according to a Sunday report by Iran’s semi-official Tasnim News Agency. His...
Orthosie/iStock via Getty Images Introduction NexPoint Residential Trust ( NXRT ) is a small-cap residential REIT with a focus on the Sunbelt states. Perhaps due to its status as a small-cap, the company hasn’t received much coverage on Seeking Alpha, with just the one article this year and 4 articles last year. With the recent release of the company’s Q1 2026 earnings at the end of April, now is ...
Orthosie/iStock via Getty Images Introduction NexPoint Residential Trust ( NXRT ) is a small-cap residential REIT with a focus on the Sunbelt states. Perhaps due to its status as a small-cap, the company hasn’t received much coverage on Seeking Alpha, with just the one article this year and 4 articles last year. With the recent release of the company’s Q1 2026 earnings at the end of April, now is a good time for me to evaluate the company. I have a “Hold” rating on the company as I believe there are several significant risks faced by the company at present, and there are better opportunities out there. Business Model NexPoint Residential Trust focuses on middle-income multifamily communities in the Southeastern and Southwestern United States. As of 31 March 2026, the company’s portfolio comprises 13,305 units in 36 properties spread across 10 markets. The company acquires, owns and operates Class B properties, with the aim of upgrading them through its value-add program to deliver NOI growth. NXRT Q1'26 Supplemental Information A Mixed Q1 2026 NexPoint Residential Trust reported $63.5 million in revenue for Q1 2026, essentially flat from the $63.2 million in the same period last year. Adjusted Funds From Operations (AFFO) declined from $0.84/share to $0.77/share, driven by an increase in casualty-related recoveries and rising interest expense. Same store NOI declined by 2.7% year-on-year to $36.7 million, driven by new lease trade-outs of -6.6%. All markets saw negative lease trade-outs, with Orlando (-9.8%) and Dallas/Fort Worth (-9.6%) the weakest markets. On the positive side of things, expense management was a bright spot, with total same store operating expenses falling by 1.6%. The company’s value-add program for the quarter saw 300 full and partial upgrades (up from 210 in Q1 2025), with 225 upgrade units leased and achieving a 19% ROI. Following the Q1 2026 results, the company reaffirmed its guidance for the rest of the year: NXRT Q1'26 Supplemental Informa...
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He made the notorious film Ecstatic Stigmatic. He designed punk jewellery worthy of Westwood. He played in a ‘perfect’ band with Lydia Lunch. Now a newly discovered archive is casting new light on this star of the New York demimonde Gordon Stevenson was a mover and a shaker within late-70s New York, back when the city was, in the words of photographer Julia Gorton, “a nihilistic playground for peo...
He made the notorious film Ecstatic Stigmatic. He designed punk jewellery worthy of Westwood. He played in a ‘perfect’ band with Lydia Lunch. Now a newly discovered archive is casting new light on this star of the New York demimonde Gordon Stevenson was a mover and a shaker within late-70s New York, back when the city was, in the words of photographer Julia Gorton, “a nihilistic playground for people with trauma”. Tall, rail-thin, hair cut into a severe widow’s peak, Stevenson was an artist, jewellery designer, musician and the auteur behind one of no wave cinema’s most notorious works, Ecstatic Stigmatic. Four decades after his death, however, he’s best remembered as a footnote in other people’s stories. That’s all about to change, however, with the discovery of a storage unit full of his lost work, including jewellery, collaborations with mail-art pioneer Ray Johnson , and even clues to the whereabouts of a surviving print of Ecstatic Stigmatic. Meanwhile, his family have recovered hundreds of letters Stevenson wrote to his parents, chronicling life in his downtown demimonde and his experiences as one of New York’s first Aids patients. Continue reading...