Turquoise Macro

Macro stuff, tweetdigger.

[Mike Zaccardi, CFA, CMT 🍖 @MikeZaccardi]

GS: Household Net Worth Has Risen to 800% of Disposable Income, the Highest Level Outside of Early 2022, Driven Predominantly by Higher Equity Prices

[©️redit From Ⓜ️acro to Ⓜ️icro @Credit_Junk]

Very good chart.

[zerohedge @zerohedge]

Euro Area Inflation Tops 3.0% For First Time Since 2023, Cementing ECB Rate Hike https://t.co/TGzNIey6PP

[Mohamed A. El-Erian @elerianm]

From the ECB:
"The share of gold in total official foreign reserves – comprising both foreign exchange and gold holdings – had increased to 27% at the end of 2025.... The share of gold now surpasses both that of the euro (15%) and US Treasuries (22%). However, this development largely reflects valuation effects.... Correcting for such valuation effects by using the gold price at the end of 2023, the share of the euro (16%) remains at par with the share of gold (16%), while the share of US Treasuries continues to be markedly higher (26%)."
#economy #gold #markets @ecb

[zerohedge @zerohedge]

The median S&P 500 stock carries short interest equivalent to 3.0% of market cap which is the highest level since late 2011 (GS)

[zerohedge @zerohedge]

The realized correlation between stocks and treasuries keeps getting ever more negative, with new records set every day

[Daily Chartbook @dailychartbook]

"Chips go into virtually everything manufactured ... When manufacturers plan to ramp up production, they order semiconductors first, often 6-12 months in advance due to long lead times. Chip demand therefore anticipates broader manufacturing demand."

-Apollo Slok

[Mohamed A. El-Erian @elerianm]

This chart comes the @WSJ article on “The Risk Premium for Holding Stocks Over Bonds Is Vanishing: Gap between market’s earnings yield and bond yields has narrowed, a measure that has at times predicted subpar stock returns.”
What investors should do about this is far from straightforward. It underscores the unusual challenges currently facing the construction of model portfolios due to complications to the core asset allocation inputs that underlie them—specifically, expected returns, volatility, and correlation.
#investing #investors #markets #economy

[Christophe Barraud🛢🐳 @C_Barraud]

🇨🇳 🌎 #China EV Exports Worldwide Rise 40% Y/y to 278,081 in April - Bloomberg
https://t.co/VeBEdOFloG

[zerohedge @zerohedge]

Earnings in charts

[Eric Wallerstein @ericwallerstein]

stole this from Oxford Economics. EM is getting shellacked when you remove TSMC, Samsung and SK Hynix.

[Andreas Steno Larsen @AndreasSteno]

Everyone says the "deal is already priced in", but if that is the case, why are we sooooooo far from pre-war levels in a lot of the most directly impacted assets?

[Lisa Abramowicz @lisaabramowicz1]

Traders aren't listening as much to Fed speak as forward guidance and instead are pricing in rate hikes with more certainty than what's coming from US central bankers. Last week, US 2-year yields climbed to 50bp above the Fed funds rate, the biggest gap since late 2022.

[©️redit From Ⓜ️acro to Ⓜ️icro @Credit_Junk]

She is one of the hawks, we know

[Christophe Barraud🛢🐳 @C_Barraud]

🇺🇸 S&P Global US Flash PMI (May 2026) ⬇
- Flash PMI signals subdued growth in May amid price surge
"Firms’ costs have jumped higher at a pace not seen since the energy price shock of 2022 and are being passed on to customers in the form of sharply higher selling prices"
https://t.co/yNMxASYIJJ

[Republicans against Trump @RpsAgainstTrump]

This is INSANE: Trump’s DOJ says the government is now “FOREVER BARRED” from pursuing tax claims against Trump or his family as part of the “settlement.”

The one-page document, signed by Deputy AG Todd Blanche, also blocks claims tied to pending tax returns.

The most corrupt president in American history by far.

[ACEMAXX ANALYTICS @acemaxx]

#euro area consumer #sentiment in dire straits
The imminent #ECB rate hike: The worst possible timing, chart @EU_Commission
https://t.co/5AZVz52vSv

[ISABELNET @ISABELNET_SA]

📌 CESI

The US economy has held up better than its peers since the Middle East conflict escalated, as growth prospects elsewhere have dimmed, pushing investors toward the US as the steadier bet
👉https://t.co/blMxcoFA78

h/t @dailychartbook @TS_Lombard #economics

[Christophe Barraud🛢🐳 @C_Barraud]

🇫🇷 French Business Activity Slumps at Fastest Pace Since 2020 - Bloomberg
https://t.co/5gUQMBemYj

[ISABELNET @ISABELNET_SA]

🇺🇸Yields

Since the start of the Middle East conflict, US Treasuries have struggled to play their traditional diversification role. The one-month rolling correlation between 10-year yields and equitie returns has sunk to a multi-decade low
👉https://t.co/blMxcoFA78

@GoldmanSachs