Charts, Themes, & Baskets
A Look at Middle Power Performance
This letter reads WAY better in your browser than in your email - so do yourself a favor and click on the title above to read it that way.
The Dollar
EMification of the US on a chart.
Trade weighted continues to look worse than the $DXY.
The Scoreboard
We are 6 weeks in and the US is red on the year along with 6 other countries. There are 15 countries up at least 10% on the year now.
Interesting Data
Taiwan - EWT 0.00%↑
Taiwan must be using Truflation amirite…
Vietnam - VNM 0.00%↑
Inflation falling fast in Vietnam as well.
China - MCHI 0.00%↑
Clearly gold’s rise helps but China’s reserves are quite up and to the right.
Japan - EWJ 0.00%↑
Machine tool orders continue to ramp in Japan.
Argentina - ARGT 0.00%↑
Is inflation bottoming in Argentina?
Italy - EWI 0.00%↑
Impressive move in industrial production in Italy.
Australia - EWA 0.00%↑
Inflation expectations getting sketchy in down under.
Interesting News
Japan - EWJ 0.00%↑
Japan has rarely been more interesting.
China - MCHI 0.00%↑
Not shocking.
Brazil - EWZ 0.00%↑
Cuts are coming but the pace is yet unclear. Core CPI backed a 50bp cut while headline probably a 25bp cut.
Peru - EPU 0.00%↑
This is clearly just getting started.
China - MCHI 0.00%↑
Will they? Probably not. But it is interesting.
The overcompetition is going to have to start taking some players out soon.
Keep reading with a 7-day free trial
Subscribe to Pinecone Passport to keep reading this post and get 7 days of free access to the full post archives.