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Debt Loads & Back to China

Debt Loads & Back to China

Why I am back in China and some Debt to GDP talk...

Chase Taylor's avatar
Chase Taylor
Jun 26, 2025
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Debt Loads & Back to China
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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.

While I worry short term as the Dollar is too oversold - CLEARLY Passport stocks are amazing value versus the US and will remain so!

The Dollar

You already know that I am getting ready for some pain due to a Dollar rally - but these charts I hope bring home why. Below is the price charts and as you can see - we are very close to the longer term trendline for DXY. The UTL that goes back to 2011 for the trade-weighted Dollar is also nearing a touch (will have that on next time).

The Scoreboard

The US is on fire and people are shouting BUBBLE! and yet the US is up 4% and there are 9 countries up over 30% YTD and 20 up over 20% YTD.

Interesting Data

Eurozone - EZU 0.00%↑

Wages cooling off in Europe and breaking trend.

Inflation is under 2% (someone tell The Don that is why the ECB got to do more cuts).

Japan - EWJ 0.00%↑

Inflation is still a thing in Japan.

UK - EWU 0.00%↑

Retail sales breaking in the UK after the labor market already broke. The economy looks like it is in trouble in Britain.

China - FXI 0.00%↑

FDI is still a problem in China.

Germany - EWG 0.00%↑

Beat on business expectations and trying to break above the 4yr lull.

Interesting News

China - FXI 0.00%↑

Thoughtful way to take a different look.

Spain - EWP 0.00%↑

Very little market impact thus far but worth watching.

Thailand - THD 0.00%↑

Argentina - ARGT 0.00%↑

Brazil - EWZ 0.00%↑

Interesting Charts

South Korea - EWY 0.00%↑

Have I ever mentioned that I am bullish South Korea?

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