DC Lite #743

In partnership with

1. Economic Optimism Index. The November EOI fell by the most in more than 4 years to the lowest since Jun'24. All three of index's components—economic outlook, personal finance outlook, and confidence in economic policies—dropped.

2. NFP forecast. "LinkUp just forecasted that the U.S. economy lost 5,000 jobs in October."

3. Central banks vs. gold. "Central banks' reported net purchases of gold totalled 39 tonnes in September. This buying was up 79% m/m and is the highest month of reported net buying in 2025 so far."

4. Hedge fund flows. "Hedge funds increasingly are balancing long single-stock exposure with index shorts."

5. Concentration. “US consumption (the real non-tech economy) is increasingly tied to the fate of the stock market, which in turn is owned by a smaller and smaller share of the population. When and if the GenAI story at the market’s core bursts, it could expand to many outer layers of the economy, as if reverberating through a set of Russian nesting dolls.”

ICYMI