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- "Net shorts in G10 rates have reached a new record"
"Net shorts in G10 rates have reached a new record"
DC Lite #677
Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights.
1. Payroll employment. "The reacceleration in payroll employment growth since February--and the lack of growth throughout 2025--is something a level graph I think shows more clearly than growth rates."
2. Shanghai vs. Brent crude. "Shanghai crude futures above Brent Crude for the first time since May. China's buyer strike has been the most important reason oil prices have remained subdued during the Iran War. It seems China is buying again now..."
3. Systematics vs. G10 bonds. "Vanda's G10 CTA replication portfolio shows net shorts in G10 rates have reached a new record, surpassing the previous extreme in 2018. CTAs are now short across the G10 complex, with the largest positions concentrated in German rates."
4. Bitcoin vs. gold. The 90-day correlation between Bitcoin and gold is at a ~6-year high.
5. Q3 EPS revisions. Bottom-up analysts have increased EPS etimates for Q3 by 1.2% during July and August. Typically, they lower estimates during the first two months of a quarter.
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