Podcasts about Macro

Everyone I know pulls their hair out because it's one thing to organize the house...it's another for it to STAY organized. That's what today's episode is for! I break down the difference between macro and micro organizing, when to use each type, and how to make sure your house doesn't explode 30 seconds after you finally have it looking good. MENTIONED THIS EPISODE How to Declutter Your Kitchen (YouTube video) Ep 77: What If I End Up Needing What I've Decluttered? Ep 5: Decluttering Sentimental Items Ep 50: The Guilt & Fear of Decluttering Gifts Shoe Organizing Bin PARING DOWN (SHANNON LEYKO): Sign up for my newsletter! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The L.E.S.S. Express⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.shannonleyko.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@shannonleyko⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@shannon_leyko⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Youtube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.youtube.com/@shannonleyko⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.facebook.com/shannonleyko.paringdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Substack: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Blog & Additional Support (free trial!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠TAKE THE QUIZ!!⁠⁠⁠⁠ "What's Your Decluttering Type?" & receive a customized playlist with 10 episodes of Paring Down for your exact needs. ⁠⁠⁠⁠⁠⁠⁠⁠⁠PARING DOWN RESOURCES⁠⁠⁠⁠⁠⁠⁠⁠⁠: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠CLICK HERE for free checklist, hacks, worksheet, & more!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ SPONSORS: Get 10% off your first order of OSEA skincare (sitewide) with code PARING at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠OSEAMalibu.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ $250 off Air Doctor Pro air purifier:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://airdoctorpro.com/ -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Use code PARING 20% OFF any AquaTru water purifier when you go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠AquaTru.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and use promo code PARING Ethical, luxury women's clothing at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Quince.com/paring⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for 365-day returns, plus free shipping on your order! Go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BornShoes.com ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠today for a 15% discount plus free ground shipping on all full-price shoes when you use my promo code, PARING 10 Free Meals from Hello Fresh + Free Breakfast For Life:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.hellofresh.com/paring10fm⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Only $2.99 per meal from Every Plate + 10% off for a month: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.everyplate.com/podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - CODE: paring299 Find furniture, decor, and essentials that fit your unique style and budget. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.wayfair.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 15% off ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠oneskin.co/PARING⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with code PARING Learn more about your ad choices. Visit megaphone.fm/adchoices

Geoff shares how Gong cha grew from a single tea shop in Taiwan to over 2,200 locations across 33 countries by staying obsessive about product quality, franchisee passion, and delivering a personalized guest experience at every touchpoint. He breaks down what it takes to scale a globally loved brand into the US market, how Gong cha 2.0 is redefining the in-store experience with technology and design, and why consistency from the tea farm to the handoff moment is the foundation of lasting brand loyalty. Welcome to Elevating Brick and Mortar. A podcast about how operations and facilities drive brand performance. On today's episode, we talk with Geoff Henry, President of the Americas at Gong cha. With over 20 years in the beverage industry spanning Colgate-Palmolive, Coca-Cola, and Jamba Juice, Geoff brings a rare combination of global brand-building expertise and franchise operations know-how to one of the world's fastest-growing bubble tea concepts. Guest Bio: Geoff is a seasoned executive with over 20 years of experience leading many of the world's most recognized consumer brands, including Jamba, Coca-Cola, Colgate, Dasani, Dunkin' bottled coffee, and Gold Peak and Honest teas. Adept at scaling businesses and cultivating collaborative teams, Geoff joined Gong cha in 2023 as President of the Americas region—which includes over 400 locations in the territory, and 225 in the U.S. Under his leadership, Gong cha grew its U.S. store count by 19% YOY, was ranked #1 in the Tea category on Entrepreneur magazine's prestigious Franchise 500® list for the third consecutive year (2024), and awarded category winner of Top Food & Beverage Franchises in the Global Franchise Awards (2023). Prior to taking the helm at Gong cha, Geoff was President of Jamba, where he successfully integrated the company into Focus Brands and led its digital transformation. During his tenure, he returned the brand to growth—driving topline sales, and increasing its development pipeline. Prior to Jamba, Geoff was a senior executive with Coca-Cola for over twelve years, where he oversaw the company's portfolio of water, tea and coffee brands for the U.S. He transformed their tea portfolio to capture the #2 market share position, while also pioneering the company's entrance into the ready-to-drink coffee category. Geoff received his undergraduate degree from Duke University and his MBA from Harvard Business School. He currently serves on the board of advisors for PayQuicker, a global payments platform. TIMESTAMPS: 00:59 - About Gong cha: Brand, services & history 03:14 - Geoff's career journey: Coca-Cola, Jamba Juice & the path to Gong cha 07:36 - Gong cha's North Star 15:20 - Gong cha 2.0: New store design, kiosks, & technology 21:20 - Franchise selection & site strategy 32:37 - Macro trends: Pace of innovation, social media, & AI 38:51 - What's next for Gong cha: Path to 1,000 US locations, licensing & brand expansion SPONSOR: ServiceChannel brings you peace of mind through peak facilities performance. Rest easy knowing your locations are: Offering the best possible guest experience Living up to brand standards Operating with minimal downtime ServiceChannel partners with more than 500 leading brands globally to provide visibility across operations, the flexibility to grow and adapt to consumer expectations, and accelerated performance from their asset fleet and service providers. LINKS: Connect with Geoff Henry on LinkedIn Follow Gong cha on Instagram Follow Gong cha on LinkedIn Connect with Sid Shetty on Linkedin Check out the ServiceChannel Website Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Show DescriptionHow do you estimate how long a task or project is going to take? Is it easier or more difficult with AI's help? Were web components a mistake? What do we think about Cloudflare's EmDash now? And are lifetime offers a good or bad thing in the dev community? Listen on WebsiteLinks Keyframes, Cash, and CodePen w/ Shaw - Whiskey Web and Whatnot Meeting Design - For Managers, Makers, and Ever :host CSS pseudo-class - CSS | MDN Introducing EmDash WP Migrate SponsorsMacroMacro is a tool to cut through the noise - It's a workspace built for engineers; One place for all your emails, tasks, team chat, and documents. Sign up at Macro.com and get $100 of your subscriptions using code SHOPTALK100

Andreas Steno is back to break down recent market volatility, unpacking all the key drivers, from global liquidity dynamics to the evolving peace deal between the U.S. and Iran, which has seemingly opened the Strait of Hormuz. But is the deal actually done!? Today's sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you're a seasoned trader in the Futures arena or brand new, Plus500's user-friendly trading platform offers you the advanced tools, market insights, and quick execution you've been looking for. Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss. 00:07 - US-Iran Deal Nears: What It Means for Markets 02:00 - Inside the 60-Day Iran Deal and Strait of Hormuz Reopening 04:37 - Oil Market Surplus: Why Crude Could Fall Below $70 08:02 - Iran Sanctions Lifted: The New Supply Shock for Global Oil 10:56 - ECB Rate Hike Timing Looks Worse After Hormuz Breakthrough 13:17 - Anthropic Export Curbs: Why AI Models Are Becoming Too Big to Fail 17:51 - SpaceX IPO Surge and What It Says About Risk Appetite 19:55 - IPO Boom, Liquidity, and Why This Cycle May Have Further to Run 21:08 - AI Token Pricing, OpenAI, and Anthropic Ahead of IPO Season 22:45 - South Korea Exports, Semiconductors, and the Next Leg of the AI Trade

Today, a look at risk sentiment in full swing after a successful SpaceX IPO on Friday and a stronger sense that the Iran war ceasefire may last long enough for shipping lanes to fully open in the Hormuz Strait, at least for a time. But while speculative energy remains high in equities, the broader macro picture is subdued, with little FX and rates volatility even as the new Kevin Warsh Fed marks the biggest shift at the Fed in a generation. This and much more, including the BoJ up tonight, on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy Links John's The FX Trader piece from today, discussing the technical situation in EURUSD and previewing the seven G-10 central bank meetings this week. A 20-minute CNBC interview with SpaceX President and COO Gwynne Shotwell, where she talks a good game and even delivers the outlook for orbiting data centers with a straight face.  FT discusses the many forced buyers of SpaceX as the company has been fast tracked to join many major stock indices, the members of which enjoy passive inflows. The Wall Street Journal with the basic, but important discussion of how Kevin Warsh is set to alter the Fed's communication strategy (an important first step, but as emphasized on the podcast - there are much bigger questions afoot down the line.) About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.    

Bitcoin just RIPPED to $66k as Trump confirmed the U.S.-Iran peace deal will be signed Friday in Switzerland — ending the 15-week war that's been crushing risk assets all month. WTI oil collapsed 5%, the Strait of Hormuz reopens within 30 days, Nasdaq futures ripped +1.5%, and Glassnode flagged $68K-$80K as the next bullish marker. Add SpaceX's record-breaking IPO closing +19% at a $1.77 trillion valuation, Tether briefly flipping Ethereum for the first time in 8 years, and Mike McGlone forecasting USDT could eventually top Bitcoin — and today's setup is the cleanest bullish inflection we've seen since October. We break down whether the Iran peace deal marks the cycle bottom and which catalysts could keep this rally running through the G7 summit. Learn more about your ad choices. Visit megaphone.fm/adchoices

Something cracked open inside Midlife Badassery this week — and Addie couldn't NOT talk about it.In this episode Addie shares what happened when a group of midlife women showed up for a free 7-day kickstart challenge and had some of the most profound transformation moments she's witnessed in 8 years of coaching. No $10k mastermind. No suffering. Just alter egos, daily prompts, and a whole lot of fun.In this episode:The one ingredient missing from every weight loss plan you've ever triedHow Addie lost 20 pounds from meditation alone — and why that made her furiousThe birth of Slayer — her alter ego born from rage at a broken systemWhy the "you only value what you pay for" coaching myth is bulls**tReal wins from real women in the community this weekWhy groups create exponential transformation (and what Human Design says about it)What happens when you stop measuring macros and start measuring joyCome spin the Midlife Badassery Archetype Wheel inside Midlife Badassery Free SKOOL community Midlife Badassery is open HEREFOLLOW/WATCH ON YOUTUBE addiebeall55Free Visioning Meditation (goes with Ep 160 Unlock Your Future: Create Vision for Midlife Transformation) Get Social with Me!Don't do it alone- us badasses gotta stick together ;)FREE Facebook Community: https://www.facebook.com/groups/mefirstsisterhoodFacebook Namaslayer (LIVE Sundays at 9 AM Pacific / Noon Eastern)Instagram @addiebeall_namaslayer

Okay, so real talk. I used to be the person who would get to dinner, open my logging app, and realize I had not tracked a single thing all day. Not breakfast, not lunch, not even that snack I definitely ate at 3pm. I would just close the app and tell myself I would do better tomorrow. And then tomorrow would come and the same thing would happen all over again. Macro tracking does not have to feel that way. I am a registered dietitian, a certified personal trainer, and a mom of five, and I have been consistently tracking my macros for years. These days it takes me about five minutes a day, and I want to show you exactly how I do it. Here is what I know after years of working with moms just like you: the problem is almost never motivation. It is the system. Or the lack of one. When I finally stopped logging at the end of the day and made a few key shifts to how I actually approach tracking, everything changed for me.  In this episode, I am sharing the tips that made macro tracking for busy moms not just manageable, but actually fast and sustainable. These are the same strategies I use personally and teach inside my program. If you are tired of inconsistent data, missed meals, and feeling like you are starting over every single week, this one is going to be a game changer for you. I cannot wait to share this with you! -Rachel Next Steps: Meal Planning on Autopilot Starter Kit Book a Free Discovery Call to learn about the Fat Loss Formula Coaching Program Follow my Instagram @effectivefitnessforwomen

Andreas Steno is back to break down recent market volatility, unpacking all the key drivers, from global liquidity dynamics to the evolving peace deal between the U.S. and Iran, which has seemingly opened the Strait of Hormuz. But is the deal actually done!?00:07 - US-Iran Deal Nears: What It Means for Markets 02:00 - Inside the 60-Day Iran Deal and Strait of Hormuz Reopening04:37 - Oil Market Surplus: Why Crude Could Fall Below $7008:02 - Iran Sanctions Lifted: The New Supply Shock for Global Oil10:56 - ECB Rate Hike Timing Looks Worse After Hormuz Breakthrough13:17 - Anthropic Export Curbs: Why AI Models Are Becoming Too Big to Fail17:51 - SpaceX IPO Surge and What It Says About Risk Appetite19:55 - IPO Boom, Liquidity, and Why This Cycle May Have Further to Run21:08 - AI Token Pricing, OpenAI, and Anthropic Ahead of IPO Season22:45 - South Korea Exports, Semiconductors, and the Next Leg of the AI Trade

Markets welcomed reports of a US-Iran peace deal, with equity markets up and oil prices down sharply from recent highs. This could be good news for the global inflation outlook, though risks remain. Investec Focus Radio SA

Ce lundi 15 juin, Raphaël Legendre a reçu André Loesekrug-Pietri, président de Jedi (Joint European Disruptive Initiative), Isabelle Bordry, fondatrice de Retency, et Thomas Grjebine, responsable du programme "Macroéconomie et finance internationales" au CEPII, dans l'émission Les Experts sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

Ce lundi 15 juin, l'intégration de l'IA au cœur des discussions du sommet du G7 qui s'ouvre aujourd'hui, ainsi que l'ouverture du salon de la défense Eurosatory, centré sur le numérique comme enjeu de souveraineté militaire, ont été abordées par André Loesekrug-Pietri, président de Jedi (Joint European Disruptive Initiative), Isabelle Bordry, fondatrice de Retency, et Thomas Grjebine, responsable du programme "Macroéconomie et finance internationales" au CEPII, dans l'émission Les Experts, présentée par Raphaël Legendre sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

Ce lundi 15 juin, la décision du gouvernement américain de contraindre l'entreprise Anthropic à couper l'accès à ses deux dernières IA, Fable 5 et Mythos 5, a été abordée par André Loesekrug-Pietri, président de Jedi (Joint European Disruptive Initiative), Isabelle Bordry, fondatrice de Retency, et Thomas Grjebine, responsable du programme "Macroéconomie et finance internationales" au CEPII, dans l'émission Les Experts, présentée par Raphaël Legendre sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

** Come to Macro ‘n Chill, the online gathering where we listen to the podcast together and discuss what we learned and where we agree or disagree. Tuesday, June 16, 8pm ET/5pm PT. Use this link to register: https://us06web.zoom.us/meeting/register/Qm85bGIOSF2H_uNMwOmWtQEcosocialist author, Ian Angus, talks with Steve about his book Metabolic Rifts: Capitalism's Assault on the Earth System. They explore the deep, sometimes invisible ways that capitalism disrupts the planet's fundamental life cycles –– from soil depletion and artificial fertilizers to the carbon cycle driving global warming.Ian traces the concept of “metabolic rift” from Marx and Engels through a long socialist lineage, making the case that ecological critique has always been central to the Marxist tradition. (Indeed, some Marxists might argue that “eco-” is an unnecessary qualifier; “socialism” is enough!)Steve brings up the MMT basics challenging the austerity narrative that blocks ecological reconstruction. He reminds us that the state, as the currency issuer, can de-commodify the essentials of life, namely food, water, housing, and healthcare. However, as Ian bluntly states: “The problem is that it's not our government, it's their government.” Reformism and electoralism are dead ends.While listeners may disagree with some of Ian's interpretations of Soviet history, those comments do not negate the episode's compelling analysis that capitalism's DNA demands endless accumulation and profit. Combating the ecological crisis is inseparable from the struggle to overcome capitalism.Ian Angus is founder and editor of the online ecosocialist journal, Climate & Capitalism and a founding member of the Global Ecosocialist Network. Among his many books are The War Against the Commons: Dispossession and Resistance in the Making of Capitalism (Monthly Review Press, 2023), A Redder Shade of Green: Intersections of Science and Socialism (Monthly Review Press, 2017) and Facing the Anthropocene: Fossil Capitalism and the Crisis of the Earth System (Monthly Review Press, 2016). His most recent is Metabolic Rifts: Capitalism's Assault on the Earth System. (Monthly Review Press, 2026),@ecosocialism1 on X

Chief Asia Economist Chetan Ahya joins Head of India Research and Chief India Equity Strategist Ridham Desai to break down India's macro outlook, capital flows and sector opportunities.Read more insights from Morgan Stanley.----- Transcript -----Chetan Ahya: Welcome to Thoughts on the Market. I'm Chetan Ahya, Morgan Stanley's Chief Asia Economist.Ridham Desai: And I'm Ridham Desai, Morgan Stanley's Head of India Research and Chief India Equity Strategist.Chetan Ahya: Today, the biggest takeaways from our India Investment Forum in Mumbai. From the shifting outlook for India's markets and flows to the sectors driving the next phase of corporate earnings and CapEx.It's Friday, June 12th at 7PM in Hong Kong.Ridham Desai: And 4:30PM in Mumbai.Chetan Ahya: Ridham, the Morgan Stanley's India Investment Forum took place in Mumbai last week, and I was there with you. These events are a great opportunity to speak with investors who come across from the globe to attend. Now that we have had a few days to process the conversations, what stood out to you? What was the biggest shift in investor sentiment that you picked on?Ridham Desai: So, Chetan, I think it's been the case of a continuing story about India. Domestic investors look that they are bullish, and foreign investors continue to stay rather cautious on the Indian markets. We could see that in the overall attendance. In contrast, I think domestic investors were looking for the next stock that they wanted to buy. They were seeking opportunities, and there was a lot of interest in meeting companies.Before we get into markets, let me turn back to you from a macro side. India's growth story remains strong, but relative growth appears to be cooling. This is in contrast to markets like Japan, Taiwan, Korea, and the US. How should investors think about India's macro positioning in that context?Chetan Ahya: So, Ridham, when I look at the macro data in India, they're all indicating a meaningful upside in the growth trend. So I'll just cite two key cyclically sensitive macro data points. One is the banking system credit growth, and number two is the auto sales, particularly the passenger vehicle. So bank credit growth is growing as of the last biweekly data point that we got. It's growing at seventeen point seven percent year-on-year, and car sales are growing at twenty-seven percent in the month of May.But as you were mentioning earlier, the relative growth opportunity is a challenge for India and to just share the numbers on the earnings growth for the first quarter that we saw across the region. So we saw Korea's earnings growth at one hundred and seventy percent. We saw Taiwan's earnings growth at forty-eight percent year on year. Japan at thirty-three percent. The US has seen a growth of about twenty-seven percent year on year.So in that context, when India is reporting thirteen percent growth, it's becoming a challenge for investors to look for opportunities in India relative to other markets. Either they are more focused on the other markets than India. So let me come back to you, Ridham. Staying with the investment implications, India projects stable valuations and strong corporate earnings, but its relative growth advantage has narrowed. How should investors reconcile this contradiction?Ridham Desai: If I go back thirty-five years, as long as we have the MSCI index series, and as far as I have been in this industry, this is the lowest relative multiple that India has traded at. And indeed, growth last year was weak. But if you see QOQ, we have started to accelerate. The broad market earnings growth trajectory has shown a doubling in the quarter that ended March over the quarter that ended December.But it underscores the point you made about the relative growth complex. It's clearly not in India's favor. And a lot of the capital in the world is short-term oriented, and it cares for what growth is gonna come in the next quarter or two. And that's the state of the market right now.However, what I would say is that equities is a quintessential long-duration asset class. In the long run, what matters is terminal growth. I don't really think India's terminal growth has moved much. It remains far superior to a lot of other countries around the world. And therefore, I think this does present itself as a great opportunity for a long-term investor while the markets are digesting this relative growth disadvantage that India seems to have over the next, say, three or four quarters.Chetan Ahya: And Ridham, another theme from the forum was policy action to attract capital. Policymakers announced a number of measures right as our conference ended and they aimed to withdraw withholding tax on debt investors, also providing banks with an incentive to take up more dollar borrowing. How central are these measures to sustaining foreign inflows into Indian markets?Ridham Desai: I think the measures taken by policymakers are very important, probably amongst the most important policy actions this year. The removal of taxation on debt investors will make a difference. The provision for hedging to external commercial borrowings as well as to foreign currency deposits will make a difference.It should boost flows into India over the next twelve months. That said, these measures may not help the equity flows because the equity flows, I think, are going to depend on the relative growth situation. Now, there's only that much India can do to lift its growth. It may accelerate to the high teens. So growth elsewhere needs to decelerate for equity investors to return. Or India needs to see the start of a major IPO cycle because in primary issuances, foreigners do come to buy, and that may change the net picture on FBI flows in the equity markets.But as far as the debt markets are concerned, I think the measures taken last week are going to prove to be quite potent, and India should see the benefits accruing over the next few weeks and months.Chetan, from your perspective, how important is the policy backdrop right now in determining whether India can keep attracting long-term global capital despite more competitive returns elsewhere in the short run?Chetan Ahya: So Ridham, I think the key focus for the policymakers had been with these measures to boost short-term capital inflows to stabilize the currency. There has been a balance of payment deficit. So from that perspective, the short-term capital inflow augmentation effort as you mentioned, has been the correct move. But from the long-term perspective, we think that the government needs to boost competitiveness of the Indian manufacturing. Because in the context in which AI could affect India's services exports, there is a need to augment more export receipts from the manufacturing sector. At the same time, if they improve the competitiveness of the manufacturing sector, it will help India to attract more capital inflows from long-term investors for the purpose of FDI.And the good news is that the government is on it. They are taking a number of measures to boost that competitiveness in the manufacturing. But we think that there is more action needed and hopefully in the intention to improve the balance of payment dynamics and exports from manufacturing sector, we will see more actions from the government in the coming months.Ridham Desai: Chetan, you've also written extensively about the structural capital spending cycle in Asia and India. Can you walk us through the key details here, especially in the Indian context?Chetan Ahya: I think the key story that we are observing, it's sort of more or less global, but definitely very clearly seen in Asia, that there seems to be a super cycle for CapEx as well as industrial activity. This CapEx cycle is effectively driven by spending in four key sectors, and that is AI and AI-related digital infrastructure, energy, defense, and industrial onshoring-related CapEx.Now, as far as India is concerned, we are seeing investments in all the four segments that I just mentioned. In fact, it's seeing a significant amount of activity in the space of energy. And, similarly, we are seeing a lot of policy measures, I mentioned earlier, in terms of boosting manufacturing competitiveness.But at the heart of it is government's effort to onshore industrial supply chain. So India's CapEx has also inflected higher. Having said that, the difference between India and, let's say, North Asia, which is Korea, Taiwan, Japan and China, is that they are also a big player in the export market for capital goods when there is global CapEx cycle upswing happening. Nevertheless, India will see the benefit of this CapEx cycle in terms of its own growth push, as well as improvement in productivity.So Ridham, how would you think about the sectoral opportunity within the Indian markets?Ridham Desai: We see a lot of interest in some of these sectors which you mentioned. But actually, I would like to start off with financials. I see the banks in a very sweet spot. Balance sheets are in pristine condition. The interest rate cycle has troughed, which means margins for the banks have also bottomed and credit growth is finally accelerating. If this CapEx cycle unfolds like the way you are describing it, I think financials will stand to gain the most.And interestingly, the valuations are quite good, both on an absolute as well as on a relative basis. Also, of course, investors can go directly into those sectors which are doing this capital spend. Energy to start with, semiconductors, fertilizers, data centers and aerospace.The only thing to note here is that not everywhere are the valuations attractive enough because in some cases the market has recognized the coming growth cycle and has started to price that in. So we have to be careful about the valuations. But I think financials and industrials are clearly great opportunities in the context of this CapEx recovery that India is likely to see in the coming five years.Chetan Ahya: And additionally, the most requested companies at the summit, Ridham, were consumer sector companies. What do you think investors are looking for at this sector over others?Ridham Desai: So, Chetan, I think from a structural perspective, the Indian consumer is quite clearly the best place to be. In fact, I would say that it's the leverage that India enjoys over the rest of the world.The one point five billion people in this country are split across, say, a hundred and fifty cohorts of ten million each, and each of these cohorts have got different consumption opportunities. So depending on what product or service you're offering to your consumers, there's a market in India, and which in nominal terms is growing between ten and fifteen percent.As we know, last year India accounted for something around seventeen or eighteen percent of global GDP growth, which means depending again on what you are selling to your consumer, India could be between ten and hundred percent of your revenue growth. So India's consumer is something that hardly anybody can avoid.So in summary, Chetan, when I look at it from an investment opportunity, financials, industrials, and consumption, not necessarily in that particular order, are probably the best places for investors to look at. However, IT services, I think could be the dark horse. It's a sector right now which is disrupted or potentially disrupted by AI, and there's a lot of confusion there.But I think as the dust settles on this, it may emerge as one of the most interesting areas for investors to look at. So there's a lot of stuff in India happening right now. I think growth is accelerating. Valuations are looking quite interesting. In fact, the best that they've been in many, many years.Trading performance suggests that investors are not positioned at all. And if things start looking up, then India could be a very good market in the coming twelve months.Chetan Ahya: Ridham, thanks for taking the time to talk.Ridham Desai: Great speaking with you, ChetanChetan Ahya: And thanks for listening. If you enjoy our Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or a colleague today.

Brady and John open with sports talk, covering the Knicks' dramatic OG Anunoby tip-in and the World Cup kicking off in North America Bitcoin is back near $63K, prompting a discussion of whether current drawdown conditions resemble past cycle bottoms John reviews Alex Thorn's Galaxy analysis showing that only 4 of 13 classic Bitcoin bottom signals have triggered, while the prior October 2025 top also showed only 2 of 11 classic top signals The hosts argue Bitcoin's cycles may be changing as the asset matures, with ETFs, institutional capital, and deeper liquidity potentially compressing both tops and bottoms They revisit supply-in-profit metrics, noting that the percentage of Bitcoin supply in profit has fallen to levels similar to prior cycle bottoms Brady and John emphasize long-term conviction, recurring buys, and education as the antidote to emotional reactions during sharp Bitcoin drawdowns The episode explores whether MicroStrategy's large Bitcoin holdings are a threat, with both hosts arguing that permissionless accumulation is part of Bitcoin's design, not a weakness They discuss OG coin distribution, institutional absorption, miner selling, and AI-driven market distraction as possible contributors to Bitcoin's recent 50% decline Macro coverage includes a hot CPI print, persistent inflation above target, Kevin Warsh's Fed dilemma, and why rate cuts may still arrive despite elevated inflation Brady introduces Swan's new Real Bitcoin Exchange, a first-to-market product designed to help ETF holders move from Bitcoin price exposure into real Bitcoin ownership ► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide ✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes ✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Secure your Bitcoin with Swan Vault ✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Download the all-new Swan Bitcoin App ✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour! ✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=sponsorship&utm_source=podcast&utm_content=swan_signal_live ► Connect with Swan Bitcoin: ✔ Twitter: https://twitter.com/Swan ✔ Instagram: https://instagram.com/SwanBitcoin ✔ LinkedIn: https://linkedin.com/company/swanbitcoin ✔ Threads: https://www.threads.com/@swanbitcoin ✔ Facebook: https://www.facebook.com/SwanBitcoin/ ✔ TikTok: https://www.tiktok.com/@realswanbitcoin

It was a pleasure to welcome Colin Lancaster, Global Co-Head of Discretionary Macro and Fixed Income at Schonfeld Strategic Advisors, back to the Alpha Exchange. Our discussion focuses on the evolution of the multi-manager model, portfolio construction, and the challenges of navigating today's macro environment.   Colin discusses the importance of systems, data, and risk infrastructure, and why scale has increasingly become a competitive advantage. We explore how firms differentiate themselves through strategy mix, geographic focus, and organizational culture, even as the industry has converged around a similar set of core investment disciplines.   A further theme throughout the discussion is talent. Colin outlines his approach to identifying and underwriting portfolio managers, emphasizing self-awareness, intellectual honesty, resilience, and the ability to articulate a sustainable edge. He also discusses the growing importance of managing correlations across strategies, particularly during periods of market stress.   Lastly, we turn to the macro backdrop, including inflation persistence, sovereign bond markets, central bank policy, and the changing role of liquidity in financial markets. Colin shares views on crowding, leverage, and the risks associated with concentrated positioning across increasingly interconnected markets.   I hope you enjoy this episode of the Alpha Exchange, my conversation with Colin Lancaster.

AI narrative momentum, durable value, and why Zoom and Roblox stand out | Around the Desk Ep. 85Sean Emory, founder and CIO of Avory & Co., on the "AI on, AI off" market: where durable value actually accrues, why models may commoditize as open source catches up, and why ecosystem and context end up mattering more than the model itself. Plus a look at Zoom (Avory's top holding) for its cash, Anthropic stake, and communication-context data, and Roblox for consumer engagement and AI-enabled creation. He expects public AI listings to force scrutiny on profitability, margins, and capital intensity, and makes the case for patience and businesses that don't require perfect assumptions.Chapters00:00 Podcast intro00:33 Momentum and narratives01:08 AI trade dominates02:31 Where value accrues03:16 Open source catching up05:10 Models commoditize over time06:28 Multi-model future07:47 Infrastructure crowding risks09:15 Energy bottlenecks10:06 Durable investing mindset10:35 Zoom as durable play13:13 Roblox and creation flywheel14:02 Macro uncertainty cycles16:00 Public AI reality check17:33 Staying patient and closingMore from Avory & Co.www.avory.xyz Informational only. Not personal investment advice. Avory & Co. and Sean Emory may hold positions in securities discussed. Past performance does not guarantee future results.

Ook de Nederlandse economie is niet immuun voor de klappen van de oorlog in het Midden-Oosten. Hogere inflatie en minder economische groei zorgen voor een somberdere economische outlook. Een lastige situatie voor minderheidskabinet Jetten, die sowieso al voor een aantal flinke uitdagingen staat. Welke aanbevelingen heeft de Nederlandsche Bank voor Den Haag? Bas ter Weel, directeur monetaire zaken bij de Nederlandsche Bank is te gast in BNR Zakendoen. Macro met Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op dinsdag en vrijdag gaat presentator Nina van den Dungen in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Bedrijvenpanel Fastned opent eerste Nederlandse snelwegshop na langdurige juridische strijd Fastned heeft hun eerste Nederlandse snelwegshop geopend na een ruim tien jaar durende juridische strijd. En: Het van oorsprong Nederlandse luxe automerk Spyker maakt wéér een doorstart. Dat en meer bespreekt presentator Nina van den Dungen vanaf 11.00 in het bedrijvenpanel met: Hans Biesheuvel, directeur-eigenaar van Habest Holding, commissaris bij meerdere bedrijven, en medeoprichter van ONL, en Inge de Jong, oprichter van evenementenbureau Eventic. Luister l Bedrijvenpanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

Analizamos las claves macro de la jornada, con Enrique Díaz-Álvarez, director de Riesgos de Ebury

MacroVoices Erik Townsend & Patrick Ceresna welcome, Larry McDonald. They discuss what's driven this sell-off, whether the Iran conflict had anything to do with it, and where the opportunities lie in today's markets. https://bit.ly/4ebDAHe    

Our Global Head of Fixed Income Research Andrew Sheets explains our differentiated view of a potential benign outlook for inflation, despite the recent acceleration.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley.Today, why is everything still so expensive?It's Thursday, June 11th at 2pm in London.The Federal Reserve has a so-called dual mandate, tasked with keeping the labor market healthy and prices stable. It is currently having much more success with the former than the latter.Let's start with that good news.Last Friday saw solid data from the U.S. jobs market, reducing some of the fears from earlier this year that artificial intelligence and other factors would lead companies to make do with fewer workers. The U.S. unemployment rate sits at just 4.3 percent, a historically low level. Measures like initial jobless claims indicate no large uptick in firings.Yet the success within the U.S. labor market is mirrored by struggles with inflation. The Fed tries to keep inflation, the annual increase in a broad set of prices, to about 2 percent per year. Their preferred measure of these prices, so-called PCE inflation, well, it's been materially above this target over the last three months, six months, twelve months, and indeed, the last five years.As for another key measure of inflation that was reported yesterday, CPI, overall prices increased more than 4 percent. While that was close to expectations, it still represents prices that are rising much faster than the Fed would prefer.This leads to a dilemma. One diagnosis of what's going on is that elevated inflation is a sign that conditions are simply too loose and too accommodative at these levels of interest rates. Corporate capital expenditure and merger activity is surging, regulation is being eased, and the U.S. government is spending a lot more than it's taking in. All of these are consistent with a hot economic cycle, which in the past would've warranted higher interest rates to bring the economy back down to a more sustainable speed.But it might not be that simple.The surging spend that we're seeing on AI data centers feels pretty unique and almost insensitive to other dynamics. Indeed, we've seen a 700 percent increase in the price of memory over the last year. Yet it's done little to slow demand for this construction as the large, well-capitalized companies behind the AI buildout see it as so essential to their future success.U.S. consumers are also still spending, boosted perhaps by record levels of household wealth. As just one example of this, my colleagues in Equity Research note that the price of airline tickets has gone up 25 percent over the last year, yet there's been no sign of people flying less.Now, the positive story would be that while there are some high-profile categories like computer memory or airfare that are seeing these large price increases, the broader inflation picture is actually set to get better as the year goes on, and costs for things like housing and tariff-impacted goods moderate. That is our view at Morgan Stanley, where our economists think that inflation will ultimately be lower over the next twelve months – and lower than many in the market expect.But there's definitely uncertainty.This month, June, is one where central banks may appear to have a renewed commitment towards inflationary pressures; with the ECB hiking rates today and our expectation that the Bank of Japan will hike rates next week, while the Fed will remove their easing bias. And our more benign economic base case for inflation does assume that oil will start flowing through the Strait of Hormuz pretty soon. It may not, and that could also lead to more sustained inflationary pressure.The big story on inflation has not gone away. Our assumption that pressures could ease in the second half of the year is a key and differentiated input to our forecast for lower bond yields and higher stock prices in 12 months' time. But it does rely on a change of the status quo.As of now, inflation is still too high.Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also, tell a friend or colleague about us today.

Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 1 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss the fundamental appeal of the sector and its relative and absolute value.Related Content:Corporate Credit QuarterlySolid corporate fundamentals continue to anchor our constructive view on credit.Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change' Comes to the FedInsights on the FOMC decision, inflation, and the possible path of oil prices.Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.RO 5564384

Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 2 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss where we are finding value and risk in today's market.Related Content:Corporate Credit QuarterlySolid corporate fundamentals continue to anchor our constructive view on credit.Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change' Comes to the FedInsights on the FOMC decision, inflation, and the possible path of oil prices.Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP XXXXX

Ready to learn more about macro social work careers? Grab my free e-course at: https://macroandpaid.com/-----As social workers, many of you entered this profession with career dreams that looked very different from the ones you ended up with.Maybe you wanted to become a lawyer or a judge, or to work directly within the legal system, but life took you in another direction. In my new YouTube video, I explore how your original dream may not be as far away as you think. You'll learn how to leverage your social work/case management experience, working in and alongside courts, attorneys, judges, and justice-impacted communities, to pursue systems-level (macro social work) jobs that influence policy, programs, funding, advocacy, and organizational decision-making without becoming a lawyer or going back to school. If you've ever wondered whether you missed your opportunity to do the work you originally envisioned, this video will help you see your experience through a different lens. Your career dream doesn't have to die; it just has to evolve.Happy macro career planning,Marthea Pitts, MSW

JPMorgan Asset Management sees a resilient economy facing multiple supply shocks, with inflation still largely supply-led and the Federal Reserve likely to remain on hold for now. Priya Misra, fixed-income portfolio manager at the firm and a manager of the JPMorgan Core Plus Bond ETF (JCPB Equity), joins Ira Jersey, Bloomberg Intelligence chief US interest-rate strategist, on this Macro Matters edition of the FICC Focus podcast to explain how she defines the “plus” in core-plus investing, from macro duration and curve views to allocations across securitized credit, high yield and mortgage convexity management. She also discusses what Kevin Warsh's arrival as Fed chair could mean for communication policy and the dot plot, arguing that investors still need enough Fed transparency to understand each official's reaction function. The two examine where she sees value across fixed income, including high-quality spread product, duration in the five- to 10-year sector as a hedge and select structured-credit opportunities such as agency CMBS and non-agency mortgage exposure over parts of the agency RMBS market. The Macro Matters podcast is part of BI's FICC Focus series.

Toca hablar de los datos macro y divisas, con Gonzalo Cañete, jefe de estrategia de mercado global para ATFX global

De internationale scheepvaart vormt de ruggengraat van de globale economie, maar is daardoor ook kwetsbaar voor internationale crises. Tijdens corona mochten de zeevaarders niet meer aanmeren, vervolgens lag het Suez-kanaal plat, brak er een oorlog uit in Oekraïne en nu liggen de boten vast in de Perzische Golf. Waarom zou men er dan nog voor kiezen om maanden te werken op zo'n mooi schip? Sascha Meijer, general secretary van vakbond Nautilus International, is te gast in BNR Zakendoen. Macro met Mujagić/Boot Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Boardroompanel Een relatief onbekend Amerikaans onderzoeksbureau laat het aandeel Adyen met dubbele cijfers dalen. Moeten bestuurders zich tegenwoordig meer zorgen maken over analisten dan over concurrenten? Dat en meer bespreken we in het boardroompanel van BNR Zakendoen, met Tanja Nagel, voorzitter van de Raad van Toezicht van DSI, commissaris bij Achmea Bank en Leen Paape, emeritus hoogleraar Corporate Governance aan de Nyenrode Business University en commissaris bij verschillende bedrijven. Luister l Boardroompanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

Morgan Stanley analysts Ravi Shanker and Jeff Adelson take a look at what the fight for affluent, loyal travelers could mean for banks and airlines. Read more insights from Morgan Stanley.----- Transcript -----Ravi Shanker: Welcome to Thoughts on the Market. I'm Ravi Shanker, Morgan Stanley's North American Airlines analyst. Jeff Adelson: And I'm Jeff Adelson, Morgan Stanley's U.S. Consumer Finance analyst. Ravi Shanker: Today, who really owns your travel loyalty? The airline, the bank, the rewards platform, or you? It's Wednesday, June 10th at 7am in New York. Jeff Adelson: So, Ravi, you just came from your annual travel conference, and I'm about to head into the second day of Morgan Stanley's 17th Annual Financials Conference here in New York, where we're hosting roughly 135 corporates.A lot of themes are coming up there: retail engagement, product innovation, regulatory change, AI digital assets, capital markets recovery, and so on. All of these connect back to a bigger question. Who owns the customer relationship? Ravi Shanker: And that's exactly where travel co-branded cards come in. They sit at the crossroads of premium consumer spending, loyalty, and the competition for wallet share. They've become a more important revenue stream across travel, banking, and hospitality.But it's not as simple as more travel means more co-brand growth. Most customers still want flexibility, cashback, and low fees. Premium travelers and loyal airline customers behave differently. Let's start with the cardholder. Most consumers have a credit card, but travel co-branded cards are still a much smaller piece of the overall wallet. So, how big is the opportunity here, and how hard is it to get consumers to switch? Jeff Adelson: So, what's actually interesting, Ravi, is that travel co-branded cards are still relatively under-penetrated. In our survey, about 90 percent of cardholders have a general purpose card, while only about 22 percent have an airline card, and 12 percent have an hotel co-brand card. So, on the surface, the runway for growth does look significant. The upshot is also that once you get these consumers in the door, they are much higher spending and drive a ton of volume and incremental card economics for both the banks and their co-brand travel partners. The challenge is that consumers are pretty loyal to their cards or airlines that they already use, so most people aren't actively looking to switch. They tend to add a new card only when the value proposition is compelling enough. And sometimes given these one-time nature of the signup bonuses, it results in some churning without keeping the customer for the long term. So ultimately, what this all means is issuers and travel brands aren't just competing with each other, they're competing against habit. So, to win, they need to offer something that's meaningfully better than what's already in the consumer's wallet. Ravi Shanker: Got it. So, consumers seem to care most about value, fees, rates, and reward. Cashback still leads by a wide margin. So where do travel-specific rewards fit in? Jeff Adelson: The nuance here matters. Travel rewards don't need to win with everybody to be valuable. What makes them so powerful is they resonate with a specific group of customers, specifically the ones who are traveling – the frequent travelers, the ones who spend more, and those who engage more deeply with loyalty airline programs, for instance. For those consumers, lounge access, status benefits, upgrades, and airline or hotel points can create a level of engagement that's difficult for just a basic cashback card to replicate. The nuance here matters. Travel rewards don't need to win with everybody to be valuable. What makes them so powerful is they resonate with a specific group of customers, specifically the ones who are traveling – the frequent travelers, the ones who spend more, and those who engage more deeply with loyalty airline programs, for instance. For those consumers, lounge access, status benefits, upgrades, and airline or hotel points can create a level of engagement that's difficult for just a basic cashback card to replicate. Ravi Shanker: So, the premium consumer looks different. Why is that customer so important to card issuers? Jeff Adelson: So, higher income consumers frankly just spend a lot more. They're more loyal, they carry more cards, and they're more willing to pay a higher annual fee if they feel like they're getting the value from the card back after they pay that fee. In our survey, consumers earning over [$]150,000 per year of income spent roughly twice the amount on their primary card, and they were willing to pay almost twice the annual fee as other income cohorts. They're also attractive from a credit standpoint, from a, you know, delinquency perspective. These customers are more likely to pay their balances in full each month, and as a result, have lower credit risk. And often they keep long-standing relationships with their banks or their airline partner. That's why premium card and travel partnerships remain such an important customer acquisition tool for a bank. It has a really long lifetime value. The battle isn't really for the average card holder; it's for the affluent consumer who's driving a disproportionate share of spend in the U.S. economy.Ravi Shanker: Got it. So, the banks and travel brands are partners today. But they're also starting to potentially compete more directly for the same customer. What should investors watch to see whether this stays a partnership or becomes more of a tug-of-war? Jeff Adelson: So historically, this has been a successful partnership, especially in recent years as high-income consumer spending pie has grown in the U.S. How this works is airlines provide loyalty and travel experiences. Banks provide the card issuance, distribution scale, and share back those card economics to the airlines. Everybody wins when the travel spend grows. But we're starting to see some things overlap. Banks are building their own premium travel ecosystems. That includes things like flexible rewards points with the ability to transfer to any airline you want, proprietary lounges away from the airlines, and travel benefits that increasingly compete with airline loyalty programs. So, what investors should watch from here, in our view, are two things. Number one, is the high-income consumer and the travel pie continuing to grow? That's really what's held everything up and frankly, driven the airlines that you cover to realize that they hold this golden ticket. They hold the access to that consumer, so they've begun negotiating for more of the economics away from the card issuers. The second thing we think that you need to watch out for is whether consumers really continue to value these airline-specific rewards enough to justify the existing partnership model. Our survey indicated that most consumers still prefer flexible rewards over points tied to a single airline. But among frequent travelers and airline loyalists, the airline ecosystem does remain powerful. So, the future does seem to depend in part on whether these travel brands can continue to deliver on experiences that the consumers really can't get elsewhere. So, Ravi, maybe switching to you. For the airlines, the question I have for you is a little different. How do you turn loyalty into a durable, profitable revenue stream without losing sight of the core travel product? Ravi Shanker: That's exactly it. Kind of you referenced the strength of the travel ecosystem in your previous response, and I think that's exactly what the airlines need to focus on. I think the takeaways for the airlines from the survey is very clear. You cannot have a co-brand revenue opportunity in isolation. It is just a layer on top of your core revenues. You cannot build an incredible loyalty or co-brand franchise without having a very strong core airline product. The analogy we use in our report is that it's sort of like the restaurant business.Most restaurants usually make the bulk of their profitability off of the wine menu or the liquor menu, even though you're going there primarily for the food and the ambiance and the service. If you don't have really good food and ambiance and service, you can't make money off of the wine menu. Similarly, we think the airlines need to continue to focus on their core product, whether it's their network or their reliability, their safety, where they fly, the quality of the product in the sky, the lounges, as you mentioned. And once you get all of that in order, then you can tap into the co-brand revenue opportunity over time. Jeff Adelson: So maybe just running with that analogy on, you know, co-branded revenues becoming a more meaningful part of the airline business. Why are they so strategically important in your view? Why should the consumer pay for that bottle of wine that they can get? Ravi Shanker: Look, we, we don't have a full disclosure from the airlines just yet, but we have some nuggets that tell you that this is a very attractive revenue opportunity, right? So, look at some of the numbers we do have. We think that this business has been growing at a low double-digit CAGR for the industry, which is much faster than core revenue growth. We think it has already grown to be about low double-digit percentage of overall revenues. And from the little info we have, we can surmise that this is a very, very profitable business. Something in the order of 35-50 percent operating margins, if not much higher than that in an industry that is overall working really hard to get to double-digit margins on a core basis. So, this business can be about half of overall mid-cycle profitability, maybe even higher for some of the airlines, even though, it is considered to be an ancillary revenue stream. This is also a very, very stable business that doesn't exhibit the kind of cyclicality or volatility as the core passenger airline business. And so, we think the airlines will be looking to grow this for the margins, for the stability, and for the, honestly, growth opportunity over time. Jeff Adelson: And if we think about that opportunity growing over time, if consumers really do care more about tangible benefits than brand prestige, as I think our survey indicated, what does that mean for the airlines trying to build that loyalty through these card partnerships?Ravi Shanker: It's exactly as you mentioned, kind of, earlier – that we think both the banks and the airlines need to keep investing in the product. They need to keep giving the consumers enough rewards that make it seem worth the fees and worth the while to subscribe to a travel co-brand card – versus going with a more generic card that gives you just plain cash back. And I think, again, it comes down to whether the core airline product is strong enough for the consumer to warrant going down the path of building loyalty with the airline franchise. And if the consumer is committed to travel, as a share of the consumer's wallet significantly enough to commit to travel cards' benefits over generic benefits. We have a lot of confidence in the latter. In that all of our data, all of our surveys since the pandemic have shown that travel is now almost a consumer staple spending item rather than being a consumer discretionary spending item that it was before. And travel is now a significant spending priority – after only groceries and household staples for the average consumer. For the high-end consumer, it is the number one spending intent category. So, we know that travel is very important. Whether the airline is worth, kind of, committing to or not is very airline specific in our view.Jeff Adelson: So, if we put this all together and, you know, you think about your forecast for the industry and, you know, our joint forecast for the co-branded card revenues… Ravi Shanker: Mm-hmm. Jeff Adelson: Maybe just talk a little bit about how you think those revenues keep growing so strongly, or whether they continue to grow strongly. Or is there a risk that this all plateaus at some point in the near future? Ravi Shanker: Look, that's a great question, and that's why we highlight three possible scenarios in the report. In our base case, we have the industry growing at roughly the same double-digit CAGR that it has been for the last few years. That sees the market go from about $25 billion today to about [$]60 billion in the next 10 years. In our bull case, we have travel as a share of overall spending, and travel cards as a percentage of overall credit card issuance, which you highlighted earlier was a pretty low number, actually expand to something more reasonable. And that's where we see the potential for the market almost quadrupling from $25 billion today to [$]100 billion in the next 10 years. And our bear case, kind of that's when you talk about a macro risk. Second, maybe some kind of slowing down in travel as a spending priority, which we actually don't think happens. But what's more likely is the point you referenced earlier, in response to my question about the relationship between the airlines and the hotel companies versus the credit card issuers may be changing a little bit. And this becoming a little more of a free-for-all in the industry and a little more competitive. That could potentially, kind of, hurt the economics for the overall industry, even though the size of the pie will continue to grow. So that brings us back to the consumer's wallet. So, every time I'm on a trip, I have several options – maybe a cashback card, maybe a premium travel card, maybe an airliner hotel co-brand card. So, which one am I reaching for every time I look to swipe? Jeff Adelson: Well, I mean, I think at its core, it really depends. It's a battle at the end of the day for the loyalty of a high quality, sticky and heavy spending consumer. And consumers are largely rational, right? So, they're going to go with a card where they think they get the best value. And if that's their airline card where they think they can accrue the best loyalty status and maybe get their first class upgrade every now and then and get unlimited access to the lounges, maybe they'll choose that. But really in a survey what we learned was most consumers tell us they care about value, flexibility and rewards. So, the highest value consumers I just mentioned are also looking for experiences, convenience and status. So that's why the banks, airlines and hotels are all investing so aggressively in these premium ecosystems to try to lock them in and keep them loyal. Every swipe is really a vote for which ecosystem delivers the most value if you think about it, right? The winner isn't necessarily the company with the best card too. It's the company that creates so much of the strongest overall relationship with the consumer. And that's why this competition matters so much across banking, travel and hospitality. So, we are watching this competition. So far, it's working. It's a rising tide that's lifting all boats. But as I mentioned before, it really will only continue to work if our forecasts are right and the high-income consumer views this as less of a discretionary spend item and more of a stable spend item. And, if that pie, and the high-income consumer, continues to grow in the U.S., then this relationship can continue to work for the foreseeable future, we think. Ravi Shanker: That makes a ton of sense. Jeff, thanks so much for joining me on the show today. Jeff Adelson: Thanks, Ravi. It was my pleasure. Ravi Shanker: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you get your podcasts and share with a friend or colleague today.

Tony Zhang PhD, CFA and Rich Excell CFA, CMT are back after some R&R. Given it has been almost a month since we last talked, we looked at every asset class and guess what? There are some interesting moves going on in everything from gold to bonds to stocks to crypto. Is there a common thread going through them all? There just might be. 

Summer is here and while most of us want to look our best in smaller clothes, we also need to manage more trips, events, and chaotic schedules. Does it really make sense to do a calorie deficit now?  If not, what is another option.  Or how can I use this time strategically? Inside this episode:• The 2-week reset that can quickly help you look tighter, leaner, and less inflamed• Macro & non-macro ways to maintain your shape through vacations, events, and summer outings • The difference between “eating healthy” and actually maintaining your physique• Why summer can actually be the best time to improve your training• How to use extra activity (walking, biking, hiking, paddle boarding, etc.) strategically• Why maintaining IS a goal and how to approach it intentionallyWhether your goal is maintaining, building muscle, or tightening up a little for summer… this episode will help you choose the right strategy for this season instead of fighting against it.P.S. Want support over summer and beyond?  I have 3 1:1 coaching spots left. These are my final spots for the rest of the year! Email me if you'd like to details! P.S.S.  The next Create Your Shape class starts at the end of summer, July 27th.  However, join now and receive 2 bonus months of coaching June-July with monthly coaching calls. The next call is June 15th! Book a Consultation with Jenny → Create Your Shape (Starting on July 27th): https://calendly.com/jennythenutritionist/consultationWork with Jenny the Nutritionist in Create Your Shape:https://jennythenutritionist.com/create-your-shape/Follow Jenny the Nutritionist on Instagram:@jennythenutritionist

Markets saw a cautious session yesterday, as investors remained on edge amid ongoing Middle East uncertainty, with both European and US equities ending broadly lower. Overnight, tensions escalated sharply, with US strikes on Iran followed by retaliatory actions across the Gulf, placing further strain on an already fragile ceasefire. Despite these developments, oil prices remained relatively contained. Macro data painted a mixed but broadly stable picture, with solid US housing demand, a sharply narrowing trade deficit, and modest growth signals from Europe. In Asia, rising producer prices in China and Japan highlighted ongoing cost pressures, keeping central banks in focus. Today, we were joined by Mathieu Racheter, Head of Equity Strategy Research, who discussed the revival of the IPO market and what investors should watch for in the months ahead.(00:00) - Introduction: Jan Bopp, Product & Investment Content (00:38) - Markets wrap-up: Lucija Caculovic, Product & Investment Content (07:02) - The great IPO comeback: Mathieu Racheter, Head of Equity Strategy Research (14:15) - Closing remarks: Jan Bopp, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Echamos un vistazo a los datos macro del día. Con Diego Barnuevo, analista de Ebury

AI rukt op in de accountancy en consultancy. Slimme tools van techreuzen maken het werk eenvoudiger, maar misschien ook wel overbodiger. Tegelijkertijd groeit de vraag om advies door de onrust in de wereld. Hoe navigeer je als groot accountantskantoor door een storm van technologie, regelgeving en nieuwe spelers? Patrick Gabriëls, topman van EY Nederland is te gast in BNR Zakendoen. Macro met Mujagić Elke dag een intrigerende gedachtewisseling over de stand van de macro-economie. Op maandag en vrijdag gaat presentator Thomas van Zijl in gesprek met econoom Arnoud Boot, de rest van de week praat Van Zijl met econoom Edin Mujagić. Ook altijd terug te vinden als je een aflevering gemist hebt. Blik op de wereld Wat speelt zich vandaag af op het wereldtoneel? Het laatste nieuws uit bijvoorbeeld Oekraïne, het Midden-Oosten, de Verenigde Staten of Brussel hoor je iedere werkdag om 12.10 van onze vaste experts en eigen redacteuren en verslaggevers. Ook los te vinden als podcast. Lobbypanel De detailhandel keert VNO-NCW de rug toe, juist nu belangrijke onderhandelingen voor de deur staan. En: artsen zijn niet blij met de tabakslobby. Dat en meer bespreken we in het lobbypanel van BNR Zakendoen met Marja Ruigrok, wethouder economie in Haarlemmermeer en Ireen Boon van Trias Politica Luister l Lobbypanel Zakenlunch Elke dag, tijdens de lunch, geniet je mee van het laatste zakelijke nieuws, actuele informatie over de financiële markten en ander economische actualiteiten. Op een ontspannen manier word je als luisteraar bijgepraat over alles wat er speelt in de wereld van het bedrijfsleven en de beurs. En altijd terug te vinden als podcast, mocht je de lunch gemist hebben. Contact & Abonneren BNR Zakendoen zendt elke werkdag live uit van 11:00 tot 13:30 uur. Je kunt de redactie bereiken via e-mail. Abonneren op de podcast van BNR Zakendoen kan via bnr.nl/zakendoen, of via Apple Podcast en Spotify. See omnystudio.com/listener for privacy information.

Rassegna stampa economico-finanziaria del 10 Giugno 2026, strutturata per macro-temi e basata sulle principali testate giornalistiche nazionali.Mercati, banche e creditoTestate: Corriere della Sera / La Stampa / Il Sole 24 Ore / MF / Repubblica / Il Fatto Quotidiano / Foglio* Risiko bancario al centro della scena. Intesa Sanpaolo conferma la propria fiducia sull'operazione Mps: l'offerta vale 30,6 miliardi, con premio iniziale indicato al 12,5% sui valori del 5 giugno. Il mercato ha premiato il comparto: Mps +2,63%, Mediobanca +2,97%, Bper +2,9%, Generali +2,13%, Banco Bpm +5,54%, Intesa +0,91%. Il FTSE MIB ha toccato area 51.200 punti, chiudendo poi a 50.262 punti, +0,1%.* La partita Mps ridisegna gli equilibri finanziari italiani. L'operazione è letta come un passaggio di consolidamento nazionale: Intesa punta a integrare Mps entro una tabella di marcia di 12 mesi, con benefici attesi sugli utili al 2029 e circa 635 sportelli Mps destinati alla cessione a Bper.* UniCredit rafforza il dossier Germania. Il Sole 24 Ore segnala che UniCredit è salita in Commerzbank con una quota diretta al 38%, confermando che il baricentro strategico del gruppo resta l'espansione europea, mentre in Italia restano stretti gli spazi su Banco Bpm.* Lettura positiva: il consolidamento bancario, se gestito senza eccessi politici, può rafforzare patrimonializzazione, redditività e capacità competitiva del sistema italiano.Macro, inflazione e tassiTestate: Corriere della Sera / La Stampa / MF* La BCE si prepara a un nuovo rialzo dei tassi. Il Corriere segnala che la Banca centrale europea potrebbe tornare ad alzare il costo del denaro dopo l'ultima stretta del 14 settembre 2023. Il timore è evitare un nuovo ciclo inflattivo simile al 2022-2023, quando l'inflazione dell'area euro arrivò al 10,6% nell'ottobre 2022.* Petrolio e Medio Oriente restano il vero rischio. Il prezzo del greggio attorno a 100 dollari al barile viene indicato come fattore capace di spingere l'inflazione dell'area euro verso il 3,2%, contro il target BCE vicino al 2%.* La mossa della BCE appare preventiva. Non si parla di un ciclo strutturale di rialzi già deciso, ma di un “colpo di avvertimento” per ancorare le aspettative. Il messaggio per imprese e investitori è chiaro: costo del capitale più alto, selezione più dura degli investimenti, maggiore attenzione alla liquidità.Fisco, norme e pubblica amministrazioneTestate: Il Sole 24 Ore / Repubblica / Italia Oggi / Il Fatto Quotidiano* Auto aziendali, in arrivo un correttivo. Il Sole 24 Ore segnala interventi sulle regole per le auto aziendali e più tempo per le rottamazioni locali. Il tema è rilevante per imprese, professionisti e flotte, perché incide su fringe benefit, fiscalità e rinnovo del parco auto.* Rottamazione locale: si apre una nuova finestra. Italia Oggi parla di “Rottamazione 5 locale”, mentre Repubblica evidenzia il no del governo a nuove rottamazioni nazionali. La linea sembra quindi spostarsi verso interventi più mirati e territoriali.* PA e digitale. Italia Oggi segnala la trasformazione digitale di Agea, definita infrastruttura strategica del Paese. È una notizia positiva perché va nella direzione di una gestione più efficiente di agricoltura, fondi pubblici e procedure amministrative.Infrastrutture, industria, AI e turismoTestate: Corriere della Sera / Repubblica / Il Sole 24 Ore / Messaggero / MF / Italia Oggi* Ponte sullo Stretto, dossier economico e giudiziario. La vicenda è trattata da più testate. Il Corriere riporta l'impatto stimato del cantiere sull'economia: 13,5 miliardi di spesa complessiva, 23,1 miliardi di produzione attivata, 36,7 miliardi di occupati attivati, 22,1 miliardi di redditi da lavoro e 10,3 miliardi di entrate fiscali. Sul piano tecnico, il progetto prevede una campata centrale di 3,3 km, altezza delle torri di 399 metri, canale navigabile di 65 metri e larghezza d'impalcato di 60,4 metri.* Il rischio reputazionale è alto. Le inchieste per corruzione e le contestazioni amministrative possono rallentare l'opera e alzare il costo politico-finanziario. Tuttavia, se il progetto venisse messo in sicurezza sul piano della governance, resterebbe un potenziale moltiplicatore per Mezzogiorno, logistica e occupazione.* Turismo a Roma: focus su formazione. Il Messaggero evidenzia il ruolo di Roma come hub turistico unico, ma sottolinea la necessità di rafforzare competenze e formazione. È un punto positivo: il turismo non cresce solo con i flussi, ma con qualità dei servizi e capitale umano.* AI, infrastrutture e difesa. Messaggero e MF segnalano il nesso tra intelligenza artificiale, consegne più rapide, competenze e autonomia tecnologica europea. L'indicazione industriale è chiara: l'AI non è solo tecnologia, ma leva di produttività, sicurezza e competitività.Energia, geopolitica e sicurezzaTestate: Repubblica / La Stampa / Domani / Foglio / La Notizia* Medio Oriente, Hormuz e Bab el Mandeb restano snodi critici. Repubblica riporta tensioni militari nell'area di Hormuz, mentre il Foglio richiama il rischio Bab el Mandeb. Per imprese e mercati significa possibile pressione su energia, trasporti marittimi, assicurazioni e catene di fornitura.* Russia sotto pressione. Domani segnala razionamenti di benzina a Mosca e in Crimea, mentre il Foglio riporta il tema del 21° pacchetto di sanzioni europee contro Mosca. Il messaggio economico è duplice: la Russia mostra segnali di stress logistico, ma il conflitto continua a generare volatilità su energia e materie prime.* Spesa militare globale in crescita. La Notizia evidenzia spese record per arsenali nucleari: 118,8 miliardi bruciati in un anno. È un dato che conferma la centralità della difesa nei bilanci pubblici e nelle strategie industriali.Lavoro, sanità, competenze e capitale umanoTestate: Il Fatto Quotidiano / Messaggero / Avvenire / Italia Oggi* Sanità privata e salari. Il Fatto Quotidiano segnala l'esclusione della sanità privata dall'aumento automatico degli stipendi. È una notizia con impatto sociale e industriale: il tema del costo del lavoro resta centrale nei settori ad alta intensità di personale.* Competenze come fattore competitivo. Dal turismo alla difesa, fino all'AI, più testate insistono su formazione e capitale umano. La nota positiva è che il dibattito si sta spostando dalla sola spesa pubblica alla qualità dell'esecuzione: competenze, tempi, governance.

As AI demand surges, our Asia Energy Analyst Mayank Maheshwari discusses the new multi-trillion-dollar investment cycle to secure the power, fuels, grids and storage that keep modern life running.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mayank Maheshwari, Morgan Stanley's Asia Energy analyst. Today: how AI's rapid growth is forcing Asia into a massive energy buildout across power grids, fuels, storage and dependable energy and power generation. It's Tuesday, June 9th at 8am in Singapore. Every time you ask AI to draft a note, summarize a file, plan a trip or generate an image, the response feels instant and easy. But behind it sits a very physical system: data centers, electricity, cooling, fuel, metals, power lines, storage tanks and ships. There is no AI without energy. And in Asia, the power and energy needs could get much bigger. And right now, we are at a critical inflection point where energy, AI, and security converge into [a] once-in-a-generation investment cycle. We see a super cycle with $5 trillion plus in new investments in energy over next five years, almost double of what we have seen in the past decade. And this has global implications as Asia consumes almost half of the world's energy needs – but produces only about a third of it at home. Energy markets may be global, but energy insecurity is local. It shows up in electricity prices, fuel shortages, factory delays, food supply pressure and household budgets. By 2030, Asia's energy use could rise by about 38 exajoules. That increase is roughly equal to all the energy the Middle East consumes today. Power demand alone could reach about 19 trillion units a year when expressed in kilowatt-hours. That is around four trillion more units of electricity usage than in 2025, driven by data centers, industry, and onshoring of businesses. AI is now part of that demand story. By 2030, data centers could use roughly one-sixth of all new power units in Asia. That makes AI a major new load on the power system. Meeting this demand requires a major investment cycle. Asia's annual energy investment could rise to roughly US$1.1 trillion a year over the next five years. Much of that spending goes into the power system itself: generation, grids, storage and the equipment needed to connect everything. Grids may be the biggest bottleneck. Think of [the] grid as the highway system for electricity. You can build more power plants, but if the roads clog up, the power does not reach homes, factories or data centers. Asia's grid investment needs could reach close to about US$1 trillion by 2030. Transformer lead times have stretched to years in some cases, which shows how tight the equipment supply chain has become. The hardest part is keeping the lights on every hour of the day. Baseload power means electricity that can run around the clock. Asia is adding a large amount of renewable power to its energy infrastructure. But that source depends on when the sun shines or the wind blows. That is why coal, gas and nuclear remain part of the conversation. Storage also moves from useful to essential. Batteries help smooth out renewable power demand when supply rises and falls during the day. Global energy storage installations could rise from about 500 gigawatt hours in 2025 to around 3,000 gigawatt hours in 2030. Powering AI also reaches beyond electricity. Data centers need power, but the system around them needs dependable fuels, grids, batteries, metals, refining, storage and shipping. Electricity has to be generated, moved, backed up and supplied through physical infrastructure. That is why this story pulls in copper and aluminum for grids, fuel refining for transport and petrochemical supply chains, and fertilizers because energy security also connects to food security. The future may look digital, but it will be powered by something far more physical: the largest energy buildout Asia has seen in decades. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Het Nederlandse luxeautomerk Spyker heeft een nieuwe opvallende investeerder gevonden. De Oekraïense cryptomiljardair Volodymyr Nosov steekt geld in het bedrijf, waarmee Spyker gereanimeerd moet worden. Macro-econoom Arnoud Boot vindt het daarbij opvallend dat Spyker-eigenaar Victor Muller gelijk een headline in de Financial Times te pakken heeft. ‘Hoe slaag je daarin?’ See omnystudio.com/listener for privacy information.

The Head of our Europe and Asia Technology Team, Shawn Kim, explains how AI's appetite for memory chips is boosting the cost of everything from data centers to smartphones, with consequences that may reach far beyond the tech industry.Read more insights from Morgan Stanley.----- Transcript -----Shawn Kim: Welcome to Thoughts on the Market. I'm Shawn Kim, Head of Morgan Stanley's Europe and Asia Technology Team. Today, we're talking about chipflation – when memory chips stop getting cheaper over time, and become more expensive and even harder to find. It's Monday, June 8th, at 3pm in London.Memory chips are easy to ignore, until your laptop slows down, your phone costs more, or your cloud bill jumps. Memory is the computer's workspace. It holds whatever the machine needs at that moment, whether that is a web search, a video, a spreadsheet, or an AI model answering a question. DRAM is the fast memory inside servers, PCs and phones. NAND is what stores files in solid-state drives. And HBM, or high bandwidth memory, is the high-performance version sitting right next to the AI chip, helping them move huge amounts of data quickly. That last one – HBM – is key because AI has become intensely memory hungry. Memory prices have risen more than six-fold over the last year, a sharp break from decades when the cost of DRAM generally kept falling. The pressure is coming from AI infrastructure buildouts. We see servers accounting for 59 percent of DRAM demand by 2028, up from 37 percent in 2023. We also see enterprise solid-state drives reaching 65 percent of NAND demand, up from 18 percent. And simply put, data centers are taking a much bigger share of the memory pie. AI memory use is climbing fast, and at every scale. A newer AI chip uses 7.2 times more HBM than earlier generations. A full system uses about 65 times more. Across an entire AI data center buildout, the jump gets even bigger. HBM has gone from roughly 10 terabytes in 2020 to about 18 petabytes in 2026, orders of magnitude more. This demand is running into a supply chain that cannot respond quickly. New memory capacity takes years to build, qualify and ramp up. Supply relief is a process, not a switch. And that creates a two-tier market. Large AI and cloud buyers can sign long-term agreements, prepay and secure priority access. Traditional buyers, including PC makers, smartphone makers and industrial hardware companies, must compete for what remains. This impacts everyday products. In 2027, we see PC memory demand potentially facing a 15 percent shortfall, equivalent to about 58 million PCs. Smartphones could face a 12 percent shortfall, equivalent to about 134 million units. Companies may have to raise prices, cut specifications, delay launches, and accept lower profits. The dollar numbers are striking. We see the memory market growing from about $220 USD billion in 2025 to about $890 billion in 2026. Expectations for 2026 memory revenue rose 71 percent in just three months. That implies roughly $600 USD billion of incremental memory revenue in 2026, more than the annual market for smartphones, PCs, or servers, each taken on its own. The broader economy may not see a significant direct inflation shock. We estimate the direct impact on headline CPI at about 0.1 percent in 2026. But pressure is showing up in producer prices, in corporate margins, cloud costs, capital spending plans and delayed technology upgrades. AI has turned memory from the cheapest part of the digital economy into one of its most contested resources. These tiny chips most people never think of may now decide what gets built or delayed, and how much we all end up paying. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Show DescriptionDave's upgrading his office with a 3D printer, Chris is ordering 3D printed parts for his van, using mobile Starlink, Chris redesigned his website, playing puzzle games like Statedoku, Chess Peace, and Clues by Sam, how CodePen is going to support pointing domains at your app, and what Vite getting bought by Cloudflare signals. Listen on WebsiteWatch on YouTubeLinks Kagi - Reclaim the Web & Restore Your Privacy A week on the road The New Van – Chris Coyier Chris Coyier – Web craftsman, blogger, author, speaker. Social RSS (?) – Chris Coyier Statedoku — Daily US States Puzzle | Sudoku Meets American Geography Chess Peace - A Peaceful Chess Puzzle Game for iPhone, iPad & Mac Clues By Sam Online Courses • Josh W. Comeau JavaScript for Everyone - Piccalilli SponsorsMacroMacro is a tool to cut through the noise - It's a workspace built for engineers; One place for all your emails, tasks, team chat, and documents. Sign up at Macro.com and get $100 of your subscriptions using code SHOPTALK100

Bitcoin sparked its first real relief rally of the cycle this weekend — pumping from sub-$60,000 lows up to $63,700 and crushing $504 million in shorts in 24 hours (the biggest single-day short squeeze since late April) — but the bounce is already losing steam as fresh Iran-Israel strikes shatter the April ceasefire, sending oil up over 3% to $96 and Korea's KOSPI crashing nearly 9% in three minutes. This week's macro calendar is brutal: Wednesday's U.S. CPI print is expected to jump to 4.2% YoY (from 3.8%) — a hot reading locks in a restrictive Fed and could deepen the record ETF outflow streak — plus the ECB hikes to 2.25% Thursday, the CLARITY Act enters full Senate floor debate all week, JPMorgan/BofA/Citi just unveiled their own bank-backed tokenized network as a defensive move against stablecoins, massive token unlocks (HumidiFi unlocking 111.59% of supply Tuesday alone, HYPE $673M) pile selling pressure on already-weak markets, and global central banks have pushed gold holdings to the highest level this century. We break down whether $504M of squeezed shorts marks the cycle bottom or just a dead-cat bounce before the next leg down, what a hot CPI print means for Bitcoin's $60K floor, and which catalysts this week could finally turn the tape. Learn more about your ad choices. Visit megaphone.fm/adchoices

Tech is delivering, diplomacy is wavering, and markets are trying to price both. Julia Hermann and Michael LoGalbo unpack the June Macro Pulse, from AI-driven earnings strength and resilient U.S. growth to geopolitical risk, higher yields, and what it means to be more selective in portfolios. 

Andreas Steno Larsen and Mikkel Rosenvold are back to break down Red Friday and whether the market reaction to the latest jobs report was justified. They unpack what the data is really saying about growth, labor markets, liquidity, and the path for risk assets heading into summer.Timestamps:01:05 - Macro Mondays: Red Friday, Jobs Shock, and Middle East Risk03:15 - Real Vision Updates, Alpha Access, and This Week's Schedule05:40 - What Actually Caused Friday's Market Selloff?07:21 - Nasdaq Damage, CTA Flows, and Why the Straight-Line Rally Is Over09:45 - Was Friday a VaR Shock and What Happens Next?12:06 - The Jobs Report, World Cup Hiring, and Why Payrolls Beat Expectations14:07 - Kevin Warsh, the Fed, and Why Rate Cuts Just Got Harder17:38 - SpaceX IPO, Big Tech Equity Raises, and the Liquidity Squeeze22:01 - The One Chart to Watch: AI Token Pricing and the Data Center Trade24:37 - Iran, Israel, and Why Markets Still Aren't Panicking27:24 - Oil, Fertilizer, and Why the Hormuz Crisis Trade Keeps Fading#macro #andreassteno #macromondays #realvision #mikkelrosenvold #geopolitics #markets #Iran #jobs 

Economic data in the US, such as jobs growth, have surprised to the upside of late, pointing to a resilient economy. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says this strength has unsettled markets, on rising expectations of rate hikes by the Fed. Investec Focus Radio SA

Dan Tapiero has deployed over half a billion dollars into crypto's biggest private companies - Kraken, Ledger, Animoca, and the Deribit deal that became the largest M&A transaction in crypto history. In this conversation, he explains why we're at the integration moment between traditional finance and the onchain world, why his team is now exclusively looking at AI-adjacent deals, and why he believes thousands of trillions of dollars in agent-powered transactions are coming within the decade. We also get into why Coinbase could become the Amazon of finance, how prediction markets are creating truth machines, and why the digitization of money is bigger than the internet itself. Learn more about your ad choices. Visit megaphone.fm/adchoices

Join us Tuesday, June 9th, at Macro ‘n Chill, the online gathering where we'll listen to and discuss this episode. 8pm ET/5pm PT. Register with this link: https://us06web.zoom.us/meeting/register/L40tjKhOSCGCJTR-R-QJvwThe title of Robin Andersen's upcoming book (published next week) is The Complicit Lens: US Media Coverage of the Genocide in Gaza. You can see why Steve wanted to talk with her. Their conversation looks at how the corporate media helped manufacture consent for Israel's war on Gaza by erasing historical context. It is tasked with enforcing cultural hegemony à la Gramsci, and defending the interests of the imperial core.Robin goes into examples of how the media has been used to erase Palestinian history and justify war crimes. Terms like "occupation," "apartheid," and "genocide" are scrubbed from discourse to maintain ideological control. It allows the ongoing dispossession and ethnic cleansing of Palestinians to go unchallenged.As MMTers we understand – and Steve emphasizes – how state resources are mobilized without hesitation for war and geopolitical control, while austerity is imposed at home as a political choice rather than an economic necessity.In this time where journalists are under attack (literally) the episode urges solidarity with truth-tellers like Francesca Albanese who confront imperialist violence.Robin Andersen is professor emerita of media studies at Fordham University and an award-winning author of a dozen single- and co-authored books. Her work examines film, television, and media coverage of war, the environment, politics, and elections. She edits the Routledge Focus Book Series on Media and Humanitarian Action, serves as a Project Censored Judge, and contributes to the annual State of the Free Press. Andersen is on the Board of Directors of Fairness and Accuracy in Reporting (FAIR), where she also writes regularly, and is an Izzy Award Judge for the Park Center for Independent Media. Her writing has appeared in CounterPunch, LA Progressive, The Progressive, Salon, Common Dreams, and ScheerPost, among others.@MediaPhiled on X

Trade policy is once again in the news with the announcement of new tariffs. Our Head of Public Policy Research Ariana Salvatore digs into why tariffs may not be a disruptive factor for markets this time.Read more insights from Morgan Stanley.----- Transcript -----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Head of Public Policy Research for Morgan Stanley. Today, I'll be talking about how investors should be digesting the latest tariff headlines and what they could mean for the broader economic and market outlook. It's Friday, June 5th at 10am in New York. Tariffs are back in focus as the U.S. administration has proposed new levies following Section 301 investigations into more than 60 of our trading partners. At the same time, USMCA negotiations appear to have begun in earnest, with recent headlines focused on autos, including the possibility of raising regional content requirements for vehicles and auto parts. Now, at first glance, these developments sound like a meaningful escalation in trade policy. But we think these headlines are best understood as a continuation of the existing tariff regime rather than a new and more disruptive phase. Let's start with Section 301. Listeners may recall that the administration replaced the IEEPA tariffs with Section 122 following the Supreme Court's decision back in February. However, that was done under a temporary authority that expires in the end of July. It's been our view that as we approach that deadline, the administration would seek to replace the existing regime under a new authority. The conclusion of the Section 301 investigations is really a step in that direction; or said differently, a continuation of existing policy. We see the administration preserving the current tariff regime come July, but without a larger inflation or growth shock. The second issue is the USMCA. Raising regional content rules may be part of the negotiation now, and those changes could create sector-level friction. Similarly, we think it's possible we see escalation ahead of the July deadline as all three countries work to improve the existing trade deal. Now that being said, we're still constructive on the longer-term trade alignment between the U.S., Mexico, and Canada, and we see structural and procedural constraints that are going to limit the downside risk to something like a potential withdrawal from the agreement. We still expect the USMCA carve-out to remain in place even for Section 301 goods on a range of trading partners. That's because we think the administration sees value in maintaining supply chain integration within North America across a number of sectors. In general, we actually think the recent pattern on tariffs has been toward less, not more, trade pressure at the margin. Recent months have come with several carve-outs, exemptions, and delays on broad-based and sectoral tariffs. That suggests that the administration is still sensitive to the downstream cost impact of tariffs, and of course, affordability matters politically heading into the midterm elections in November. That view also fits with our broader U.S. economics outlook. Our economists continue to see a relatively benign macro backdrop. Growth is expected to remain trend-like, with consumer spending slowing but not collapsing, and strong AI-led CapEx offsetting some of the drag from higher energy prices and policy uncertainty. On inflation, tariffs remain part of the story, but much of the pass-through appears to be already in the data. That pairs with a more constructive outlook for equity markets as well, as our strategists there see a strong earnings story supported by things like positive operating leverage, AI adoption, improving pricing power, and a broadening out in earnings growth. So, the key message for investors is this: tariff policy is still noisy, and it will remain a source of headline risk. But in our base case, the administration is moving toward a more durable version of the current tariff regime, not a materially more disruptive or restrictive one. Section 301 replaces Section 122, the USMCA carve-out stays in place, and selective exemptions continue where the affordability or supply chain costs are too high. Thanks for listening. As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen, and share the podcast with a friend or colleague today.

Don't let the stock market highs fool you. Macro analyst Luke Gromen, founder of FFTT, returns to deliver a brutal reality check on what is actually happening to your money. While mainstream media celebrates green days, a hidden liquidity crisis is building behind the scenes. In this episode, Gromen exposes the massive distortion in today's markets—the seven tech stocks holding up the entire economy and why Bitcoin has fallen so far behind as stocks hit ATHs. If you want to protect your portfolio from the ultimate "sudden stop," this is the realist roadmap you cannot afford to miss. We discuss: The AI Liquidity Trap: Why soaring tech stocks are secretly starving Bitcoin of cash. The S&P 500 Illusion: How just seven AI stocks are masking a massive market flatline. The Bitcoin Bottom: Why technical indicators point to a potential correction down to $40K. The Tech Bubble Trap: Why the government is mathematically forced to keep the AI bubble alive. Follow Luke Gromen https://x.com/LukeGromen ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  --- Coin Stories is powered by Gemini. Invest as you spend with the Gemini Credit Card. Earn up to 4% back in sats on everyday purchases like gas and groceries. Sign up today https://www.gemini.com/natalie  ---- Ledn is the global leader in Bitcoin-backed loans, issuing over $10 billion in loans since 2018, and they were the first to offer proof of reserves. With Ledn, you get custody loans, no credit checks, no monthly payments, and more. Get .25% off your first loan, learn more at https://www.Ledn.io/natalie  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Check out my favorite lightning wallet and trivia app Speed Wallet. If you're a business, let Speed help you accept BTC like they did for Steak 'n Shake! Visit http://speed.app/natalie/ and use code COINSTORIES10 for 5,000 free sats Block's Bitkey Cold Storage Wallet was named to TIME's prestigious Best Inventions of 2024 in the category of Privacy & Security. Get 10% off using code STORIES at https://bitkey.world   Master your Bitcoin self-custody with 1-on-1 help and gain peace of mind with the help of The Bitcoin Way: https://www.thebitcoinway.com/natalie  With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Natalie's Upcoming Events: Join us for the biggest Bitcoin conference in Europe at BTC Prague this June 10-13 with a keynote from Michael Saylor, Code HODL for discounted passes: https://btcprague.com/  The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  Extra Services to Consider: Ditch your fiat health insurance like I did four years ago! Join me at CrowdHealth: www.joincrowdhealth.com/natalie ---- This podcast is for educational purposes and should not be construed as official investment advice. Ads in this episode are baked-in and may reference promotions or offers that are no longer available at the time of listening. ---- VALUE FOR VALUE — SUPPORT NATALIE'S SHOWS Strike ID https://strike.me/coinstoriesnat/ Cash App $CoinStories #money #Bitcoin #investing

MacroVoices Erik Townsend & Patrick Ceresna welcome, Michael Every & Rory Johnston. They discuss all things Iran from geopolitics to inflation outlook to what it means for China to President Trump and Secretary Bessent's stablecoin statecraft ambitions. https://bit.ly/3RQ4ixB    

Our Global Commodities Strategist Martijn Rats discusses why the restart of oil flows through the Strait of Hormuz may be slower and tighter than the market expects.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Martijn Rats, Morgan Stanley's Global Commodities Strategist. Today – how fast can Middle East production return?It is Thursday, June the 4th, at 3pm in London.Every time you pull into a gas station, those prices are staring back at you. What you see at the pump is just the front end of a global system we've been watching for months: tankers, storage, insurance, and shipping lanes, all still constrained by the Strait of Hormuz. But while prices at the pump are still high, Brent has actually fallen back to around about $92 a barrel.In inflation-adjusted terms, today's Brent price is actually right at the 50th percentile of the last 20 years – suggesting that the market is assuming a clean, near-term recovery in supply. Yet the disruption continues to be extraordinary. Roughly 11 million barrels per day of Gulf crude remains offline, close to half the region's pre-conflict output.We think the market may be too optimistic. Our working assumption is now that meaningful export recovery through the strait begins only in the second half of July. Even then, normal does not return with the flip of a switch.First, ships need to be willing to sail. Owners and insurers need confidence that the waterway is safe. If mines remain in traditional shipping lanes, the strait can be technically open but still operate at reduced capacity. Clearing that risk can take weeks, and potentially several months.Second, the tanker fleet is in the wrong place. When ships cannot work in the Gulf, they move elsewhere. Bringing enough empty tankers back to lift crude takes time.Third, storage is a limiting factor. Oilfields cannot restart if export tanks are full. For producers that rely heavily on seaborne exports, empty tankers are therefore essential.Last, oilfields themselves need restarting. Before the closure, around 36,000 wells were active across six Gulf producers. Roughly 10,000 of those are currently offline. After a shut-in of nearly five months, about 4,000 to 5,000 wells could face restart constraints. Reservoir pressure can decline, equipment can fail after sitting idle, and flowlines need cleaning and safety checks.All told, around 75 percent of lost supply can probably come back within four months after flows through the Strait of Hormuz resume. But the final 25 percent may take well into 2027.So why have prices not moved more? The market began this shock with buffers. Inventories were elevated, oil-on-water was high, and emergency relief releases helped. The U.S. increased seaborne net exports of crude oil and refined products from roughly 5 million barrels a day to 9 million barrels a day. At the same time, China's seaborne net oil imports fell from around 13 million barrels a day a year ago to just over 7.5 million a day over the last 30 days.But these cushions are thinning. Strategic reserve releases are scheduled to drop from about 2.5 million barrels per day in April through June to about 0.7 million in July and August. U.S. gasoline and diesel inventories are already well below five-year seasonal lows. China is already on track for five consecutive months of unusually low crude buying for April through August delivery. But that starts to raise the probability that Chinese buyers return for September barrels. Buying for September typically starts mid to late June.Now, oil is trading like the disruption is nearly over. But at the same time, the physical system is telling a slower story. Prices may look calm on the screen, but the bottleneck is in tankers, storage tanks, wells, and crews.Our Brent forecasts remain $110 per barrel for the second quarter and about $100 a barrel for the third quarter. We recently raised our estimates for the fourth quarter to $95 and the first quarter of 2027 to $85 a barrel, and expect a return to $80 eventually thereafter.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Chief Fixed Income Strategist Vishy Tirupattur takes a look at how credit markets are adapting to fund the new phase of AI capex.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today – The critical question behind the AI-driven capex cycle that is front and center for markets year to date. How is credit market financing this ecosystem evolving? It's Wednesday June 3rd at 2 pm in New York. When we first discussed the role of credit markets in financing the AI and data center build-out around the middle of last year, the direction of travel was clear. Realizing the transformative potential of AI requires unprecedented levels of capex. What has really surprised us since is the scale and speed of that spending, both of which have exceeded our expectations by a wide margin. The upward revision to capex expectations has been dramatic. A year ago, we projected the combined capex of the five large hyperscalers at roughly $450 billion in both 2026 and 2027. After the first quarter earnings reports, Morgan Stanley's internet equity analysts, led by Brian Nowak, now expect hyperscaler capex of roughly $800 billion in 2026 and $1.2 trillion in 2027. One data point really captures the surge in the underlying demand for compute. According to OpenRouter, the global weekly token usage, which is a key proxy for compute, has risen by roughly 350 percent since early January, increasing from about 6 trillion tokens to 28 trillion tokens. Credit channels for financing this capex have not only been broader and deeper than we anticipated, spanning public and private markets, but have seen remarkable in the structural innovation that is blurring the lines between public and private markets. Over $200bn of public AI-related issuance across the different credit channels has happened just in the first five months of this year. We had previously assumed unsecured issuance would be limited by the scale of the largest non-financial issuers, confined to investment grade credit only, and largely USD denominated. Instead, some hyperscaler issuance has now far exceeded even the largest telecom names; funding has expanded well beyond USD into EUR, GBP, CHF, JPY and CAD markets. The issuer base has also broadened to include data center REITs and neoclouds, particularly in the high-yield market. The scope of financing has also widened beyond the data center shells themselves. GPU financing, which we assumed would be funded entirely through equity capital, has begun to migrate into credit markets. Funding is now coming through broadly syndicated loans and asset based financing, with ABS structures not far behind. Structural innovation illustrates how rapidly the credit ecosystem is adapting to the complexities of demands of AI-driven capex. Financings that combine elements of project finance, tranching, and residual value guarantees, along with high-yield issuance backed by hyperscaler guaranteed leases – these are innovations that we have never seen before. These structures have expanded the investor base, reduced the funding frictions, and further blurred traditional boundaries – between both corporate and project finance, and public and private credit markets. At the same time, physical, operational, and political constraints are beginning to shape the pace and the composition of the AI infrastructure build-out – and, by extension, the demand for financing. Grid access, power generation equipment, skilled labor, and permitting delays are emerging as significant constraints. These are compounded by political and regulatory frictions at the local, national, and international level. As power availability becomes a gating factor, the AI build-out is likely to pull energy infrastructure financing more tightly into the orbit of AI infrastructure financing. The clear takeaway is this. The capex requirements underpinning AI infrastructure are expanding exponentially, and with them the role of credit markets in financing this build-out. Along the way, there will be winners and losers, periods of adjustment, and a range of physical, financial, and political constraints that shape outcomes on the margin. But the broader trajectory is certain. The scale, duration, and strategic importance of AI infrastructure investment mean that financing of this will remain a defining theme for credit markets and credit investors for years to come. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.