"Industrial policy has enabled tech innovation in some sectors, but overall the impact on the economy has been negative." 
 

The NIH director outlines efforts to reform the agency—largest public funder of biomedical research. 

Energy prices continued to rally after US President warned "bad things will happen to Iran if no deal is made".

...nothing good!

Relative "hawkish" remarks from Miran; Trump says good talks being held with Iran but if no deal is made, bad things will happen; Initial Claims drop more than expected, Continuing Claims rise more than anticipated; US trade deficit widens more than forecasted; EIA crude stocks show unexpected draw; US Pending Home Sales unexpectedly drop; Australian u/e rate holds despite forecasts for an uptick; Trump admin reportedly indicates that USMCA could be scrapped; WMT beats on earnings but profit outlook misses.

Once the yen begins appreciating, the move is likely to be outsized given how large the YCT has become...

...hedge funds have turned more defensive and net sold US equities MTD at the fastest pace since Mar ’25. 

Net capital inflow to the US is trending lower but is not negative...

“We believe this is an important step forward for the fund as it creates an efficient process around returning capital to these investors”

"The recent JGB turmoil reflects dysfunction in a thin and fragile segment of the ultra-long end. These bonds trade in illiquid conditions and are dominated by a narrow base of institutional investors, such as life insurers."

The balance of risks now tilts to a US strike after market close Friday, even if the materiel moved to the Middle East suggests any attack is likely to last weeks rather than being over by the Monday open

Far from withdrawing from the world in a haze of “America First” ideology, the US is still highly influential to the fate of the global economy and its markets...

...dramatically worse than the Trump-bragged-about October highs.

"What’s really interesting is that there seems to be no long-short strategy at play"

"AIRBUS trading down -8%, breaking 200dma and breaching lows of recent range..." 

"a meaningful divergence has begun to emerge between companies insulated from AI displacement and those facing existential business model risks"

"While Europe deindustrialises and focuses on Wokeism..."