Japanese stocks hit another record Tuesday, building on the previous day's surge following the election of a pro-stimulus advocate to lead the country's ruling party, while gold also pushed to a new high amid the US government shutdown and French political upheaval.The election of Sanae Takaichi, who is expected to become Japan's prime minister this month, came as a surprise but ramped up optimism that she will embark on a campaign on monetary easing.That sent the Nikkei 225 soaring almost five percent Mond ...

U.S. services activity unexpectedly slowed in September, pushing the ISM services PMI to 50 and reinforcing growing odds of near-term Fed rate cuts. This macro pivot could help fuel a new leg higher for Bitcoin and put a $150K target back on the table. September’s ISM services report showed meaningful weakness across the board, with the Business Activity index falling into contraction at 49.9, and New Orders weakened sharply, showing that service-sector growth is stalling. Macro Context with PMI, Labor, ...

European stocks closed on a firm note on Thursday, with several climbing to multi-month highs, as optimism over monetary easing by the Federal Reserve in the coming months, hopes around artificial intelligence, helped outweigh concerns about a partial U.S. government shutdown.The pan European Stoxx 600 climbed 0.78%. Germany's DAX gained 1.28% and France's CAC 40 ended 1.14% up, while the U.K.'s FTSE 100 edged up 0.07%. Switzerland's SMI settled with a gain of 0.54%.Among other markets in Europe, Belgium, ...

Core Viewpoint - Vanguard has launched a new low-cost emerging markets ETF, the Vanguard Emerging Markets ex-China ETF (VEXC), which is timely given the increasing investor interest in emerging markets and potential interest rate cuts [1] Group 1: Fund Details - VEXC is offered with a low expense ratio of 0.07%, significantly lower than the ETF Database Category Average of 51 basis points and the FactSet Segment Average of 46 basis points for similar funds [2] - The fund tracks the FTSE Emerging ex China Index, providing a comprehensive measure of performance for large and mid-cap companies in emerging markets, excluding China [3] - The fund is designed to complement existing U.S. equities exposure and can work alongside other international funds for broader diversification [2] Group 2: Market Context - The current market environment, characterized by global de-dollarization and monetary easing by the U.S. Federal Reserve, makes emerging market exposure appealing, especially as these assets are often linked to the strength of local currencies [3] - Investors are increasingly seeking tailored exposure to emerging markets without the risks associated with Chinese equities, which are facing economic and geopolitical challenges [4] Group 3: Management and Advisory - The fund is advised by the Vanguard Equity Index Group (EIG), known for its leadership in equity indexing, with portfolio managers including Michael Perre, Jeffrey Miller, and John Kraynak, CFA [5]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the monetary policy and bond market in China, specifically focusing on the People's Bank of China (PBOC) and the China Government Bond (CGB) market. Core Insights and Arguments 1. **PBOC's Easing Bias**: The PBOC maintained an easing bias during the Q3 Monetary Policy Committee (MPC) meeting, emphasizing the effective implementation of existing measures. This aligns with the Q2 Monetary Policy Report, indicating limited appetite for near-term easing [1][2][2]. 2. **Economic Assessment Downgrade**: The PBOC downgraded its economic assessment, changing its language from "showing positive momentum" to "making strides while maintaining stability." This shift has led to increased expectations for monetary easing in Q4, particularly around the late-October Politburo meeting [2][2][2]. 3. **Expected Policy Cuts**: The baseline expectation is for a dual cut in Q4, consisting of a 10 basis point policy rate cut and a 50 basis point reduction in the Reserve Requirement Ratio (RRR), as year-over-year growth is projected to decelerate sharply towards 4% [1][2][2]. 4. **Data-Dependent Decision Making**: The PBOC's emphasis on data dependency leaves open the possibility of no action if full-year growth remains on track for the "around 5%" target [1][2][2]. 5. **CGB Market Dynamics**: The recent sell-off in the CGB market is attributed to technical and regulatory factors rather than a shift in macro fundamentals. Temporary pressures from potential tax and redemption rule changes have pushed yields above fair-value anchors [1][2][2]. 6. **Potential for CGB Purchases**: There is a lower bar for the PBOC to resume CGB purchases, but there is still little urgency. The PBOC had initiated CGB purchases last August to expand its liquidity management toolkit [3][3][3]. 7. **Regulatory Changes Impacting CGB**: Speculation regarding changes in tax treatment and new redemption fee rules for bond funds has contributed to the recent CGB sell-off. The removal of VAT exemptions on interest income from newly issued government bonds has raised concerns among investors [7][7][7]. 8. **Redemption Fee Structure**: Proposed draft rules would impose tiered redemption fees on bond funds, which could further reduce the appeal of these funds for institutional investors [9][9][9]. 9. **Market Stabilization Expectations**: If the sell-off in the CGB market continues, it is anticipated that the PBOC would intervene to prevent an abrupt rise in bond yields [7][7][7]. Other Important Considerations - The PBOC's performance evaluation for primary dealers, mainly large banks, is expected to help stabilize the bond market [7][7][7]. - About 80% of this year's government bond quota has already been issued, indicating less funding pressure in Q4 compared to the 2023-24 period [7][7][7]. - The report emphasizes that investors should consider this analysis as one of many factors in their investment decisions [5][5][5].

Executive SummarySeptember 2025 marks a historic period for precious metals markets, with both gold and silver achieving remarkable milestones. Gold has surged above $3,700 per ounce, trading at approximately $3,723 as of September 22, 2025, representing a gain of over 25% since the start of the year. More dramatically, silver has risen to $46.04 per ounce, up 19.31% over the past month and 45.60% year-over-year, approaching levels not seen in over a decade and nearing its all-time high. The precious metals ...

Mexico’s central bank stuck to a slower pace of monetary easing by cutting its benchmark interest rate by a quarter point, as economic growth remains sluggish and trade tensions with the US persist https://t.co/X510debHUZ ...

Market Dynamics - Bitcoin has been rangebound for over ten weeks, influenced by long-term holders distributing and institutions accumulating, creating a deadlock [1][2][3] - Long-term holders (LTHs) started distributing Bitcoin when it broke above $110,000, but this distribution has decelerated recently [4][5] - Institutions, including ETF buyers and treasury companies, are aggressively buying Bitcoin, offsetting the supply from long-term holders [6] - Seasonality favors Bitcoin, with October and November historically being its two strongest months, averaging returns of +22.9% and +35.7% respectively [1][7] Macroeconomic Factors - The Federal Reserve (Fed) has begun an easing cycle, cutting policy rates, which historically benefits Bitcoin as investors venture out on the risk curve [1][8] - Loosening credit conditions and a resilient economy are likely to drive another explosive leg higher for Bitcoin in Q4 [8][10] Technical Analysis - Long-term holder distribution is cooling, with net outflows from LTH supply slowing down [6] - Bitcoin's consolidation period suggests a potential for a violent breakout, with the odds favoring another leg higher in Q4 [10]

Core Insights - The U.S. Federal Reserve has initiated its first rate cut of 2025, reducing the federal funds rate by 25 basis points, with indications of two more cuts by year-end, which may enhance growth prospects for quantum computing companies [1][3] - The Trump administration is reportedly developing a comprehensive quantum computing mandate to promote federal adoption of quantum systems and cryptographic advancements [2] - Companies like IonQ and Quantum Computing Inc. are expected to benefit from the combination of monetary easing and supportive policies, encouraging selective investment in these firms [3] IonQ Highlights - IonQ is enhancing its quantum computing capabilities through strategic acquisitions, including Oxford Ionics and Vector Atomic, aiming to scale to 40,000–80,000 logical qubits by 2030 while maintaining low costs and strong intellectual property [4] - The company is achieving practical quantum advantages across various sectors such as drug discovery and national security, with partnerships with major firms like AstraZeneca and AWS, which bolster revenue generation and market trust [5] - IonQ is developing a secure quantum Internet through Quantum Key Distribution products and partnerships, expanding its revenue streams into quantum networking and space integration [6] Quantum Computing Inc. (QUBT) Developments - QUBT is gaining traction in commercial applications, securing orders for quantum technologies from institutions like Delft University of Technology and a top U.S. bank, indicating real-world deployment of its products [10] - The company’s thin-film lithium niobate photonic chip foundry has become operational, enhancing the integration of photonic chips into quantum machines and creating new revenue opportunities across various sectors [11] - Despite progress, QUBT faces challenges related to the successful integration of its technologies and high cash burn, which may impact its execution and adoption [13] Comparative Analysis - IonQ has shown a significant stock performance increase of 94.3% recently, outperforming QUBT's 40.8% rise, indicating stronger market confidence in IonQ [15] - IonQ is viewed as a more compelling investment due to its diversified roadmap and tangible revenue opportunities, while QUBT is considered more speculative with execution risks and a high cash burn [18][19]

Sweden's central bank reduced its key policy rate to 1.75% and suggested the cut could mark the final monetary easing of the current cycle. ...