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United States
Construction spending on data centers is going parabolic.
Euro Area
France unveiled a €54 billion fiscal consolidation plan—including €43 billion in new measures and €11 billion from previously enacted measures—to cut its deficit to 5% of GDP in 2027 from 5.4% this year.
The public debt burden is expected to surpass 120% of GDP next year.
Emerging Markets
Chile’s economic activity fell for a second month, pulled lower by a sharp decline in mining activity due to weather and maintenance disruptions even as non-mining sectors rebounded.
Equities
Since 1930, the S&P 500 has gained an average of 5.6% in the fourth quarter of midterm years, nearly double its 2.9% average across all years.
Rates
Retail investors made their largest-ever rotation into long-duration Treasury ETFs, led by record inflows into TLT.
Energy
Record diesel prices are squeezing farmers, truckers, and small businesses.
Global Developments
The US dollar remains the dominant reserve currency.
Food for Thought
This chart shows how $100 in AI capex flows through the supply chain.
