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United States
Pending home sales tumbled to a record low amid elevated mortgage rates and persistent affordability pressures.
Euro Area
Following an initial broad sell-off, euro area sovereign bond markets have begun differentiating among countries. Yield spreads widened further in France and Belgium amid fiscal and political concerns but narrowed in southern Europe.
Europe
Citigroup’s earnings revisions index for European equities has been positive for 25 consecutive weeks.
Japan
Japan’s holdings of foreign assets amount to approximately 147% of GDP.
China
Applications to China’s National Natural Science Foundation have surged, far outpacing funding growth and pushing grant approval rates from 22% in 2013 to just 12% in 2025.
Equities
Historically, the S&P 500 has delivered a median quarterly return of 3% when economic growth remained positive but decelerated, compared with 5% during accelerating growth.
Here’s a look at returns by sector and by growth environment.
Rates
Call option activity on long-term Treasury bonds has surged to record levels, suggesting increased positioning for a potential rally in long-duration Treasuries.
Food for Thought
At age 41, LeBron James begins his record 24th NBA season with the Philadelphia 76ers, highlighting his extraordinary longevity in an increasingly young league.
