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United States
J.P. Morgan’s consumer card spending growth has moderated on a three-month-over-three-month basis, although recent readings have rebounded.

Euro Area
France has the OECD’s second-highest ratio of public pension spending to GDP, behind only Italy.

China
According to Professor Takatoshi Ito’s Japanization indices, China has been more “Japanized” than Japan over the past few years.
Emerging Markets
Indonesian equities trade at a substantial valuation discount to broader emerging markets, …
… while their weight in emerging market benchmarks has continued to dwindle.
Equities
Anthropic now generates more quarterly revenue than established corporate giants including Intel, Uber, Coca-Cola, and Netflix.

Rates
Here’s a look at Treasury ownership trends.

Global Developments
US government interest expenses are among the highest in the developed world relative to GDP.
Food for Thought
Friday night has become just another weeknight in terms of socialization.






