Holger Zschaepitz

Already thinking about Friday today. On August 11, we launch the successful podcast Deffner and Zschäpitz on TV at 17.45 CET on WELT Fernsehen.

Good Morning from Germany, where electricity prices on the energy exchanges have surged again – topping €100 per megawatt hour. So far this year, prices have crossed that level on 68 days. At these rates, building and operating large, energy-hungry data centers in Germany…

German benchmark index Dax jumps in AH trading after headlines the EU and the US are progressing toward an agreement that would set a 15% tariff for most products. Member states could be ready to accept a 15% tariff and EU officials are pushing to have that cover sectors…

OUCH! #Japan’s 10y bond yields have jumped to their highest level since 2008, driven by growing fiscal concerns. The spike came after President Trump announced a trade deal w/Japan. It appears Japan may be covering part of the cost of US car tariffs by using its own investment…

Good Morning from Germany, where auto stocks are rallying on hopes that Europe can secure a trade deal w/the US similar to Japan’s. Under the new US-Japan agreement, all Japanese imports — incl cars — will face a flat 15% tariff. That’s good news for Japanese carmakers, as it…

Nikkei jumps and Yen gains as #Japan's assets enjoy relief from US trade agreement. The headline 15% reciprocal tariff is a considerable discount from the 25% in the letter earlier this month. Toyota shares rising as much as 10% after NHK reported the US would impose a tariff…

The meme stock frenzy is making a comeback. Retail investors seem to be targeting the most shorted stocks again — one by one. The latest name to catch their attention is Kohl’s (KSS), which now appears to be joining the meme stock rally.

Good Morning from Germany, where annual working hours are among the lowest in the world – and even that might be overstated. On avg, employees take 31 vacation days a year, plus at least 9 public holidays, many of which cluster between Easter and early June when offices are often…

2021 vibes: Calls are almost 70% of the total market volume … hasn’t been this high since the 2021 meme days, Goldman's Garrett warns.

Opendoor is the market’s latest Meme Stock w/insane trading volumes. Shares of the San Francisco-based tech group that focuses on the stagnant real estate sector have nearly tripled in value over the past week. The rally appears to have been sparked by a prominent investor…

Good Morning from #Germany, where over 60 of the country’s top companies have kicked off a major new investment push worth at least €100bn. The goal: to help revive Europe’s largest economy, which has been stuck in a prolonged slump. One of the biggest concerns is that business…

The world has accelerated. ETF inflows into digital gold were significantly faster and more intense than into original gold. (Chart via SRP)

Good Morning from #Germany, which has rejected the EU’s proposed €2tn budget. The objection isn’t just about the size – Germany would cover about a quarter of the total – but also about the plan to introduce a corporate substance tax, which Berlin argues would do little to boost…

#Argentina raised to Caa1 from Caa3 by Moody's.

Party like it’s 1999: Goldman Sachs’ Non-Profitable Tech Index is up 66% since hitting its low in April.

Good Morning from #Germany, where foreign investors now hold 48% of the country’s €2.69tn in govt debt, acc to Bloomberg Intelligence. That’s nearly double the share in Italy, but roughly in line with other major EU economies like France. While this is a notable figure, it’s…

US 2y yields bounced back after President Trump says his administration is “very concerned”, but “not planning on doing anything” about Fed Chair Jerome Powell.

The US yield curve sharply steepened as short-term Treasury yields fell and 30y yields surged, after a White House official said President Donald Trump is likely to fire Fed Chair Jerome Powell soon. The 2s/30s yield spread widened by 12bps.

Party like it's 1999! Goldman posts best stock-trading quarter in Wall Street History. At $4.3bn, equity-trading revenue for Q2 was about $600mln more than what analysts were expecting and $100mln above Q1.

Good Morning from Germany, where FinMin Lars Klingbeil is meeting his French counterpart Éric Lombard today. Rather than proposing new ideas, Klingbeil might want to take notes on France’s bold reform agenda. To reduce its budget deficit, France plans to cut €43.8bn by…

OOPS! The US 30y yield has climbed back above 5%.