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1. Warning from Bank of America: “Bubbly valuations”

Bank of America’s strategist, Michael Hartnett, warned of a “bigger retail, bigger liquidity, bigger volatility, bigger bubble” as global central banks ease policy and governments loosen financial regulation.

US margin debt is starting to run too hot — a potentially concerning sign for the credit market, according to Deutsche Bank credit strategists. Brokerages extended more than $1 trillion in credit to clients in June, data compiled by Finra show.

2. JPMorgan expects weaker growth and higher inflation in the 2H of this year.

3. Renewable names are up ~25% since their April bottom, driven mainly by reassuring news on US clean energy policy.

However, despite the recent rebound, the aggregate market cap of renewable names is still down >20% since 1 Jan 2024. Bond yield and power price assumptions suggest there is room for further re-rating by YE26.

Below: Corporate electricity prices have kept going up in recent quarters, suggesting a strong pricing power for developers.

4. The robots are coming for critical minerals.

Humanoids could create a significant uplift in demand for critical minerals – especially rare earths – and cumulatively add up to US$800bn of incremental demand across covered critical minerals by 2050.

5. Open AI is not killing Google search.

Google’s search tool has proven surprisingly resilient to competition from OpenAI, which is hoping people will skip the search box and ask its chatbot for answers instead. The company said that search revenue rose 12% from a year earlier in the second quarter to $54.2 billion, a record.

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