1. Gold sharply higher on lower rates and weaker dollar.

Total U.S. debt outstanding topped $40 trillion for the first time, drawing fresh warnings of fiscal crisis.
"Increasing concern about the financial stability of the market with borrowing and debt and the inability to cut spending on the fiscal side is very bullish for gold," said Edward Meir, Marex analyst.

"The $4,400 to $4,500 price range has been cleared. If prices hold above this range, the upward momentum is likely to continue."

2. Moderna explodes on skin cancer vaccine.

The treatment combines Merck's Keytruda with a made-to-order mRNA vaccine from Moderna that is based on an analysis of mutations found in the patients' own tumors.
The goal is for the two drugs to work together to train the body’s immune system to attack any remaining cancer cells.
Merck and Moderna are testing it in other types of cancer, including lung cancer, but the melanoma studies are the furthest along.

Below: Crazy chart as Moderna was up 177% on the day!

3. Forward earnings are still going higher.

"Forward earnings are rising to record highs across the S&P 500 LargeCaps, S&P 400 MidCaps, and S&P 600 SmallCaps."

4. The ratio of European earnings upgrades to downgrades is at its highest in data going back to early 2024.

Needless to say, that’s very bullish.

5. “Europe will still see exceptionally strong DC capacity growth over the coming decade”, says Morgan Stanley.

A bottom-up (project-by-project) analysis suggests the European Data Center market could increase >10x, if the vast majority of previously announced Europe-wide projects are fully constructed.

Below: Scenario analysis starting from the current 9GW in Europe. The base case is 41GW.

Not a subscriber yet?