1. Wall Street looks upward after inflation data.

“The softer inflation print plus weaker labor data gives the Fed cover to defend its wait-and-see forecast instead of rushing into another increase. They don't have to do anything. It's the narrative they want, that we're seeing some cooling, but there's no collapse in the economy”.

Below: After breaking out its range, the S&P is forming a bull flag.

2. Japanese companies are critical to the global semiconductor supply chain.

Japanese chip suppliers may lack the household-name recognition of their US, Korean, or Taiwanese peers. But they occupy critical choke points in the global AI supply chain, ranging from advanced chip-equipment suppliers to specialty chemical providers.
Accelerating AI capex spending is driving up profits at an unprecedented pace across these firms, with aggregate earnings growth for the FactSet Japan Semiconductor index running above 240% in the most recent quarter.
We are buyers of ETF MSCI Japan.

3. All that glitters is rallying again.

Gold and silver are finding their footing again.
After peaking in late January and tumbling into mid-July lows, both metals have staged an impressive comeback. Gold has climbed nearly 9% so far in August, while silver has jumped about 13%, making them among the month's strongest performers.
Gold's technical picture has improved as well. After ending at $3,968.62 on July 16, its lowest close since early November last year, the metal broke out of a basing pattern to the upside last week.
Traders are keeping a close eye on the $4,500 area. A decisive break above resistance could provide another tailwind for gold and silver mining stocks.

4. Rhine falls to lowest level ever.

"As the Rhine is home to crucial industries, the economic impact of supply chain constraints, and a potential reduction in production is much larger than the Rhine's c.6% share of total German freight volume would suggest”.

5. USD positioning.

"Speculators are heavily long on the dollar…usually, that's not a good sign."

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