BofA GFM Survey: About 50% expect a recession

🚨Returns since beginning of March:

Equities:
-SPY: -9.0%
-QQQ: -9.8%

Bonds:
-TLT: -4.7%

"Real Money"
-Gold: +13.0%
-Silver: +3.8%
-BTC: +1.2%

Real money keeps outperforming.

Starting April 23, Google will enforce new crypto advertising rules across the EU, requiring advertisers to be authorized under MiCA as Crypto Asset Service Providers (CASPs) and complete Google’s verification process. -source

Lunar Crush: After peaking in Q4 of last year, we've seen a significant decrease in the social interactions for an "alt season" -tweet

USD 10Y low against the Swiss Franc

China Foreign Ministry: We will trade with more friends and become a stronger magnet for investment.

China Foreign Ministry: Facing external uncertainty, China will stay committed to joining hands rather than throwing punches

Warren Buffett is sitting on enough cash to buy 476 companies in the S&P 500

China orders halts to Boeing jet deliveries as trade war expands -Bloomberg

🚨 Binance and Kucoin down

More Chinese Gold-backed ETF inflows yesterday. Another 4t flowed into the big four onshore China ETFs, representing all the Asian inflows.

BRITAIN'S FTSE 100 INDEX UP 1% ON DAY

Goldman Sachs has CTAs (trend following funds) modeled as buyers of US stocks in all scenarios over the next week and month.

Most equities strategists expect the S&P 500 Index to rally through the remainder of 2025.

US firms with China suppliers fall into distress.

S&P 500 earnings revisions are the worst they’ve been since Covid

Nearly one third of consumers are expecting a worse financial situation in the year ahead per ⁦NY Fed survey