Market Matrix — Global Markets, Finance & Macroeconomics
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Your hub for global finance, macroeconomic trends, and market intelligence.

• Global macro analysis & market trends
• Economic policy & central bank updates
• Currency, commodities & capital flow insights
• Investment strategy and financial news
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BREAKING: Silver has climbed above $79 per ounce, placing it only 6% shy of reaching new record highs.

The metal is up 9% since the United States captured President Maduro.

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BREAKING: Bitcoin has surged above $94,000 as leveraged short liquidations topped $200 million today.

The cryptocurrency is now up nearly +$6,000 since Friday night.

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BREAKING: Venezuela’s Caracas Stock Exchange closed the session nearly +17% higher, as markets responded to news of the U.S. capturing President Maduro.

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Shocking stat of the day:

It now requires a record 1,295 hours of work, on average in the U.S., to purchase one unit of the Dow Jones Industrial Average index.

That figure is roughly 500 hours higher than in 2017 or at the 2020 pandemic low.

Since the 2008 Financial Crisis, the hours needed to buy the Dow have more than quadrupled.

During this same period, the Dow Jones Industrial Average has advanced +629%.

Meanwhile, average hourly earnings have increased +67%—nearly ten times less—reaching a record $36.86.

Asset owners are experiencing unprecedented gains.

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BREAKING: President Trump is urging pregnant women to avoid using Tylenol and has shared his guidance on several vaccines.

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BREAKING: President Trump has unveiled a new childhood vaccination schedule.

He stated that American children will no longer be required to receive “72 jabs,” with recommendations now reduced to just 11 vaccines.

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Global assets delivered a historic performance in 2025:

- Global stocks, commodities, government bonds, and credit achieved a combined return of +50.7%, the strongest since 2009.
- The MSCI All-Country World Index (ACWI) rose +22.3%, its best year since 2019.
- The Bloomberg Commodity Index advanced +11.1%, marking its strongest gain since the +27.1% rally in 2021.
- The Bloomberg Global Aggregate Credit Total Return Index climbed +10.5%, while the Bloomberg Global Aggregate Treasuries Total Return Index added +6.8%.

This is the first time since 2019 that global stocks, bonds, credit, and commodities all ended the year in positive territory.

Asset owners are seeing unprecedented gains.

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US imports from Southeast Asia are surging despite tariffs:

- Imports from the region rose +25% year-over-year in Q3 2025, reaching a record ~$40 billion on a 3‑month rolling average basis, according to the U.S. Census Bureau.
- Vietnam led the increase, with imports climbing to ~$18 billion, an all‑time high.
- This comes despite U.S. tariffs that were initially set at 49% but later reduced to ~20%.
- Meanwhile, Chinese exports to the U.S. fell ‑40% YoY in Q3 2025.
- Southeast Asia maintains a significant cost advantage over U.S. and European manufacturing, ranging from 20% to 100%, even after tariffs.
- Companies are turning to Southeast Asian economies as alternative export bases to bypass China’s 37% reciprocal tariff.
- As a result, trade rerouting from China reached a record $23.7 billion in September.

U.S. trade flows are undergoing a sharp shift amid tariff pressures.

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BREAKING: The U.S. Department of Energy has announced $2.7 billion in funding to bolster domestic uranium enrichment.

The plan allocates $900 million each to Centrus Energy, $LEU, and two additional nuclear fuel producers.

As anticipated, nuclear energy is taking on an increasingly vital role.

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Japan’s bond market pressures are intensifying:

- The 10‑year government bond yield has surged to 2.12%, its highest level since 1999.
- The 30‑year yield has climbed to 3.46%, setting a new record.
- Since the start of 2025, the two yields have jumped +104 and +120 basis points, respectively—one of the sharpest repricing episodes in Japan’s bond market history.
- Investors are factoring in higher deficit spending after the government approved a record $780 billion budget for FY2026.
- Meanwhile, persistent yen weakness has heightened concerns that the Bank of Japan is lagging in its inflation control efforts.

Losses in Japan’s bond market are accelerating.

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Copper prices are soaring:

- In London, copper rallied +4% to $13,000 per ton today, setting a new record high.
- Prices have already surged +42% in 2025, marking their strongest annual performance since 2009.
- Concerns over U.S. import tariffs have prompted traders to sharply increase metal shipments to the U.S.
- As a result, U.S. exchange-tracked inventories have reached multi-year highs.
- Looking ahead, the global copper market is projected to face a shortage of more than 100,000 tons in 2026.

Copper prices remain red-hot.

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January is historically one of the strongest months for stocks:

- Since 1928, the S&P 500 has advanced 62.2% of the time in January, the 3rd‑highest win rate among all months.
- Over that span, only 37 of the past 97 years have seen negative returns in the first month of the year.
- On average, January has delivered a +1.2% gain, ranking as the 4th‑best month.
- When the S&P 500 finishes January higher, the index has produced a median full‑year gain of +11.8%, with positive returns nearly 80% of the time.
- In cases where January’s gain exceeds 5%, the index has gone on to rally +16.0%.

The setup points to a strong start for the year.

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Shocking stat of the day:

- The Dow Jones Industrial Average has now logged 8 consecutive monthly gains, its longest streak since 2019.
- This also represents the 2nd‑longest run dating back to the 1950s.
- Historically, after similar streaks, the index advanced in 6 of 8 cases one month later.
- Over the subsequent 2 and 3 months, the Dow moved higher in every single instance.
- Meanwhile, the S&P 500 dipped slightly last month after posting gains for 7 straight months, its longest stretch since 2019.
- In past occurrences, the S&P 500 was higher one month later in 7 of the last 9 cases.

History points to continued strength in the current bull run.

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Breaking: Former New York City Mayor Eric Adams has launched a new cryptocurrency token, which briefly surged to a market capitalization of approximately $580 million before experiencing a sharp decline. Within minutes of its peak, the token’s value plummeted by nearly 80%, erasing close to $500 million in market capitalization.

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The Japanese Yen’s decline has been striking:

- Gold priced in Yen has surged to a record ¥712,000 per ounce.
- Since the beginning of 2025, gold in Yen terms has climbed +72%.
- From the pandemic low in 2020, Yen-denominated gold prices have soared +364%.

This sharp rise reflects the ongoing weakness of the Yen, driven by Japan’s interest rates remaining far below those in the US and Europe.

Japan also carries the highest public-debt burden among advanced economies, with debt-to-GDP at roughly 230%. Deficit spending is set to expand further after the government approved a record $780 billion budget for FY2026.

Gold continues to stand out as one of the most reliable hedges against currency debasement.

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US government job openings are collapsing:

- In November, openings fell by -89,000 to 695,000, the lowest level since February 2021.
- From the peak in July 2022, vacancies have declined by -532,000.
- They have now fully returned to early-2019 levels.

At the same time, the hiring rate dropped -0.3 percentage points in November to 1.2%, marking the lowest since the 2020 pandemic.

Excluding 2020, this is the weakest reading since August 2014 and comparable to levels seen in 2008.

Government hiring is effectively grinding to a halt.

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BREAKING: President Trump stated that major US tech companies must “pay their own way” for the sharply rising electricity costs tied to data centers.

He singled out Microsoft ($MSFT) as “first up,” noting that the company will implement “major changes” this week.

Trump’s next focus is tackling electricity costs.

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US workers are receiving a smaller share of what they produce than ever before:

- Labor’s share of US GDP now stands at 53.8%, the lowest level since records began in 1947.
- This measure reflects how much of total economic output flows to workers through wages, salaries, bonuses, and benefits.
- Since 2001, the share has fallen by -10.4 points.

At the same time, corporate profit margins after tax have risen to 10.9%, the second-highest on record.

The result is clear: workers are generating more, yet corporations are capturing a growing share of the gains.

The American worker is being squeezed.

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BREAKING: President Donald Trump has announced that any country conducting trade with Iran will face a 25% tariff on all business with the United States, effective immediately. This sweeping measure is aimed at isolating Tehran and pressuring its government following violent crackdowns on protests.

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BREAKING: US household net worth surged +$6.1 trillion in Q3 2025, reaching a record $181.6 trillion.

- The increase was driven almost entirely by equity holdings, which jumped +$5.5 trillion as the stock market hit new highs.
- In contrast, real estate holdings declined -$287 billion, reflecting ongoing weakness in the housing market.
- Since Q1 2020, household net worth has grown +$72 trillion, or +65%.

As a result, net worth now equals 792% of disposable personal income—the 4th-highest quarterly reading on record. For comparison, the peak ratio was 829% in Q1 2022.

Asset owners are benefiting more than ever.

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