⁠The Kobeissi Letter
BREAKING: The S&P 500 is now up just +70 points on the day.

Just one hour ago, the index was up over +180 points.

No position is “safe” in this market. https://t.co/u9cIZtzQuh
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RT @HumansNoContext: I was not expecting that view 😂 https://t.co/6AutnFHjqk
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Where were you on the day Bitcoin was born, Dad?

Zombie Mod Maps - Counter-Strike 1.6 (2004–2005) https://t.co/jzt8KVKhHt - Lost Meme Archive
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RT @TheRoyalSerf: https://t.co/LUZd1CnjEX

what’s the defining piece of covid era art? - frye
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ived moved to another things

What can be your next move
🦁🦁 https://t.co/Uq8TeUqJv3 - Kabalest
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RT @NatureNexus4321: https://t.co/sYhd2Ko5ib
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live a life like king scarface

The real Lion King 👑 https://t.co/pW3VBDRBkU - Typical African
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RT @HumansNoContext: I can’t stop laughing https://t.co/K1PsmROusb
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⁠The Kobeissi Letter
Global trade outlook is deteriorating:

The World Trade Organization expects world merchandise trade to fall -0.2% in 2025, down from +2.7% growth expected at the beginning of the year.

This would follow the +2.9% growth recorded in 2024.

North American trade is set to be hit the hardest, while Asia and Europe will continue to see modest growth.

The WTO also highlights that if the US imposes higher reciprocal tariffs after a 90-day pause, global merchandise trade could drop by -1.5% this year.

For 2026, the WTO forecasts +2.5% growth, down from the previously expected +2.9%.

Global trade is experiencing a historic slowdown.
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