The Narrow Boom
Markets spent the past week doubting the proposition that has carried them all year. Technology stocks fell, bonds caught a defensive bid — none of it about the macro data, which if anything improved. In our charts this week:
→ Blue Chip: growth up almost everywhere, inflation down
→ US trend growth marked up — back to where it sat a decade ago
→ US construction: data centres rising, everything else falling faster
→ Chips now dominate Chinese exports. Solar has collapsed
→ China’s surplus with the EU widens. Europe sells no more
→ What European firms use AI for: words and pictures
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.