Thread by @BalthasarBecker

Thread🧵 on GMI's key macro charts by Raoul Pal. @RaoulGMI #GlobalMacro

1/7 ISM is falling to 46.9, indicating short-term weakness. New orders point towards a drop closer to 45 in June. #GlobalEconomy

2/7 The GMI Financial Conditions Index suggests recovery, having already bottomed out and now rising. #FinancialConditions #EconomicTrends

3/7 Equities are rallying despite predicted ISM drop. Recession fears seem priced in, so markets are “climbing the wall of worry.” #StockMarket

4/7 Unemployment rose to 3.7%, could increase to 4.5%. Historically, a 0.5% increase prompts Fed intervention. #JoblessClaims #Unemployment

5/7 Manufacturing sector's weakness and falling inflation indicators hint at better growth environment later in 2023. #Manufacturing #EconomicGrowth

6/7 The GMI Financial Conditions Index suggests 20% YoY increase in global liquidity by Q4, despite looming recession. #Recession #GlobalLiquidity

7/7 Tesla's chart indicates a bullish trend. For the ACWI ETF, a potential rise to 109 is predicted. #Tesla #BullishTrends

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