Top 10 Macro/Financial Charts of the Week – w18 (2023)

Despite all the posts about hedge funds being "massively short" S&P 500 futures, their net positioning remains long.

It's always important to contextualize the data and see the entire picture before drawing a conclusion that may not be true.

Source: Goldman Sachs pic.twitter.com/H8cB9VrrkD

— Markets & Mayhem (@Mayhem4Markets) May 6, 2023

4/ Low-interest rates previously allowed "zombie" firms to refinance easily

However, the Fed has been aggressively raising rates since 2022 to combat inflation pic.twitter.com/A5moZgXWrJ

— Game of Trades (@GameofTrades_) May 6, 2023

According to the Fed, implied equity value of US commercial banks (assets less liabilities plug) just hit a record high during the worst bank crisis since Lehman.

Source: Table 2, Line 41https://t.co/fuIjW6dvV9

— zerohedge (@zerohedge) May 7, 2023

The banking crisis keeps getting worse

Deposits continue to contract at record levels pic.twitter.com/n9vgMeGa4A

— Game of Trades (@GameofTrades_) May 5, 2023

🇬🇧 UK Depositors Pull £11 Billion Out of Banks After SVB Crisis – Bloomberghttps://t.co/Csi5g9DLqd pic.twitter.com/sdWU9cCLTd

— Christophe Barraud🛢🐳 (@C_Barraud) May 5, 2023

🇪🇺 BREAKDOWN OF DEPOSITS IN M3https://t.co/m51elednXG pic.twitter.com/N25Vp2uX6M

— Christophe Barraud🛢🐳 (@C_Barraud) May 2, 2023

🇪🇺 #ECB Says Euro-Area Banks Curbed #Credit by More Than Expected – Bloomberghttps://t.co/xgY0ugw71O

*Nice thread on the topic from @fwred ⬇https://t.co/RTF376eHym pic.twitter.com/zUc3G3fXS2

— Christophe Barraud🛢🐳 (@C_Barraud) May 2, 2023

Banks reported the largest net decline for housing loans ever, worse than during the Great Financial Crisis. This chart by @nghrbi also shows the decline in demand for loans to corporates, more moderate but still substantial. pic.twitter.com/MpUvVaFOF0

— Frederik Ducrozet (@fwred) May 2, 2023

https://twitter.com/C_Barraud/status/1653321002217099265

Okay, so what happened? German factory orders plunged the most outside the pandemic in March. Part of the 11% m/m drop was due to volatile big ticket orders but even excl. those this was the largest non-pandemic fall since the GFC at -8% and uniform across sectors. 1/ https://t.co/dQurzfZEoJ pic.twitter.com/epqUkzT7KN

— Oliver Rakau (@OliverRakau) May 5, 2023