Mar 5, 2025
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin on the topic of fixed income with the historic drop in US yields relative to Europe (page 1). We then review the latest ISM services data (page 2) followed by a dive into a quantitative look at the Beige Book (page 3). We then check in on intraday volatility (page 3) before finishing with a look at the shift in how stocks are trading relative to their 200-DMAs (pages 4 and 5).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Mar 5, 2025
The S&P 500 (SPY) had a solid session Wednesday with a 1% gain, but that still leaves it down 1.87% week-to-date. Meanwhile, across the pond in Europe, German equities are surging. Germany has unrolled significant fiscal changes this week which we discussed at length in last night’s Closer in addition to a more succinct explanation in today’s Morning Lineup. To put it lightly, investors appear to love the news. The MSCI Germany ETF (EWG) has surged this week with a 6.8% gain week-to-date. As shown below, that is a historically large 3-day run for the ETF/country. In fact, it is the largest three-day gain since November 2022 and ranks just shy of the 99th percentile across all three-day moves in the ETF’s history. Relative to what has transpired in the US, things get even more historic. The three-day performance of EWG has outpaced SPY by 8.69 percentage points. Going back through the nearly 30 years of price history, only two periods saw wider performance spreads: around the COVID Crash lows five years ago and at the start of 1999.
Mar 4, 2025
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a look the dramatic changes to German fiscal policy (pages 1 and 2). We then check in on the Ag Economy Barometer and tariff news out after the bell (page 3). Next, we review the price action in bank stocks (page 4) and Consumer Discretionary and Staples names (page 5).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
