StoneX Global Macro Director: French Bond Market Contagion & BTC Market Outlook | Vincent Deluard
By Patrick Green
AI summary of the source article
StoneX Global Macro Director Vincent Deluard projects that equity markets will stay supported through the upcoming midterms and the Anthropic IPO, but warns that rapid growth in AI capital expenditures cannot be sustained indefinitely. Deluard notes that Treasury yields, oil prices, and the yen carry trade are all nearing a breaking point, signaling potential turbulence ahead for traditional equities. Consequently, he plans to adopt a bearish stance on stocks after November. Despite his caution regarding equity markets, Deluard maintains a bullish outlook on Bitcoin and gold, viewing them as effective hedges against dollar debasement and anticipating a potential return of quantitative easing.
Why it matters
The analysis underscores macro risks facing equities and suggests increasing institutional interest in Bitcoin and gold as hedges against debt and currency debasement.
Key facts
- StoneX strategist Vincent Deluard plans to turn bearish on stocks after November while remaining bullish on Bitcoin and gold.
- Deluard warns that Treasury yields, oil prices, and the yen carry trade are reaching a breaking point.
- The analysis suggests that AI capital expenditures cannot keep doubling indefinitely.