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A-share Changxin Technology turnover reached CNY 10 bln; shares up 0.04%.
2026-08-25
A-share Changxin Technology turnover reached CNY 10 bln; shares up 0.04%.
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2026-08-25
Japan's finance minister KATAYAMA said on Tuesday the government will cautiously study potential tax incentives aimed at retail investors buying JGBs. She said boosting the appeal of government bonds to retail investors is important, that many issues
Japan's finance minister KATAYAMA said on Tuesday the government will cautiously study potential tax incentives aimed at retail investors buying JGBs. She said boosting the appeal of government bonds to retail investors is important, that many issues remain to be considered, and that the government plans detailed discussions with stakeholders, especially the ruling party.
2026-08-25
Hedgeye guest Daniel Lacalle says US explicit debt (~$40 tln) is headline-grabbing but not necessarily the first crack. Official US estimates put the present-value shortfall for Social Security and Medicare at about $95 tln over 75 years—roughly 5% o
Hedgeye guest Daniel Lacalle says US explicit debt (~$40 tln) is headline-grabbing but not necessarily the first crack. Official US estimates put the present-value shortfall for Social Security and Medicare at about $95 tln over 75 years—roughly 5% of the cumulative PV of expected GDP—and federal debt in 2026 is forecast at about 101% of annual GDP. By contrast, euro-area hidden fiscal liabilities are at least as large as headline debt: the European Commission estimates net accrued public pension liabilities at about 150% of GDP and total pension promises at roughly 371% of GDP after future contributions; this excludes most future health and long-term care costs. Several large euro-area states have unfunded commitments exceeding 300% of GDP. Political resistance to spending cuts, French sovereign yields now above Italy's, and negative real returns on euro-area sovereign assets have been reduced since 2021 investor appetite. Lacalle warns the next sovereign shock could originate in the euro area because member states borrow in a currency they do not control and reported debt follows the EDP headline measure rather than total public-sector liabilities. He adds recent global bond selling signals markets believe central banks can no longer mask fiscal imprudence; US Treasures remain the global monetary and benchmark collateral, but euro-area fiscal risks are comparatively larger.
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