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Daily 2026-06-16
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And Japan went for a hike. | Your Daily Brief is ready |
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Together with
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WHAT'S GOING ON
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All metrics are as of the latest market close.
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s16" role="presentation">
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<td class="s23">
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s8">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
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<td class="s24">
S&P 500
</td>
<td class="s25">
0.55% ▼
</td>
<td class="s26">
7,513
</td>
</tr>
<tr>
<td class="s24">
GOLD
</td>
<td class="s27">
0.07% ▲
</td>
<td class="s26">
$4,355
</td>
</tr>
<tr>
<td class="s24">
BITCOIN*
</td>
<td class="s25">
1.32% ▼
</td>
<td class="s26">
$65,671
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*24-hour change
</td>
</tr>
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</td>
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</td>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
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</td>
</tr>
</tbody>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s8">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
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<td class="s24">
FTSE 100
</td>
<td class="s27">
0.71% ▲
</td>
<td class="s26">
10,504
</td>
</tr>
<tr>
<td class="s24">
BRENT OIL
</td>
<td class="s25">
4.48% ▼
</td>
<td class="s26">
$79.44
</td>
</tr>
<tr>
<td class="s24">
US BONDS*
</td>
<td class="s27">
0.04% ▼
</td>
<td class="s26">
4.43%
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*10-year government yield
</td>
</tr>
</tbody>
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</td>
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</td>
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</tbody>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
WALL STREET FEAR GAUGE INDEX
(
<a style="font-weight:400;font-family:Trispace,monospace">
VIX
</a>
)
</div>
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<img alt="Wall Street Fear Gauge Index" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F149%252F545%252F738%252FKlp7yZbnLzX88Zyoz3jOX9rmG%252Fe62c58bbdc05a0e786fa49b2cda766c98a12c60a.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Db4b5adb0d3b6e0ea03a0f32df031fb4d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODE2NDczNTQuOTA1MjA2Mn0:1wZbre:naBKiWdnuX4viE--CE2LVuQp8-yfC8kJl4KgYV46OdM" width="536"/>
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<div class="s33">
<p data-block-key="10zqs">
💃 Nvidia waltzed into the bond market and raised $25 billion
</p>
<p data-block-key="e3lsm">
💰
<b>
FOR PRO MEMBERS:
</b>
The Great Wealth Transfer portfolio is ready to retire
</p>
<p data-block-key="ceoge">
🏦 The Bank of Japan raised interest rates to a 31-year high
</p>
<p data-block-key="f9f2n">
<b>
👇 Keep reading to find out
more
</b>
</p>
</div>
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<mj-raw>
<span class="s20">
💬
</span>
<span class="s21">
Psst...
</span>
</mj-raw>
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<p data-block-key="i74wd">
<b>
Hey – we’re hiring.
</b>
We’re looking for an ambitious, versatile
<b>
full-stack engineer
</b>
who is excited about shipping products our community of investors will use every day. You’ll work on
<i>
this
</i>
very newsletter, plus our award-winning app and B2B platforms, alongside a fun, brilliant team. Sound like a
win-win?
<a>
Get in touch.
</a>
</p>
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👀
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Today's headlines
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</mj-raw>
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Dough-See-Dough
</span>
</mj-raw>
</div>
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<a target="_blank">
<img alt="Dough-See-Dough" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-160626-NvidiaBonds.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D6fa19307adab592618a9976871a68f80/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODE2NDczNTQuOTA1MzkzNH0:1wZbre:Q6qbd6zYl3TU-DS-Ej30SrK9y4sCy4zXehMiDumZ3R4" width="568"/>
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<p data-block-key="uo0fz">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="5iclf">
<b>
Nvidia
</b>
just sold $25 billion in bonds, joining a chorus line of tech heavyweights raising money that way.
</p>
<p data-block-key="1mric">
<b>
What does this mean?
</b>
</p>
<p data-block-key="a90gd">
The chipmaking Casanova had originally planned to raise just $20 billion – but when investor orders came in above
<i>
$85 billion
</i>
, it went a little
further. Now, Nvidia doesn't strictly need the cash: it's expected to generate over $200 billion this year, after all. But borrowing is surprisingly easy right now, with a tentative US-Iran deal pushing costs to multi-month lows. So instead of dipping into its profits, the AI darling can borrow cheap – and keep that pile of money free for other things.
</p>
<p data-block-key="5sahl">
▶ It seems like everybody’s dancing to the same tune, but there are key differences. Tech giants
<b>
Alphabet
</b>
,
<b>
Amazon
</b>
, and
<b>
Meta
</b>
have all tapped into bond markets to fund their massive data center projects, while smaller AI players like
<b>
Anthropic
</b>
are
<a>
resorting
</a>
to trickier loans because they don’t have the revenue to manage regular debt. But Nvidia – swimming in dollar
bills – is borrowing simply because it can.
</p>
<p data-block-key="9mglf">
<b>
Why should I care?
</b>
</p>
<p data-block-key="3jhr3">
<b>
<i>
For markets:
</i>
</b>
<i>
Nvidia loves a spotlight.
</i>
</p>
<p data-block-key="551gs">
The cash will help Nvidia make a splash beyond data centers. This month, it unveiled a superchip for
<b>
Dell
</b>
and
<b>
Lenovo
</b>
laptops, looking to loosen
<b>
Intel
</b>
and
<b>
AMD's
</b>
grip on that tech. And the chipmaker’s been cozying up with
<b>
Hyundai
</b>
more: the pair are
aiming to bring humanoid robots to factory floors together.
</p>
<p data-block-key="2tvj1">
🔺 Still, Nvidia stock is up just 16% this year – less than half the tech sector's 34% gain.
</p>
<p data-block-key="2h5vr">
<b>
<i>
Zooming out:
</i>
</b>
<i>
Five, six, seven, eight…
</i>
</p>
<p data-block-key="83anc">
On Monday alone,
<i>
eight
</i>
companies raised more than $40 billion in cash. That’s several times what you see on a typical day. And the worry is concentration: huge bond deals, complex tech loans,
and trillion-dollar IPO plans are pouring money into one AI-shaped theme. Spoiler alert: that’s what often happens near a trend’s peak…
</p>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
You might also like ⇢
<a>
Harmonic Drive’s Humanoid Rally Is Really Starting To Move
</a>
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<mj-raw>
<span class="s20">
📈
</span>
<span class="s21">
Chart Of The Day
</span>
</mj-raw>
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This Trade Was Built For A Megatrend. It’s Time To Shut It Down.
</span>
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<p data-block-key="pr7ai">
When I first laid out how to invest in the
<a>
Great Wealth Transfer
</a>
, the idea was simple: tens of trillions of dollars are moving from boomers to their children, but the inheriting generation has a
<a>
different appetite
</a>
for risk.
</p>
<p data-block-key="6gmqk">
That points to more money flowing into digital assets, fintech, property and development tech, and niche alternatives like art and vintage cars – basically, assets that better match
<a>
younger tastes
</a>
.
</p>
<p data-block-key="23d2h">
So in March 2025, I built a
<a>
two-part portfolio
</a>
around it: high growth names on one side, and steadier demographic plays, leaning into businesses that benefit as people live longer and need more care, on the other.
</p>
<p data-block-key="2vsmh">
This March, I shuffled the deck – sticking to the thesis
<a>
but changing
</a>
how I expressed it. Now, though, I’m going a step further.
</p>
<p data-block-key="5n1au">
That’s today’s Insight:
<a>
why it’s time to retire the Great Wealth Transfer portfolio
</a>
.
</p>
<p data-block-key="d6947">
<a>
<b>
Read or listen to the Insight
</b>
</a>
</p>
<p data-block-key="b12o0">
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Or start your free Pro trial
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Theodora Lee Joseph, CFA
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<span class="s20">
👀
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<span class="s21">
Today's headlines
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<span class="s36">
Things Are Getting… Interesting
</span>
</mj-raw>
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<p data-block-key="giimy">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="di2s8">
The Bank of Japan (BoJ) raised its key interest rate to a 31-year high on Tuesday – making the anticipated global return to lower borrowing costs sure seem a bit less certain.
</p>
<p data-block-key="9s4ga">
<b>
What does this mean?
</b>
</p>
<p data-block-key="dvl2i">
That rate is now sitting at 1% – up from 0.75% – as Japan continues to adapt to a world of
persistent inflation. And it’s no small adjustment: ultra-low interest rates and
<i>
deflation
</i>
have defined the country’s economy for decades. Now, though, Japanese rates seem headed more toward – dare we say – something of a middle ground.
</p>
<p data-block-key="dgss3">
The BoJ hinted that more hikes could follow, too. See, it’s long described the country’s borrowing costs as “significantly low” – but this week, it left that phrase out. Policymakers love a tiny text signal, and this one’s
worth noting: it suggests rates may be getting closer to the lower end of the normal or “neutral” territory, where they’re no longer actively stimulating the economy
<i>
or
</i>
weighing it down. And that tells you that it’s on firmer footing.
</p>
<p data-block-key="444u2">
<b>
Why should I care?
</b>
</p>
<p data-block-key="6besk">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Hiking with friends.
</i>
</p>
<p data-block-key="460ag">
The BoJ’s hike came just a week after the European Central Bank
<a>
delivered
</a>
its first since 2023. Now the spotlight will shift to the Bank of England and the Federal Reserve, both of which are expected to hold rates steady this week. Still, traders are betting each will squeeze in one hike by year-end.
</p>
<p data-block-key="5ps56">
▶ All in all, it looks like the
rate-cutting era – that started back in 2024 – is now fully out of fashion.
</p>
<p data-block-key="dh9hh">
🔺 Gold, on the other hand, is firmly in: a survey of 74 central banks found that a record 45% plan to add to their reserves over the next year. That could help steady the precious metal after its recent stumble.
</p>
</div>
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<a>
Gold’s Lost Some Shine, So It’s Time To Trim The Trade
</a>
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<mj-raw>
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✨
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Sarah's Digest
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<div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
What others like you are reading today...
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<td align="left" class="s38">
<div class="s33">
🚀
<a>
SpaceX Is Buying Cursor Maker Anysphere In A $60 Billion Stock Deal
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
The move strengthens xAI’s push into enterprise AI coding tools and is expected to close in the third quarter of 2026.
</div>
</td>
</tr>
<tr>
<td align="left" class="s38">
<div class="s33">
🐔
<a>
Yum Brands Is Selling Pizza Hut To Refocus On KFC
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
The $2.7 billion deal splits Mainland China to Yum China and the rest to LongRange Capital, with closing expected in the third quarter of 2026.
</div>
</td>
</tr>
<tr>
<td align="left" class="s38">
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🇨🇳
<a>
China’s Consumers Pulled Back Even As Factories Kept Growing
</a>
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<div class="s39">
May retail sales fell 0.6% while industrial production rose 4.5%, with real estate investment still down 16.2% in the first five months.
</div>
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<td align="left" class="s38">
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😬
<a>
Britain’s Biggest Pension Pool Cuts Back On US Stocks
</a>
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<td align="left" class="s5">
<div class="s39">
Border to Coast plans to shift 5%-10% of its listed US holdings to Europe and Asia, citing rising concentration in a handful of mega-cap tech names.
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SPONSORED BY COINSHARES
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<div class="s33">
<h3 data-block-key="1xdoe">
<b>
A few years back, you might’ve shrugged off a Reddit-literate teen telling you about
</b>
<a>
<b>
the wonders
of digital assets.
</b>
</a>
</h3>
<p data-block-key="19qek">
Well, we bet you wish you’d listened to that kid in baggy jeans – because nowadays, the pros in suits are waxing lyrical about
<a>
<b>
crypto
</b>
</a>
, too.
</p>
<p data-block-key="bkl0t">
But it’s not too late. The likes
of
<a>
<b>
bitcoin and ether
</b>
</a>
have matured into assets worth taking seriously, not least for their
<a>
<b>
diversification
</b>
</a>
benefits. And with prices trending lower right now, we could be headed for a
<a>
<b>
better entry point
</b>
</a>
.
</p>
<p data-block-key="59hvf">
<a>
<b>
Our free guide
walks you through the need-to-knows
</b>
</a>
.
</p>
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Read The Guide
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🖋️
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Quote of the day
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<td align="left" class="s5">
<div class="s33">
<strong>
"I tell you, in this world, being a little crazy helps to keep you sane."
</strong>
– Zsa Zsa Gabor (a Hungarian-American actress)
</div>
</td>
</tr>
</tbody>
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<mj-raw>
<span class="s20">
🎯
</span>
<span class="s21">
On Our Radar
</span>
</mj-raw>
</div>
</td>
</tr>
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<tbody>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
<tr>
<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s32">
<div class="s33">
<p data-block-key="aaghi">
<b>
1. Left to your own devices.
</b>
Nearly everyone
<a>
veers in the same direction
</a>
when walking.
</p>
<p data-block-key="7khcm">
<b>
2. Mon ami, maybe not.
</b>
Only 11% of Europeans
<a>
view the US
</a>
as an ally.
</p>
<p data-block-key="5bfqb">
<b>
3. A moose and a bald eagle walk into a bar.
</b>
Peruvian cops donned
<a>
World Cup mascot costumes
</a>
to carry out a drug raid.
</p>
</div>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
<![endif]-->
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
<![endif]-->
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</tr>
</tbody>
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<tbody>
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<tbody>
<tr>
<td align="left" class="s5">
<div class="s33">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a class="s40">
Reda
</a>
,
<a class="s40">
Russell
</a>
, and
<a class="s40">
Linda
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
</div>
</td>
</tr>
</tbody>
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<![endif]-->
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<![endif]-->
<div class="s0">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
<tbody>
<tr>
<td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
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<![endif]-->
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<tbody>
<tr>
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<tr>
<td align="left" class="s34">
<div class="s19">
<mj-raw>
<span class="s20">
💌
</span>
<span class="s21">
THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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<![endif]-->
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