09-11-26 spal
Yes - Shana Tova dear friends. |
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09-11-26 carib
| Saudi Arabia has shut down its crucial East-West pipeline after it was attacked on Thursday, threatening a vital alternative route for crude exports from the Gulf and putting more upward pressure on oil prices. |
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09-11-26 leopardo
| Sad day, Emma Bonino passed away. |
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09-11-26 carib
SPAL: that is good advice.
For outsiders, probably a sector ETF is the safest way to bet on a specific development.
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09-11-26 panasonic
| Shana Tova colores, in good health and prosperity! |
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09-11-26 spal
PPIH
+5.41%
11:44 AM EDT, September 11, 2026 (Benzinga Newswire)
Freedom Broker analyst Sergey Glinyanov maintains Perma-Pipe International (NASDAQ:PPIH) with a Buy and raises the price target from $29.55 to $38.
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09-11-26 spal
SPAL: I hope you bought 1MM BWET last year!
===
No, but the next sector ETF to rocket is out there somewhere Carib - some advanced warning would be helpful ...
;)
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09-11-26 savo
🇺🇦The Ukrainian Ministry of Defense has launched a tender for the purchase of 150k women's winter army jackets.
Looks like the Zelensky's regime thugs will begin kidnapping women soon.
https://x.com/UniqueMongolia/status/2097546484010950797 |
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09-11-26 carib
| SPAL: I hope you bought 1MM BWET last year! |
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09-11-26 carib
| Ukraine's General Staff said Russian casualties had surpassed 1.5 million personnel, with the monthly toll topping 40,000 |
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09-11-26 spal
BWET ETF Up More Than1,600% in 2026: Here's Why It's Beating QQQ and SPY
03:51 PM CDT, August 15, 2026 |
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09-11-26 spal
you should set up a tanker fund..
===
Take a look at:
BWET
Breakwave Tanker Shipping ETF - up 118% past month. |
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09-11-26 victor
:-))
Los servicios de información de la Policía Nacional y de la Guardia Civil han detectado que la convocatoria para el 20-S de asaltar Ceuta cuenta con un mayor volumen de mensajes que las anteriores pero no tiene una organización clara, según explican |
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09-11-26 carib
There are roughly 240 million American adult citizens. Multiply that by $5,000 and you get about $1.2 trillion. The amount is so preposterous that you’d almost think Mr. Trump is trying to show voters the absurdity of such income redistribution. It’s the reductio ad absurdum of welfare state politics.
WSJ |
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09-11-26 victor
A Houthi spokesman says they will allow international vessels to pass through Bab al-Mandeb – with the exception of Saudi shipping which is being blocked.
Yahya Saree said Saudi maritime traffic will only be permitted to pass through Bab al-Mandeb and the Red Sea coast now controlled by the Houthis if Saudi Arabia lifts its blockade on Yemen.
In a statement, Saree said that international maritime traffic in the Red Sea and Bab al-Mandeb will not be impacted unless it is tied or related to Saudi, which backs government forces in Yemen.
Shipping is Saudi Arabia’s main concern, and a key reason for their air strikes on Houthi positions in the city of Mocha. Reports indicated that Saudi Arabia has conducted air strikes with fighter jets targeting the airport in the city, which has also been seized by the Houthis.
The Houthis now fully control the western Red Sea coast as well as the strategic islands of Hanish and Mayyun north of Bab al-Mandeb, which can serve as a security check point in the waterway by the Houthis. This also means they have full control of international trade passing through Bab al-Mandeb. The Houthis could also stop Saudi ships from approaching the Arabian Sea, as they have ballistic missiles and hypersonic missiles that are able to reach as far as the Indian Ocean. |
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09-11-26 carib
The (saudi) kingdom has been forced to use a pipeline from its oil-rich east to the Red Sea coast to export crude since traffic through the Strait of Hormuz was disrupted. But its oil production fell to 6.2mn barrels a day in August, its lowest level this year, according to a report published by Opec on Thursday.
Satellite imagery from September 10 showed a plume of thick, black smoke over Saudi Arabia’s Medina province, through which the pipeline runs. It was not immediately clear what caused the smoke. Saudi Aramco and the Saudi energy ministry did not immediately comment.
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09-11-26 CAC
Spal,
thanks for the explanation! |
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09-11-26 carib
| SPAL: you should set up a tanker fund.. |
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09-11-26 spal
| FRO / DHT / ASC / TRMD / GLNG ... holding all. |
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09-11-26 carib
| US mortgage rates are above 7% now, if I am not mistaken. Owners with old cheap mortgages face big costs if they want to upgrade, so they stay put. I guess this is not good for house prices in the USA.. |
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09-11-26 spal
ALVOF
ALVOPETRO ENERGY LTD
8.2 (+2.12%)
On its way to $9 ... I hope
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09-11-26 spal
| Pilly - yes and the situation is overstated with all sorts of hyperventilating. Corps and consumer in the US are ok. Deficit will ultimately be addressed via entitlement cuts and inflation tax + productivity gains. |
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09-11-26 pillz
| Savo the FED balance sheet can do miracles .... they will buy blonds if the yield go to much up ... |
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09-11-26 spal
No problem Savo
"It's just money; it's made up. Pieces of paper with pictures on it so we don't have to kill each other just to get something to eat. |
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09-11-26 spal
i do not believe this strategy will succeed.
===
No kidding. |
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09-11-26 spal
PPIH
PERMA-PIPE INTL HLDG
30.661.29 (4.39%)
Plants in Ohio ... for data centers cooling pipes
Qatar and cranking up in Jorden - GCC must by pass both straits. |
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09-11-26 savo
spal.. FWIW.. i do not believe this strategy will succeed... the US government is absorbing the entire savings of the country to fund its fiscal deficit and endless wars... that leaves out corps borrowings and individuals... rates are responding to that reality.
No kidding, total saving are around 2.2 trn... 1trn personal, 1.2 trn corporates
Either americans save more... or the government spends less or foreigners will have to finance more ...and that will happen only at higher rates.
Twitching rates will not do the trick.
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09-11-26 spal
| Tankers are the new tech ... geopolitical tech ... you can't print a tanker. |
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09-11-26 spal
| Momentum has now entered the Tanker schtock market ... |
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09-11-26 spal
| All tankers ... all the time ... on the move up |
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09-11-26 pillz
France expects the cost of servicing its national debt to increase by 25 per cent this year to €65bn, aggravated by geopolitical crises and turmoil in global bond markets.
//
I suppose the intervention of the ECB to buy some bonds to lower the long term yield ... before their election ... |
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09-11-26 leopardo
| I see the OAT 72 between 15 and 18 before Next year's election.Waiting to buy on those plices.. |
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09-11-26 spal
The Joint Institutional Game Plan
The implicit coordination between both institutions forms a clear strategic framework:
The Fed holds the short end of the curve high to anchor long-term inflation expectations and absorb supply-shock spillover.
The Treasury manages the long end of the curve using short-bill issuance and targeted buybacks to prevent 10-year/30-year yields from spiking uncontrollably.
This dynamic buys time for the real economy to absorb the commodity and geopolitical shock, though it leaves little room for error if fiscal deficits continue to expand. Meaning fiscal stimulus options are now limited ... despite Trump's $5k promise. Concerning geopolitical shocks things continue to be murky.
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09-11-26 carib
| France expects the cost of servicing its national debt to increase by 25 per cent this year to €65bn, aggravated by geopolitical crises and turmoil in global bond markets. |
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09-11-26 victor
‘Resounding victory’ of Houthis praised by adviser to Iran’s supreme leader
An adviser to Iran’s Supreme Leader Mojtaba Khamenei is the latest Iranian official to praise the rapid Houthi advance along Yemen’s Red Sea coastline.
“Congratulations on this resounding victory, Ansar Allah,” Mohammad Mokhber posted on X, referring to the Houthis by their formal name.
“Iran’s might in the Strait of Hormuz and the homegrown resolve of the resistance have driven the US and its allies into a tactical and strategic impasse,” he added. |
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09-11-26 victor
| After seizing the crucial city of Mocha, the Houthis are reported to have taken control of Yemen’s entire Red Sea coastline, expanding their grip over the strategic Bab al-Mandeb strait, one of the world’s most important trade routes. |
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09-11-26 pillz
Adjusted pre-tax profit rose 6.6 percent year on year to 482.4 million euros, which was roughly in line with expectations. "A solid performance in a challenging environment," says Maxime Lejeune, analyst at the stock exchange house Degroof Petercam, who raises his target price from 230 to 253 euros and reiterates his buy recommendation.
The automotive branch, the cradle of the group, saw its profit before tax fall by two-thirds. Analysts point out that Belron, TVH and PHE are especially important for the investment story. "Belron, which accounts for about 75 percent of the group value, was able to further expand its margins and management reiterated that an adjusted operating profit margin (EBIT) of 25 percent by 2028 is possible (in the first half of 2026 it was 23 percent, ed.)," Lejeune notes.
The car window group recorded 485.1 million euros of free cash flow. That improved the debt ratio to 4.3 times gross operating profit (EBITDA) at the end of June. Debt increased significantly after Belron transferred 4.3 billion euros to its shareholders in 2024 to finance a rescheduling of the shareholding at D'Ieteren.
Alexander Craeymeersch, analyst at Kepler Cheuvreux, also believes that the strong figures from Belron, PHE and TVH outweigh the setback in the automotive branch, and maintains his buy rating and price target of 210 euros. Michiel Declercq, analyst at KBC Securities, also remains a buyer with a target price of 245 euros. He points out, however, that D'Ieteren is taking into account continued headwinds at Automotive and more difficult points of comparison for Belron for the second half of the year.
D'Ieteren officially confirmed for the first time that Belron's shareholders are exploring strategic options for the interests of the minority shareholders, including a stock exchange listing. There is no decision or timing yet. Lejeune considers a transaction this year unlikely due to a lack of details about the timing and is rather aiming for the first half of 2027.
The holding company has a new CEO from December. Eric Machiels succeeds Francis Deprez. "Machiels' private equity and turnaround experience offers potential for a sharper investment and capital allocation strategy," says David Vagman, analyst at ING. Craeymeersch, on the other hand, does not think the timing is optimal: "In our opinion, the change is a bit inopportune, given the possible IPO of Belron."
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09-11-26 pillz
Carib the automotive import is not more their main bizz...
//
The Brussels-based holding company D'Ieteren has received applause from analysts for its half-year figures. They praise the strong performance of Belron, PHE and TVH, which transcend the meagre state of affairs in the automotive branch. In particular, Belron's possible IPO is seen as a potential catalyst for the stock.
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09-11-26 Merlino
Todo parece indicar que en los próximos días vamos a tener el informe de sostenibilidad fiscal, clave para la reestructuración y renegociación de la deuda externa.
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Notwithstanding good news recovery of bond prices below my expectations a few day ago. A small correction in fact. I wonder why. Is this the reason? Lack of recovery of oil production still flat at 1.2 mmbd? The increase in long rates in USA which should complicate debt reestructuración and reduce NPV? |
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09-11-26 carib
| I bought a car from D'Ieteren in the last century.. |
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09-11-26 carib
| Pill: I understand. Belgium is an acceptable tax residency.. if you work in the EU or NATO. |
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09-11-26 pillz
| the nav is about 250-260 euro, and they trade at about 170 euros |
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09-11-26 pillz
| Now , my biggest short putas is from Belgium D'IETEREN GROUP , it is a very special "holding" , with more then 30% discount ... and I suppose they will bring their 50.2% Beltron holding to the schtock exchange, it will represent the total value of the D'IETEREN GROUP , so for the rest it is for nothing ... |
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09-11-26 leopardo
Italy 12.5 or 26 on interest AND capital Gain dipendono on the type of
the bond. |
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09-11-26 pillz
| Carib, for me bonds are over, as my Belgian TAX men introduced a 30% tax on bonds gain, therefore I was quick to sell my Veny bonds, and even with that I will need to pay 30% on my gain .... , interesting that on bonds they put 30% like the interest, I suppose that they consider the gain on bonds as interest , as they put only 10% tax on stocks .... but I have no bonds and no shares , i am working with short options, so no tax and no paperwork to put on my tax paper ... the only think I need to fill is the interest I receive each day on my 140% Casch |
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09-11-26 carib
| In my opinion, the safest BRL bonds are the inflation indexed 10Y ones. There were yielding about 9% + inflation, recently.But the BRL is not cheap, right now. |
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09-11-26 carib
Todo parece indicar que en los próximos días vamos a tener el informe de sostenibilidad fiscal, clave para la reestructuración y renegociación de la deuda externa.
Mucha información interesante tendremos en ese informe. Información, por cierto, que debería ser pública desde hace…
— Luis Oliveros (@luisoliveros13) September 11, 2026 |
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09-11-26 leopardo
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09-11-26 leopardo
I did not know Pillz sorry...
In Italy 12.5% on gain of white list bonds |
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09-11-26 pillz
| Leo; it is not for a Belgian, as now Belgium take 30% tax on the gain of a bond ... 10% tax on shares gain ... |
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09-11-26 leopardo
Years to maturity 46(2072-2026)
Modified duration 31.3( 1 percentage point of yield to maturity means 31,3% move in plices) |
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09-11-26 pillz
| Modified duration 31.3 ??? why ??? |
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09-11-26 pillz
| why it trade already 11 years ? |
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09-11-26 leopardo
| Modified duration 31.3 and good convexity |
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09-11-26 leopardo
| Years to maturity 46 Pillz!!! |
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09-11-26 pillz
Face value
100,00
EUR
Bond price
15,00
EUR
Annual coupon rate
0,5
%
Coupon frequency
Years to maturity
57
year(s)
Yield to maturity (YTM)
5,12
% |
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09-11-26 pillz
why would be a modified duration and convexity ????
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09-11-26 leopardo
| But it is not all about the yield to maturity but modified duration and convexity |
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09-11-26 leopardo
| Keep in mind that it is a FRENCH REPUBLIC TREASURY BOND |
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09-11-26 leopardo
At 15 5.97% Pillz
At 10 7.6% |
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09-11-26 pillz
| and at 15 it is ytm of 5.2 %,,,, not interesting .. |
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09-11-26 leopardo
| Frankreich 72 muss noch 30% verlieren. |
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09-11-26 leopardo
| At these plices (21,7) around 4.6% |
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09-11-26 pillz
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09-11-26 leopardo
It’s all about duration and convexity
At 15 it will be worth buying… |
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09-11-26 pillz
| did yu calculate the ytm with 0.50% clit ? |
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09-11-26 leopardo
| Issued at 95.9 now trading at 21.7 |
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09-11-26 leopardo
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09-11-26 leopardo
I prefer this bond
Waiting for plices between 15 and 18 to buy
https://www.boerse-stuttgart.de/en/products/bonds/stuttgart/a2876z-frankreich-72/ |
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09-11-26 pillz
Every week we present a tracker that deserves special attention. This time, analyst Frank De Mol has opted for a tracker that invests in Brazilian bonds.
Brazilian bonds deserve your attention right now, for several reasons.
Sky-high interest rates
The real interest rate, the nominal interest rate minus inflation, is one of the highest in the world. On ten-year Brazilian government bonds, the interest rate is around 14.5%. This while inflation is only hovering around 4.5%. The high real return is a compensation for inflation, budget, election and currency risk.
On August 5, the Brazilian central bank did cut the policy rate, the Selic rate, by 25 basis points to 14%. However, a rapid further rate cut is not yet in the offing, as inflation remains above the 3% target.
The main explanation for the high real interest rates is the budget deficit, which rose to almost 10% of gross domestic product in June, pushing total government debt to 82% of gross domestic product and threatening to rise further.
Elections in October
In addition, there are elections in October in Brazil. Not only a (new?) president is elected, but also the Chamber of Representatives. The price of the Brazilian real and the evolution of bond yields will depend to a large extent on whether the winner puts credible plans on the table to reduce the budget deficit.
Brazilian bonds are therefore not without risk, but we think that the high interest rate is sufficient compensation for the higher risk. Don't see them as a core position in a tracker portfolio, but rather as a limited addition to a broadly diversified portfolio.
iShares Tracker
Individual Brazilian bonds are becoming increasingly difficult to find. And if there are any, they are bonds with a high gross coupon, which means that the tax advantage of a Brazilian bond largely disappears. That is why it is better to choose a tracker.
The choice of trackers is limited. There is the iShares Brazil LTN BRL Government Bond (ticker: BLTN, DE000A2QP4D2). This tracker tracks the J.P. Morgan Brazilian Zero-Coupon Bond Index, an index of zero bonds (coupon 0%). This tracker is quoted in dollars on Euronext Amsterdam.
There is also a tracker of the same name in euros, which is also listed on Euronext Amsterdam. The ISIN code is the same, but the ticker is different: BLNT. The spread, the difference between the bid and ask price, is slightly higher than the tracker in dollars.
For both, the annual cost is 0.35%. The tracker is not registered in Belgium, so the stock exchange tax is limited to 0.12%. The asset under management is sufficiently high at 1.77 billion dollars.
Of course, you must take into account the Reynders tax of 30%, which is due in the event of a sale on the capital gains of a bond ETF. This is different for individual bonds, but the lack of interesting choices makes a tracker a good option. |
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