๐ ๐๐ฃ๐๐ก๐๐ฉ๐๐ค๐ฃ ๐๐๐จ๐๐ฃ๐, ๐ง๐๐จ๐๐ก๐๐๐ฃ๐ฉ ๐๐ข๐ฅ๐ก๐ค๐ฎ๐ข๐๐ฃ๐ฉ ๐๐ฃ๐ ๐ฉ๐๐ ๐๐ง๐๐๐ฉ ๐๐๐ฅ๐๐ฉ๐๐ก ๐ง๐ค๐ฉ๐๐ฉ๐๐ค๐ฃ: ๐ฉ๐๐ ๐ฃ๐๐ฌ ๐ฅ๐๐๐จ๐ ๐ค๐ ๐ฉ๐๐ ๐ข๐๐ง๐ ๐๐ฉ๐จ
The latest U.S. price data has given investors a bit of breathing room. In January, inflation measured by the CPI rose 2.4% year-over-year, slowing from the previous month. The โcoreโ component, which excludes food and energy, stood at 2.5%, broadly in line with expectations. On a monthly basis, the increase was moderate: +0.2% for the headline index and +0.3% for the adjusted figure.
The cooling was helped by the decline in energy (-1.5%) and a more contained trend in rents (+0.2% in the month), a category that weighs heavily in the basket. Food prices also showed limited growth. This mix strengthened market bets on possible monetary easing by the Federal Reserve in the coming months.
However, it should be remembered that the central bank pays more attention to the PCE than to the CPI, and inflation still remains above the 2% target ๐ฏ. The path toward normalization is not yet complete.
๐ท ๐๐๐๐ค๐ง ๐ข๐๐ง๐ ๐๐ฉ: ๐จ๐ค๐ก๐๐ ๐๐ฃ ๐ฃ๐ช๐ข๐๐๐ง๐จ, ๐ฌ๐๐๐ ๐๐ง ๐๐ฃ ๐๐ค๐ข๐ฅ๐ค๐จ๐๐ฉ๐๐ค๐ฃ
The January employment report showed 130,000 new jobs and an unemployment rate falling to 4.3%. Initial jobless claims also remain in a range consistent with a stable labor market .
However, the picture is less bright when looking at the structure of growth. Revisions to previous months showed that in 2025 the average job creation was very weak. Moreover, a large share of new jobs is concentrated in healthcare and social assistance โ a sector that tends to expand for demographic reasons rather than cyclical strength.
Meanwhile, the housing market is showing signs of fatigue: existing home sales fell sharply in January, reflecting still-high rates and less accommodative financial conditions ๐ .
๐ค ๐ผ๐ง๐ฉ๐๐๐๐๐๐๐ก ๐๐ฃ๐ฉ๐๐ก๐ก๐๐๐๐ฃ๐๐: ๐๐ง๐ค๐ข ๐ข๐ช๐ก๐ฉ๐๐ฅ๐ก๐ ๐๐ญ๐ฅ๐๐ฃ๐จ๐๐ค๐ฃ ๐๐๐ฉ๐๐ก๐ฎ๐จ๐ฉ ๐ฉ๐ค ๐จ๐๐ก๐๐๐ฉ๐๐ค๐ฃ ๐๐๐๐ฉ๐ค๐ง
After a long period of enthusiasm, the software sector is undergoing a deep valuation reassessment. Simply invoking AI is no longer enough to support ambitious valuations: the market now demands concrete revenues and measurable returns.
In the United States, stocks such as Palantir Technologies, Salesforce and ServiceNow have suffered significant declines. In Europe, the German leader SAP, together with Dassault Systรจmes and Sage Group, has also recorded a marked correction from its highs.
The central question is clear: will AI accelerate SaaS business models or threaten their margins? Some observers talk about a simple pullback after speculative excesses; others see a deeper transformation that could reshape the sectorโs hierarchy .
Therefore, beware of sharp short-term moves driven more by emotion than by actual structural changes in margins .
๐ช ๐๐๐๐จ ๐๐ฃ๐ ๐๐ง๐ฎ๐ฅ๐ฉ๐ค: ๐๐ก๐ค๐ฌ๐จ ๐ง๐๐ซ๐๐ง๐จ๐๐ฃ๐
Another key signal comes from movements in listed funds. U.S. ETFs linked to Bitcoin and Ethereum are seeing outflows, while international equity funds have attracted significant capital .
This shift indicates a reallocation toward markets perceived as cheaper or better positioned in the new macro environment. With higher bond yields, fixed-income instruments become competitive again versus more volatile assets, putting pressure on cryptocurrencies and high-beta growth stocks.
๐งญ ๐พ๐ค๐ฃ๐๐ก๐ช๐จ๐๐ค๐ฃ: ๐ก๐๐จ๐จ ๐ฃ๐๐ง๐ง๐๐ฉ๐๐ซ๐, ๐ข๐ค๐ง๐ ๐จ๐๐ก๐๐๐ฉ๐๐ค๐ฃ
The overall picture is neither recessionary nor uniformly expansionary. Inflation is slowing, employment is holding up, but growth is concentrated in a few sectors. AI remains a structural theme, but no longer guarantees automatic valuations.
For investors, the current phase requires discipline and diversification. The market is moving from euphoria to selectivity: it no longer rewards promises, but the concrete ability to generate earnings and cash in a context of more expensive capital and shifting global flows .
๐ฟ๐ค๐ฃโ๐ฉ ๐๐ค๐ง๐๐๐ฉ ๐ฉ๐ค ๐๐ค๐ฅ๐ฎ ๐ข๐ฎ ๐ฅ๐ค๐ง๐ฉ๐๐ค๐ก๐๐ค! ๐๐
$SAP.DE (SAP SE)$SNOW (Snowflake Inc.)$BTC$ETH... Show More
Excellent macro breakdown :)
The combination of cooling CPI, still-solid employment, and higher bond yields really does point to a transition phase, not recession, but not easy liquidity either. With yields competitive again, itโs logical to see pressure on high-beta names and crypto, while capital... Show More
.
We use our own and third-party cookies on our websites to enhance your experience, analyze traffic, and for security and marketing. For more info, see our Cookie Policy or go to Manage Settings.
Privacy Preference Center
When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.
More information
Manage Consent Preferences
Strictly Necessary Cookies
Always Active
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
