Good morning. The US and the EU struck (in President Trump’s words) “the biggest deal ever reached in any capacity” yesterday, after about an hour of conversation in Scotland. EU imports to the US will be tariffed at 15 per cent (except steel and aluminium, which remain at 50 per cent), and no new tariffs on US goods entering the EU. Europe also promises to buy a lot of American stuff.

This week, the market will digest this and a lot more besides. It’s a monster week for earnings reports, featuring Visa, Mastercard, UnitedHealth, KKR, Arm, Microsoft, Meta, Apple and Amazon. On the economic front there is second-quarter GDP, personal consumption expenditures and payrolls. Oh yeah, and a Fed meeting. We’re going to have some fun. Email us: unhedged@ft.com.  

Speculative mania, irrational exuberance, asset bubbles, et al

We might as well start with the price of Bitcoin: