Trump’s delay
June 20, 2025
**************
–USU5 traded as low as 113-04 early yesterday (-16) but recovered to 113-25 as stocks slid. ESU5 was down over 60 at the lows. This morning USU is back down at 113-07 and stocks have recovered on news that Trump is delaying a decision on bombing Iran for 2 weeks. Probably makes Israel’s campaign more urgent. Big option expiration in equities today.
–Below are a couple of charts indicating deterioration in luxury brands. LVMH down nearly 50% in a little over a year. Also attached is the luxury watch index, down 3.4% in the past year.
https://watchcharts.com/watches/price_index
