Wealthion Macro Bites 11/24/25

After weekend reports that BHP had approached Anglo American with a cash-and-stock deal to derail the pending Anglo/Teck (all stock) merger, BHP announced this morning it is “no longer considering a combination of the two companies,” and will focus on its own portfolio.

U.S. Export-Import Bank (EXIM) Chair John Jovanovic said EXIM will invest $100B to secure U.S. and allied supply chains for critical minerals, nuclear energy and liquefied natural gas.  EXIM announced it has $100B left to deploy of the $135B authorized by Congress and will begin with a credit insurance guarantee for $4B of natural gas being delivered to Egypt (by Hartree Partners) and a $1.25B loan for Barrick’s Reko Diq copper/gold project in Pakistan.

Morgan Stanley joins the ranks of Wall Street firms concerned the $1.5T in expected debt issuance for expansion of AI and data centers by ’28 will not be funded by cashflows and will instead rely heavily on global bond markets, threatening to overwhelm buyers, weaken credit markets and widen credit spreads.  Bloomberg’s Aggregate Corporate Option Adjusted Spread (OAS) has increased to 85bps in recent weeks (highest since 6/27/25).

U.S.-listed Bitcoin ETF’s have experienced $3.5 billion in November outflows and are headed for their worst monthly outflows since launching nearly two years ago.  BlackRock’s IBIT (60% of total Bitcoin ETF assets) has witnessed $2.2B in Nov. redemptions.  

New York Fed President John Williams (perm. FOMC voter) said monetary policy is still restrictive and interest rates could fall further without putting the Fed’s inflation goals at risk.  Boston Fed President Susan Collins (’25 FOMC voter) said she is leaning against a Dec. rate cut, “I do see reasons to be hesitant.”

The Trump administration announced that the Department of Government Efficiency (DOGE) has officially been disbanded eight months ahead of its scheduled July ’25 termination.  

Euro Stoxx 50 +0.3%, S&P futures +0.45% and Nasdaq futures +0.7%.  DXY dollar index -0.1%, spot gold +0.4% and spot silver +0.45%.

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