TOPLEY’S TOP 10 May 24 2024

1. REITS Roll Back Over

VNQ Vanguard Real Estate ETF 4 lower highs on chart.

2. Follow-Up on Dow Theory…Transports Not Cooperating

Marketwatch-by Christine Idzelis

3. Transports Chart-A Couple Ticks from New 2024 Lows

4. Semiconductors New Highs

SMH-Semiconductor ETF….Does Dow Theory Stil Matter?

5. China De-Dollarizing Cross Border Transactions

Zerohedge Blog The De-Dollarization of China’s Cross-Border Transactions

This analysis uses Bloomberg data on the share of China’s payments and receipts in RMB, USD, and other currencies from 2010 to 2024. 

In the first few months of 2010, settlements in local currency accounted for less than 1.0% of China’s cross-border payments, compared to approximately 83.0% in USD. 

China has since closed that gap. In March 2023, the share of the RMB in China’s settlements surpassed the USD for the first time.

Since then, the de-dollarization in Chinese international settlements has continued.  

As of March 2024, over half (52.9%) of Chinese payments were settled in RMB while 42.8% were settled in USD. This is double the share from five years previous. According to Goldman Sachs, foreigners’ increased willingness to trade assets denominated in RMB significantly contributed to de-dollarization in favor of China’s currency. Also, early last year, Brazil and Argentina announced that they would begin allowing trade settlements in RMB. 

Most Popular Currencies in Foreign Exchange (FX) Transactions

Globally, analysis from the Bank for International Settlements reveals that, in 2022, the USD remained the most-used currency for FX settlements. The euro and the Japanese yen came in second and third, respectively.

The Chinese renminbi, though accounting for a relatively small share of FX transactions, gained the most ground over the last decade. Meanwhile, the euro and the yen saw decreases in use.

6. The Dollar Still Strong

7. Ethereum Gets the ETF Approval

ETHE about to make new highs.

8. XLE Energy ETF-Chart

A few lower highs …trending down.

9. Tax Burden by State

Food for Thought: The tax burden by state:

Source: Visual Capitalist

10. While U.S. Kids are on TikTok…….In Russia at war, kids swap classroom for shooting range

By Reuters

VLADIKAVKAZ, Russia, May 24 (Reuters) – Fourteen-year-old Russian schoolboy David learned something new this month: firing accurately with a Kalashnikov is trickier than with a pistol.
With other pupils, he got to try out the weapons as part of basic military training – a feature of the school programme that was dropped in the final years of the Soviet Union but has been reintroduced since the start of Russia’s war in Ukraine.
In the southern city of Vladikavkaz this month teenage boys in camouflage uniform took turns at firing weapons and practising first aid under the eye of instructors.
“It’s easier to fire a pistol. And it’s more difficult to take aim with an assault rifle,” said David, a lanky boy with black hair and glasses.
He said the firearms practice would “make life easier” for him in the future. Military service is compulsory for young men in Russia, whose war in Ukraine is now well into its third year.
Sergei Menyailo, a retired vice-admiral who is now the leader of Russia’s North Ossetia region, referred to the conflict in remarks to the youngsters, telling them the training would help them “to fulfil your military duty within a team” if they had to fight one day.
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The education ministry issued a decree in late 2022 introducing basic military training into the school curriculum as part of a subject called “basics of life safety”. Critics see it as part of a growing militarisation of Russian society since the start of the war.
Boris Kantemirov, local head of a volunteer organisation that supports the armed forces, said the training delivered skills that any soldier would need.