China’s new home sales just collapsed 42%. The banks know what that means. The world’s largest asset class is breaking, and this time no amount of optimism will stop the fall, not even a trade deal.

New home sales in China collapsed by 42% in October when compared to last October, representing more than just another setback for the beleaguered Chinese real estate market, the world’s largest asset class. This is a major problem for Chinese …

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US unemployment rate for ages 16-24 is 10.5%; Sales of Heavy Trucks are collapsing; The Buffett Indicator has entered the exosphere; Subprime delinquency is worse than in the 2008 financial crisis.

Sales of Heavy Trucks are collapsing, which has *usually* foreshadowed an upcoming recession 🚨🤯👀 pic.twitter.com/6Yhm79I8H4 — Barchart (@Barchart) September 18, 2025 30-10YR Yield Spread Rising. Look at the chart…. and tell me what you think! pic.twitter.com/NmoDGkE272 — Henrik Zeberg (@HenrikZeberg) …

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It is not only a Bubble, it is worse than a Bubble, it is a speculative Frenzy. The S&P 500 is now trading at 3.3x sales, its highest valuation in history. If you think $NVDA $AVGO are different… Go ask $CSCO and $NOK what happened after the Dotcom bubble popped.

It’s their fastest-growing, most concentrated segment. If one pulls back, everything suffers, including margins, hiring, and priorities. What happens when one or both of these customers stop buying due to e.g.recession fears. The stock is 5 – 10% of major …

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