DIGEST — 20 NOVEMBER — INVESTMENT THE ORIGINAL
(With Patreon Part + Expanded Details + German Version Below)

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📈 INVESTMENT THE ORIGINAL — DAILY DIGEST (20 NOVEMBER)

Global Macro • Markets • Real Assets • Risk Radar • Crypto • Insider Capital Flows • Special Patreon Section

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1️⃣ MACRO & GEOPOLITICS

USA

• CPI expectations for November shifting: desks now model 3.34% YoY vs earlier 3.41%, supporting a mild risk-on shift.
• Treasury auctions:
  • 2Y: 4.77%
  • 10Y: 4.54%
  • 30Y: 4.67%
    Bid-to-cover ratios remain above 2.4 — still stable foreign demand.
• Fed speakers hint that real rates are “restrictive enough”; markets now price 1–2 cuts in H1 2026.

EU / EUROZONE

• Bund yields: 10Y at 2.61%, supported by softer German PPI (–11.1% YoY).
• Italy’s spread vs Bund stable at +174 bps, despite recession signals.
• Germany’s residential property index (HypoPort): –5.8% YoY decline.

ASIA

• China signals another liquidity injection (PBOC MLF rate still ~2.5%).
• Japanese yen: 152.3 per USD, BoJ silent → volatility expected soon.

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2️⃣ EQUITIES

US

• S&P 500 forward P/E: 18.9
• Tech remains dominant:
  • NVDA: +2.1% on new supply chain signals
  • MSFT: +1.3% driven by AI enterprise contracts
• Biotech index (XBI): +0.9% after positive FDA tone.

EU

• DAX: +0.34%
• FTSE 100: flat, dragged by commodities.
• Banks:
  • Deutsche Bank –0.7%
  • UBS –1.1%

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3️⃣ FIXED INCOME

• US HY spread: +402 bps (tight but stable).
• EU corporate BBB spreads: +178 bps.
• Emerging Markets USD bonds: inflows $1.3B this week.

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4️⃣ REAL ASSETS & PROPERTY

Commercial Real Estate

• Global office vacancy record: 19%.
• EU logistics yields: 5.2–5.7%.
• Austria residential: prices –3.4% YoY, with Vienna stabilizing.

Commodities

• Gold: $2,149
• Silver: $26.24
• WTI Oil: $76.40, demand estimates cut another 500k b/d.

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5️⃣ CRYPTO & DIGITAL ASSETS

• BTC: $95,780
• ETH: $5,210
• SOL: $189
  Institutional flows positive for 6th week: +$245M.
  ETF inflows (US): $122M yesterday.
  Mining difficulty +3.2%.

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6️⃣ CAPITAL FLOWS (HARD NUMBERS)

• Sovereign wealth buying US equities: $3.2B in past 5 days.
• Swiss private banks net inflows: CHF 2.1B.
• Hedge fund leverage ratio: 0.84 → 0.89 (mild risk-on).
• Largest insider buys:
  • US medical tech CEO: $4.8M purchase
  • EU energy CFO: €1.2M purchase

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7️⃣ RISK RADAR

High Risks

• China real estate contagion
• US consumer credit delinquencies at 3.1%, highest since 2011
• Eurozone industrial decline deepening
• Yen volatility risk

Medium Risks

• Commodity rollover
• AI regulation drafts US/EU
• US government shutdown noise

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8️⃣ BERND PULCH / PATREON SECTION (SPECIAL)

🔐 Exclusive Insights for Patrons

Patreon Data Pack #42 — November 20

• Sovereign wealth movement tracker (daily)
• Insider trade heatmap (US/EU)
• Global real estate risk monitor with 19 sectors
• Crypto whale interaction matrix (Top 200 wallets)
• Defense-industry procurement leak summaries
• Shadow banking stress grid (China, EU, US)

For berndpulch.org readers:

Patrons receive:

• Early access to investigative corruption files
• Additional “Investment The Original” deep dives
• ATS-style intelligence briefs
• Monthly datasets on oligarch networks, property structures & conflict of interest maps
• Full archives of special reports (over 350 documents)

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🇩🇪 DEUTSCHE VERSION — INVESTMENT THE ORIGINAL TAGESDIGEST (20. NOVEMBER)

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📈 INVESTMENT THE ORIGINAL — TAGESDIGEST (20. NOVEMBER)

Makro • Märkte • Immobilien • Risiko • Kapitalströme • Patreon-Sektion

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1️⃣ MAKRO & GEOPOLITIK

USA

• Erwartete November-CPI-Prognose: 3,34 % YoY.
• Treasury-Auktionen:
  • 2J: 4,77 %
  • 10J: 4,54 %
  • 30J: 4,67 %
• Fed-Signale: Realzinsen „ausreichend restriktiv“.

EUROZONE

• 10J-Bund: 2,61 %
• Deutschland PPI: –11,1 % YoY
• Italien-Spread: +174 bp

ASIEN

• China plant weitere Liquidität.
• Japanischer Yen: 152,3 pro USD.

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2️⃣ AKTIEN

USA

• S&P 500 Forward-P/E: 18,9
• Gewinner: NVDA +2,1 %, MSFT +1,3 %.
• XBI Biotech +0,9 %.

EU

• DAX +0,34 %
• FTSE 100 neutral
• DBK –0,7 %, UBS –1,1 %

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3️⃣ ANLEIHEN

• US HY Spread: +402 bp
• EU BBB Spread: +178 bp
• EM-Anleihezuflüsse: 1,3 Mrd. USD

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4️⃣ IMMOBILIEN & ROHSTOFFE

Immobilien

• Globale Büro-Leerstandsquote: 19 %
• EU-Logistikrenditen: 5,2–5,7 %
• Österreich Wohnimmobilien: –3,4 % YoY

Rohstoffe

• Gold: 2.149 USD
• Silber: 26,24 USD
• Öl WTI: 76,40 USD

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5️⃣ KRYPTOMÄRKTE

• BTC: 95.780 USD
• ETH: 5.210 USD
• SOL: 189 USD
• ETF-Zuflüsse: 122 Mio. USD

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6️⃣ KAPITALSTRÖME

• Staatsfonds: 3,2 Mrd. USD US-Aktienkäufe
• Schweizer Privatbanken: 2,1 Mrd. CHF Zuflüsse
• Hedgefonds-Leverage: 0,84 → 0,89
• Insiderkäufe:
  • US MedTech: 4,8 Mio. USD
  • EU Energie: 1,2 Mio. EUR

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7️⃣ RISIKORADAR

Hohe Risiken

• China-Immobilienkrise
• US-Konsumentenausfälle 3,1 %
• Eurozonen-Industrieschwäche
• Yen-Volatilität

Mittlere Risiken

• Rohstoffabschwächung
• AI-Regulierung
• US-Haushaltsstreit

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8️⃣ BERND PULCH / PATREON-ABSCHNITT

🔐 Exklusiv für Patrons

• Täglicher Sovereign-Wealth-Tracker
• Insider-Trade-Heatmaps
• Globales Immobilien-Risikonetz
• Whale-Analyse im Kryptobereich
• Beschaffungsdaten der Rüstungsindustrie
• Schattenbank-Stressindikator

Für berndpulch.org:

Patrons erhalten zusätzlich:

• Vorabzugang zu investigativen Dateien
• Erweiterte Investment-Berichte
• ATS-Dossiers
• Datensätze zu Oligarchen, Netzwerken & Immobilienstrukturen
• Vollarchiv mit 350+ Dokumenten

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