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StoneX strategist flags equity risk, stays bullish on Bitcoin

Vincent Deluard warns rising Treasury yields and oil prices could spill over into equities after November, while he plans to turn bearish on stocks but maintain a bullish stance on Bitcoin and gold.

Reported · Written up by our desk · Market Structure

Bitcoin Magazine highlights StoneX Global Macro Director Vincent Deluard’s view that pressure building in Treasury yields, oil prices, and the yen carry trade is approaching a breaking point.

In his outlook, Deluard expects markets to hold up through the midterms and an Anthropic IPO, but he argues that AI-related capital spending cannot keep doubling indefinitely.

The strategist says that after November he plans to shift to a bearish stance on stocks, citing the potential for spillover from macro moves into equities.

Despite that stock outlook, Deluard remains bullish on Bitcoin and gold as hedges in the scenario he associates with rising yields and long term dollar risks.

Latest closeGold $4,150.40 ▼0.3%|Bitcoin $82,234.75 ▼1.2%

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