The Real Asset Shifting (RAS) module (www.steelldy-indices.com) focuses on tangible assets, notably cross-border real estate. However, intangible assets (patents, trademarks, software, know-how, databases, client lists) are historically the main channel for profit shifting in multinational groups. Unlike tangible assets, intangibles do not significantly benefit from the Substance-based Income Exclusion (SBIE), are highly sensitive to transfer…
Executive Summary
SpaceX (SPCX) closed its first week of trading on June 13, 2026, at $158.40 (+17.3% since the IPO at $135), after a peak of $176.52 on day 1.
Market capitalization: ~$2.18 trillion. Exceptional cumulative volume (>2.8 billion shares). The stock shows an implied annualized volatility of 68-82%, with strong retail participation…
1. Smart City Thematic ETFs: An Already Mature Vector for Institutional Investment
Smart City ETFs are a mature investment vehicle attracting significant capital, with around 40 products totaling approximately $15.6 billion in assets under management as of April 2024. Key examples include BlackRock's iShares Smart City Infrastructure UCITS ETF (CITY). These funds directly finance urban…
In our STEEL software, USDT is modeled as the first-tier systemic collateral in decentralized finance. A 10% contraction ($12 billion USD) is a negative convexity shock. Input variables include an initial USDT supply of $120 billion, a contraction speed at T+5 days (exogenous shock like a JPY Carry Trade unwind), an LIR < 0.22 (market…
1. SYNOPSIS EXÉCUTIF. ÉTAT D'URGENCE ÉNERGÉTIQUE
Au 4 janvier 2026, une urgence énergétique se profile suite à la convergence de trois chocs : un choc géopolitique (capture de Maduro) menaçant plus de 300 kb/j de brut lourd, un choc technique (WTI testant un support critique à 55-57 USD avec risque de cassure), et un choc…
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