The meme stock frenzy is making a comeback. Retail investors seem to be targeting the most shorted stocks again — one by one. The latest name to catch their attention is Kohl’s (KSS), which now appears to be joining the meme stock rally.

Good Morning from Germany, where annual working hours are among the lowest in the world – and even that might be overstated. On avg, employees take 31 vacation days a year, plus at least 9 public holidays, many of which cluster between Easter and early June when offices are often quiet. On top of that, the avg number of paid sick days has risen to ~15 per year, up from 10 in 2015.

2021 vibes: Calls are almost 70% of the total market volume … hasn’t been this high since the 2021 meme days, Goldman's Garrett warns.

Opendoor is the market’s latest Meme Stock w/insane trading volumes. Shares of the San Francisco-based tech group that focuses on the stagnant real estate sector have nearly tripled in value over the past week. The rally appears to have been sparked by a prominent investor discussing the stock on social media, which drew the attention of retail traders. The company has struggled since peaking at a $20.6bn valuation in February 2021, shortly after merging with the SPAC (special purpose acquisition company) Social Capital Hedosophia Holdings Corp II, led by Chamath Palihapitiya. That decline isn’t surprising: Opendoor’s core business is in the "instant buyer" market, where it aims to make home sales faster and bypass traditional realtor fees—an idea that has faced serious challenges in a cooling housing market.

Good Morning from #Germany, where over 60 of the country’s top companies have kicked off a major new investment push worth at least €100bn. The goal: to help revive Europe’s largest economy, which has been stuck in a prolonged slump. One of the biggest concerns is that business investment has been falling. Back in 2019, gross fixed capital formation – a key measure of investment in infrastructure, machinery, and equipment – made up 11.7% of GDP. Today, that share has dropped to below 9%, a clear sign of the country’s fading economic dynamism.

Good Morning from Germany, where electricity prices on the energy exchanges have surged again – topping €100 per megawatt hour. So far this year, prices have crossed that level on 68 days. At these rates, building and operating large, energy-hungry data centers in Germany becomes increasingly difficult.

The world has accelerated. ETF inflows into digital gold were significantly faster and more intense than into original gold. (Chart via SRP)

Good Morning from #Germany, which has rejected the EU’s proposed €2tn budget. The objection isn’t just about the size – Germany would cover about a quarter of the total – but also about the plan to introduce a corporate substance tax, which Berlin argues would do little to boost competitiveness.

#Argentina raised to Caa1 from Caa3 by Moody's.

Party like it’s 1999: Goldman Sachs’ Non-Profitable Tech Index is up 66% since hitting its low in April.