We've been covering how the unwinding of a popular trade has rippled through global markets. JP Morgan and UBS saying today that the unwind is only 50% done. For years, investors around the world have been taking advantage of Japan's 0% interest rate policy. The low rates in essence allowed investors to borrow money for next to nothing, and use it to buy stocks, bonds, or anything else in the global financial market. This has been a safe and profitable trade over the years. But that all changed last week after the Japanese central raised interest rates above 0% for the first time in 17 years. Google may be the one who lost an antitrust lawsuit but Apple is likely going to take a hit too. A federal judge ruled that Google paying companies to make its search engine the default browser violates U-S antitrust law. For two decades, Google has paid Apple a chunk of its search revenue made on Apple devices. Court documents estimated that number to be around 20-billion-dollars in 2022. Google may have to scrap that deal with Apple.