Bitcoin Is Going Mainstream Now!

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By Neenah Payne Bitcoin’s Sudden Acceptance As Global Finance Changes shows that MicroStrategy invested $425 million in bitcoin this summer. PayPal, MasterCard, and Visa are… Bitcoin Is Going…

Weekly Commentary: Moral Hazard Pinnacle

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Please join Doug Noland and David McAlvany this Thursday, October 22nd, at 4:00pm Eastern/ 2:00pm Mountain time for the Tactical Short Q3 recap conference call, “Managing Short Exposure in Extreme Uncertainty.” Click here to register.  German 10-year bund yields dropped 10 bps this week to negative 0.62%, the low since March. French yields fell eight… Read More

Extend-and-Pretend, Stimulus Caused Bankruptcies to Plunge in Germany, France, Spain. Now Central Banks Tell Banks to Prepare for Bankruptcy Surge

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extend and pretend stimulus caused bankruptcies to plunge in germany france spain now central banks tell banks to prepare for bankruptcy surge

The “second wave,” if prolonged, could cause bad loans to almost triple, to €1.4 trillion, says the ECB. By Nick Corbishley, for WOLF STREET: German banks need to prepare themselves for a sharp spike in corporate bankruptcies early next year, the Bundesbank warned this week in its 2020 Financial Stability Review. It anticipates around 6,000 insolvencies in… Read More

Ford Reports 25% Rise In Q3 China Sales

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ford reports 25 rise in q3 china sales

Ford Motor Company (NYSE: F) released its sales results for the third quarter in China on Thursday, ahead of the planned earnings release scheduled for Oct. 28. What Happened: The automakers reported it sold 164,352 vehicles between July and September in China, marking the largest year-over-year sales growth in nearly four years. Compared to Q3 2019, the current sales… Read More

Disney Takes Lead, Cinemas & Landlords Face Nightmare in the Brick-and-Mortar-Meltdown Series as Movie Debuts Shift to Streaming

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For Brookfield, trying to redevelop the dying Stonestown Galleria in San Francisco, this is turning into a mess. By Wolf Richter for WOLF STREET. It was another stab in the back of the already bleeding brick-and-mortar movie theater business and its landlords and their lenders. But for Disney, it was the next big step in selling direct to… Read More

Microsoft Offers Permanent Work-from-Home Option with Specific Guidance, Including Pay-Cuts if Employees Move to Cheaper Cities

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“Hybrid workplace,” it calls it. This seems to be the trend for many companies with office workers and enough tech savvy to pull it off. A nightmare for landlords. By Wolf Richter for WOLF STREET. Microsoft became the latest company to officially build work-from-home has a permanent feature and benefit into its model – a “hybrid workplace,” as… Read More

AUD/USD Forecast: Slump Gains Momentum As Risk Turns Off

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aud usd forecast slump gains momentum as risk turns off

AUD/USD Current Price: 0.7116 The Reserve Bank of Australia left the cash rate at a record low of 0.25% as expected.  Australia will publish the September AIG Performance of Services Index, previously at 42.5. AUD/USD bearish breakout anticipates a steeper decline ahead. The AUD/USD pair peaked at 0.7208 at the beginning of the day, helped… Read More

Twisted Bailout Economy: Chapter 11 Bankruptcies Surged, But Commercial Chapter 13 Bankruptcies Plunged. 420,000 Small Businesses Closed Quietly, Highest Rate Ever

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twisted bailout economy chapter 11 bankruptcies surged but commercial chapter 13 bankruptcies plunged 420000 small businesses closed quietly highest rate ever 1

Stimulus and bailouts had a huge impact, for those that got them, and for those that didn’t. By Wolf Richter for WOLF STREET. In the world of struggling businesses, debt defaults, bankruptcies, and closures, there is now a clear dividing line. On one side are those businesses that got bailed out by the government, whether they needed it… Read More

Work-from-Home, Tsunami of Supply Crush Commercial Real Estate Office Sector in Q3: Manhattan, San Francisco, Houston, Chicago, Los Angeles

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“Sublease Pandemic?” Office leasing activity plunged or collapsed, depending on city, even as companies dumped huge amounts of suddenly unneeded office space on the sublease market. By Wolf Richter for WOLF STREET. In the third quarter 2020, the commercial real estate segment of office space in Houston, Manhattan, Chicago, San Francisco, and Los Angeles – each representing a… Read More

Weekly Commentary: Covid Uncertainties

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It significantly raises the stakes for a potential nightmare scenario: with less than five weeks until election day, the President contracts COVID-19. As if this election cycle wasn’t chaotic enough. As CNN put it: “A stunning new twist in a tumultuous year, throwing an election that is only 32 days away into chaos and raising… Read More

What Does the Fed See Heading at the Big Banks? Imposes Further Share-Buyback Prohibition, Dividend Caps Due to “Economic Uncertainty” and “Cushion Against Loan Losses”

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what does the fed see heading at the big banks imposes further share buyback prohibition dividend caps due to economic uncertainty and cushion against loan losses 1

My Big Four Bank Index got crushed back at 2004 level. By Wolf Richter for WOLF STREET. After the stock market closed today, the Federal Reserve announced that “in light of the economic uncertainty,” and to provide “a cushion against loan losses,” and to support lending, it would extend for another quarter, so through December 31, the blanket… Read More

The Wild Ride of the FANGMANTIS Stocks v. Rest of Market

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the wild ride of the fangmantis stocks v rest of market 1

These 10 stocks, weighing 25% of the total market, are on one heck of a ride, now in the wrong direction. Rest of market has gone nowhere in nearly 3 years despite huge volatility. By Wolf Richter for WOLF STREET. The FANGMANTIS struck again. This WOLF STREET index of ten giant tech stocks, accounting for 25.5% of the… Read More