Thursday’s News Links

Posted on

[Yahoo/Bloomberg] Stocks Dip With China Data Showing Uneven Recovery: Markets Wrap [Reuters] Dollar firms as weak China retail sales sound warning [Reuters] China’s economy rebounds in second quarter after steep slump, consumption and investment still weak [Reuters] China industrial output rises 4.8% year-on-year in June; retail sales, investment fall [Yahoo/Bloomberg] Decade of the Dollar at Imminent Risk as Slide Threatens… Read More

RISING VOL ≠ FALLING STOCKS

Posted on

a.image2.image-link.image2-453-600 { padding-bottom: 75.5%; padding-bottom: min(75.5%, 453px); width: 100%; height: 0; } a.image2.image-link.image2-453-600 img { max-width: 600px; max-height: 453px; } One of my biggest peeves is the near-universal belief that periods of stock market weakness mean higher volatility, while a rising stock market results in lower volatility. Sure, that is usually the case, but it… Read More

Wednesday Afternoon Links

Posted on

[Reuters] Wall Street rises on vaccine hopes, Goldman profit beat [AP] Fed survey says economy has picked up but outlook cloudy [Reuters] Global consumer confidence plunged in second quarter, rebound likely sluggish: Conference Board [CNBC] Coronavirus updates: White House plays down Navarro’s Dr. Fauci slam; Walmart to require masks Source: creditbubblebulletin.blogspot.com

Wednesday’s News Links

Posted on

[Reuters] Asian shares pare gains as U.S.-China tensions intensify [Politico] Trump signs Hong Kong sanctions bill in blow for China [Reuters] China vows retaliation after Trump ends preferential status for Hong Kong [FT] Doubts cloud China’s post-coronavirus recovery [FT] Central Asian countries fear economic hit as virus cases surge Source: creditbubblebulletin.blogspot.com

Tuesday Evening Links

Posted on

[CNBC] Dow futures jump 300 points after Moderna says its vaccine produces antibodies to coronavirus [Reuters] Wall Street surges, led by energy and materials [Reuters] Trump says he is not interested in talking to China about Phase 2 deal [Reuters] Fed officials warn on ‘thick fog’ ahead for U.S. economy as recovery concerns deepen [WSJ] ‘This Is Not a Normal… Read More

Tuesday’s News Links

Posted on

[Reuters] Asian markets dip as virus and Sino-U.S. tensions flare [Reuters] California’s new lockdown dims outlook for U.S. growth in pandemic [Reuters] China June exports unexpectedly rise as economies reopen, imports up [Reuters] China says U.S. accusations on South China Sea are ‘unjustified’ [WSJ] Coronavirus Spending Pushes U.S. Budget Deficit to $3 Trillion for 12 Months Through June [WSJ] U.S. Rejects… Read More

TAKING A DEEPER DIVE INTO THE TGA

Posted on

a.image2.image-link.image2-477-600 { padding-bottom: 79.5%; padding-bottom: min(79.5%, 477px); width: 100%; height: 0; } a.image2.image-link.image2-477-600 img { max-width: 600px; max-height: 477px; } It seems like everyone has now caught on to the dirty little secret that is the Treasury General Account (TGA). Yesterday my Grandmother told me she was long Tesla, Nio and Spartan because Mnuchin had… Read More

Monday’s News LInks

Posted on

[Yahoo/Bloomberg] Stocks Rise on Policy Optimism; Dollar Declines: Markets Wrap [CNBC] Stock futures rise as investors shake off a continued spike in coronavirus cases [Reuters] Asian shares extend rally, U.S. earnings to test optimism [Reuters] WHO reports record daily increase in global coronavirus cases, up over 230,000 [Reuters] Japan, U.S. discussing jump in coronavirus cases at U.S. military bases [CNBC] China’s… Read More

Sunday’s News Links

Posted on

[CNN] US Covid-19 cases are climbing but some state and local leaders clash over moves to curb the spread [Yahoo/Bloomberg] Homegrown Buyers Pick Up Treasury’s Tab to Fund Record Deficits [Yahoo/Bloomberg] China Gives World First View of Post-Lockdown Rebound: Eco Week [USAT] Fed’s aggressive monetary policy behind the stock market rally Source: creditbubblebulletin.blogspot.com

Saturday’s News Links

Posted on

[Reuters] U.S. sets record for new COVID cases third day in a row at over 69,000 [Reuters] Chinese banks must brace for surge in bad loans, regulator says [Yahoo/Bloomberg] Treasuries Rally Reflects Visions of a Rockier Path to Recovery [CNN] Expert warns the US is approaching ‘one of the most unstable times in the history of our country’ [Bloomberg] China’s… Read More

Weekly Commentary: Utmost Crazy

Posted on

The Shanghai Composite surged 7.3% this week, increasing y-t-d gains to 10.9%. The CSI 300 rose 7.6%, with 2020 gains of 16.0%. China’s growth-oriented ChiNext Index’s 12.8% surge boosted year-to-date gains to 54.5%. Copper jumped 7.1% this week. Aluminum rose 4.6%, Nickel 4.0%, Zinc 8.3%, Silver 4.2%, Lead 4.2%, and Palladium 3.5%. China’s renminbi advanced… Read More

BANKS AS A SIGNAL

Posted on

a.image2.image-link.image2-717-802 { padding-bottom: 89.40149625935162%; padding-bottom: min(89.40149625935162%, 717px); width: 100%; height: 0; } a.image2.image-link.image2-717-802 img { max-width: 802px; max-height: 717px; } The other day I heard a market pundit saying that the recent “bank index underperformance is an ominous signal that the stock market is due for another crash”. It made me realize that I have… Read More

Friday’s News Links

Posted on

[Reuters] Asian stocks fall on virus worry, China stock rally pauses [Reuters] Fed balance sheet below $7 trillion, repo drops to zero for first time since September [Reuters] U.S. recovery in limbo as retail traffic falls in virus hot spots [Bloomberg] China State Funds Start Selling in Warning Sign for Stock Rally [FT] The leveraging of America: how companies became… Read More

CANADA BOND YIELD NON-STORY

Posted on

a.image2.image-link.image2-774-590 { padding-bottom: 131.1864406779661%; padding-bottom: min(131.1864406779661%, 774px); width: 100%; height: 0; } a.image2.image-link.image2-774-590 img { max-width: 590px; max-height: 774px; } This morning I woke up to comments from many bond traders about “Canada’s abysmal performance” yesterday. It all stemmed from Canada’ fiscal update that the government presented yesterday afternoon. Bond traders heard some things they… Read More

Thursday’s News Links

Posted on

[Reuters] Asian stocks grind higher as focus turns to earnings [Reuters] China’s producer prices extend declines but recovery signs emerge [Yahoo/Bloomberg] ‘There’s No Way I Can Lose’: Inside China’s Stock-Market Frenzy [Yahoo/Bloomberg] China Industrial Firms in Refinancing Fix as Debt Wall Looms [Yahoo/Bloomberg] Trudeau’s Deficit Swells to 16% of Output on Massive Virus Aid [Yahoo/Bloomberg] Hedge Funds Lost a Record 7.9%… Read More