DXY lifted last night and is nicely placed for an inverse head and shoulders bottom (which is meaningless unless it happens): AUD was thumped against DMs: And mixed against EMs: Gold was hit: Brent jumped on Kurdish and Iran tensions: Base metals were mixed but copper went stupid: Big miners were strong: EM stocks stalled:
DXY rebounded a little Friday night: But that couldn’t stop the runaway train that is AUD: Though it was mixed against EMs: AUD trader longs pulled back last week to 69k: Gold was on fire: Brent strong: Base metals partied: Big miners too: EM stocks moonshot: High yield yawned: US yields fell and the curve
DXY slumped after Fed minutes and now has the perfect head and shoulders bottom set up which may prove meaningless: AUD jumped but is still broadly weak against EUR: And EMs: Gold rose: Brent too: Base metals are in La la land: And EM stocks are way overheated: High yield meh: Us yields roared but
DXY fell heavily last night (though it has set up a big head and shoulders bottom pattern): AUD was strong against USD but weak against EUR: And weak against EMs: Gold jumped: Brent too: And base metals: EM stocks hit new highs: High yield yawned: US yields fell and the curve flattened again: European spreads
By Leith van Onselen Earlier this month, The Grattan Institute published a report outlining in all its hideous glory how older Australians have gotten wealthy while the young have been left behind: Data from the Australian Bureau of Statistics (ABS) shows that older Australians are capturing an increasing share of the nation’s wealth, and the
Great stuff today from the always entertaining and cross-disciplinary Viktor Shvets at Macquarie: Investors seem to be residing in a world without any notable perceived risks. It is an extraordinary and unprecedented situation, particularly given unresolved issues of over leveraging and associated over capacity as well as profound disruption of business and economic models, which
DXY came off its highs Friday night: The AUD came off its lows but is weak against EUR now as well. And EMs: Gold was off its lows too: Brent got pounded as Saudi and Russia mulled no supply cut extension. Fat chance: The base metals delusion lifted a little: Big miners too: EM stocks
DXY took off last night: AUD broke below 78 cents: It looks weak against EMs now too: Gold also fell: But Brent jumped: And base metals: Plus big miners: And EM stocks: High yield yawned again: US yields broke out at the short end: And stocks went nuts: In short, it was an evening of
DXY held up overnight: AUD did too as 78 cents holds for now: It was mixed against EMs: Gold tried and failed to rally: Brent bottomed: Base metals are still levitating: Big miners love China on holiday: EM stocks too: High yield yawn: US yields edged higher: European spreads widened again on Catalonia but it’s
DXY was up again overnight though off the highs: AUD is fighting a desperate rear guard action to hold 78 cents as it slowly breaks down: It was mixed against EMs: Gold is going just one way: Brent too: But while the China cat is away, base metals will play: Big miners too: And EM
Cross-posted from LF Economics: The title of the article comes from a very interesting and hard-hitting paper authored by a leading mainstream economist, Luigi Zingales. He is a professor of entrepreneurship and finance at Chicago University’s School of Business, with impeccable mainstream credentials. The paper in question appeared in The Journal of Finance and can
Bloomberg ran a report last week on electric cars that turned into a longer read than I expected as I chased through some of their numbers that seemed wrong: It’s been 10 years since Apple Inc. unleashed a surge of innovation that upended the mobile phone industry. Electric cars, with a little help from ride-hailing and self-driving technology,
DXY was stable Friday night: AUD slipped against USD and fell against EUR: It was weak against EMs: AUD longs hit a new high last week, music to a bear’s ears: Gold was weak: Brent too: Base metals mixed: Big miners enjoyed the dead cat: EM stocks rebounded: High yield is still stuck: US yields
DXY pulled back last night: AUD stabilised versus EMs: But fell against EMs: Gold held: Brent was whacked: Base metals rallied: But not big miners: EM stocks held: High yield is stable: US yields pulled back: European spreads contracted: And US stocks hit more record highs: It’s a pretty normal pullback following Trump tax excitement. There’s
The DXY roared higher last night and it looks like the bottom is in: AUD fell sharply: But held against EMs: Gold was thumped, another confirmation of USD strength: Brent was hit: Base metals were mixed: Big miners held on: EM stocks sent out another clarion warning on a rising USD: High yield does not
Last night DXY roared and the odds are growing that it has bottomed: The Aussie dollar broke lower against DMs and the odds are rising that the super spike is over: And EMs: Gold was smacked: Brent flamed out: Base metals fell: Big miners too: EM stocks eased some more: High yield firmed: The US
I have yet to hear reasoned arguments about why Bitcoin should be considered a currency. Nor have the perceived advantages over existing currencies and their settlement systems ever really been properly elucidated. Somehow that does not stop people believing that Bitcoin is a currency. In many cases, people argue that it is even better than
DXY lifted to new highs last night: AUD fell against DMs: But was stronger against EMs: Gold took off on war talkin’: Brent flew on war talkin’. Way overstretched now: Base metals were mixed: Miners hammered: EM stocks sent out a big fat warning siren. My view is that this is as much about a
Cross-posted from The Conversation: Despite its name, cryptocurrency isn’t just money. It could also be debt or equity and so it should be regulated and taxed in the same way as other finance. The tokens investors get when they buy a cryptocurrency, like Bitcoin, can be used to buy into blockchain startups (businesses that use
Cross-posted from The Conversation: The Chinese government’s decision to order several Bitcoin and other cryptocurrencies exchanges to close shows how much of a threat they are perceived to be to financial stability and social order in China. The decision to also ban initial coin offerings altogether (the unregulated means by which funds are raised for
Via Deutsche: This year’s long-term study looks at the frequency of financial crises and shocks through history and speculates as to where the next crises may originate from. We think that the post Bretton Woods (1971-) global financial system remains vulnerable to financial crises. A simple internet search of financial crises through history
DXY caught a big bid last night: Even so, the Australian dollar was actually up on the day after charging then flaming out: It remains stronger than other EMs: And stronger than gold: Brent took off and is now pricing for more shale: Base metals too, foolishly to my eye: Big miners didn’t buy it:
Cross-posted from The Conversation: This phrase may have religious roots, but there is no better way to describe the dominant sect in economics today than as wilfully blind. A decade after the 2007-08 crisis, most still repeat the mantra that it could not have been predicted. Nonsense. The data that showed what would cause the
By Leith van Onselen Australia has again taken the silver medal for having the world’s second most indebted households according to the latest data from the Bank for International Settlements (BIS). The next table shows the ratios of household debt to GDP as at the March quarter of 2017. As you can see, Switzerland (129%)
DXY was soft last night as we await the Fed: The Aussie dollar was strong: Other EMs fell: Gold got a little lift out of the UN: Brent softened: Base metals hung on: Big miners too: EM stocks are in the stratosphere: High yield isn’t: US short end yields are poised to break out: Europe
