Ray Dalio is: Central Banks’ Reversals Signal the End of One Era and the Beginning of Another For the last nine years, central banks drove interest rates to nil and pumped money into the system creating favorable carries and abundant cash. These actions pushed up asset prices, drove nominal interest rates below nominal growth rates,
Apparently this ABC Insiders video hasbeen well-reived in the US: What did we learn about @realDonaldTrump at this #G20? @CUhlmann explains. #Insiders pic.twitter.com/TGOXdiFWhB — Insiders ABC (@InsidersABC) July 8, 2017 That pretty much sums it up for me. The loon pond answers via Andrew Bolt: Sounds plausible, if you forget who Trump replaced. Didn’t Russia
US jobs were out Friday night and came in ahead of expectations: Total nonfarm payroll employment increased by 222,000 in June, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, social assistance, financial activities, and mining. …The change in total nonfarm
By Leith van Onselen The Turnbull Government is reportedly “actively working” to resurrect the Trans-Pacific Partnership (TPP) trade agreement minus the United States, according to the Australian Government Response to the Senate Foreign Affairs, Defence and Trade committee’s report on the proposed TPP agreement, released yesterday. Below are the main items [apologies for the screen
Markets puked last night. The AUD fell against a weak USD and strong EUR: The Battler was mixed against EMs: Gold held on: Brent too: And base metals: Miners fell: EM stocks look very toppy: And it’s quite bearish that high yield credit is leading them down: US bonds were bought at the short end
Via Sinocism: 1. Calm Before The Storm In The US-China Relationship Is Over Sinocism readers have known for many weeks that this was coming. Investors and analysts may want to rediscover the worries about the relationship that were so prevalent during Trump’s transition period. This week’s Trump-Xi meeting is unlikely to change the trajectory. Haley warns
The Aussie dollar came off hard last night against USD and EUR: It fared better against EMs but largely because SA freaked out over its central bank: Gold was hit: Brent was flogged: Base metals too: Big miners partly caught the memo: EM stocks look toppy: As high yield leads down: And US bonds sold
Some might think right about now, via the BBC: North Korea says it has successfully tested its first “intercontinental ballistic missile” (ICBM). A state television announcement said the missile, which landed in the Sea of Japan on Tuesday, could hit targets anywhere in the world. But the US and Russia said the missile had a
The Aussie dollar rose again last night against USD but fell against EUR: It was still strong against other EMs: Gold was weak despite the USD: Brent was firm again but flamed out: Base metals were similar: Big miners were mixed: EM stocks got hammered: High yield held up: But Treasuries got smoked: As did
Last night the Aussie was weak against USD and weaker still against EUR: It was firmer against other EMs: Brent jumped: Gold was flat: Base metals jumped: Big miners too: EM stocks were hit: And high yield was weak: Treasuries were hammered: And European bonds: While stocks cracked: It was a tale of four
The Aussie was strong against USD and EUR last night: But weak against EMs: Gold slumped: Brent rose: Base metals lifted: Big miners were mixed: EM stocks took off: As high yield rebounded with oil: But the US yield curve sank to new lows: With more tightening European spreads: And stocks rebounded: In short, oil
The Aussie dollar was weak against DMs last night: Stronger against EMs: Gold firmed: Oil was smacked: Weirdly, base metals surged, probably on China stimulus hopes which are WAY premature: Big miners liked it: EM stocks held on: But US and EM high yield buckled: US bonds were sold and curve hit new flats: European
The Aussie dollar fell against both USD and EUR last night: But was strong against EMs: Gold fell: Oil was hammered to new lows: Base metals rolled: Big miners were smashed (-3%+ each for RIO/BHP ADRs): EM stocks broke: EM high yield is looking toppy now: US bonds were bought and the curve flattened again: European
The Aussie dollar fell against the USD last night but was still firm against EUR: And it remains firm against EMs: Gold was smacked: Brent tried and failed to rally: Base metals succeeded: Big miners too: And EM stocks: High yield is hanging on despite oil: US bonds were sold but the curve flattened again:
The Aussie dollar was up and away Friday night versus DMs: And EMs: Gold was weak: Oil firmed: Base metals too: Big miners were hit: EM stocks are consolidating: High yield has hit turbulence: As energy credit comes under a little strain: However US rigs still climbed another 6 to 747: US bonds were bought
From Kyle Bass today via Reuters: Hayman Capital Management founder Kyle Bass on Thursday said he remains short the Chinese yuan despite the country’s latest change to the guidance rate, because he believes credit bubble problems are “metastasizing.” “What the public narrative is and what they have been doing behind the scenes are two completely
Brace yourself, the following is not happy reading. About working horses & people ‘There was a type of employee at the beginning of the industrial revolution whose job and livelihood largely vanished in the early 20th century. This was the horse. The population of working horses actually peaked long after the industrial revolution… there was
Things are heating up. The Australian dollar roared against USD and EUR: As well as commodity currencies: This despite gold getting thumped: And oil crashing: Copper falling: And big miners getting pulverised: EM stocks were stable: Bizarrely, US high yield rose as oil crashed. EMHY was not so lucky: US bonds were sold and the
The Aussie rolled against major currencies last night: Commodity currencies too though Brazil is weak: Gold was hit: Brent too: Base metals were mixed: Big miners too: EM stocks rebounded: US high yield is still diverging from EM: US bonds were sold but the curve flattened again: European spreads tightened: Stocks rebounded: S&P500 closed at
By Leith van Onselen I have explained previously why I believe that various state government plans to sell-off of public assets to pay for infrastructure investment would likely end up being a dud deal for taxpayers and users, who are likely to pay more for services as the new private monopoly owners gouge customers. A
The AUD rebound has stalled against USD and EUR: It’s mixed against commodity currencies: Gold was soft: Brent too: Base metals fell: Big miners too: EM stocks took a hit: And EM high yield is peeling away from US: US Treasuries were sold and the curve flattened again: European spreads tightened sharply as MS5 misfired
By Leith van Onselen For more than a decade, the Productivity Commission has debunked the common myth that immigration can overcome population ageing. For example: PC (2005): “Despite popular thinking to the contrary, immigration policy is also not a feasible countermeasure [to an ageing population]. It affects population numbers more than the age structure”. PC
The AUD was strong against developed market currencies last night: And emerging: Gold was firm: Brent weak: Base metals weak: Big miners weak: EM stocks stable: High yield bogged down with oil: US bonds sold: European spreads were stable: And stocks eased: Deutsche takes a useful look at where global markets are poised: …[it] seems
Quite a night! AUD sank against both USD And EUR: It was also weak against commodity currencies: Gold was soft: Brent too: And base metals: Plus big miners: EM stocks took off: But EM high yield fell: US bonds were sold: European spreads widened: And US stocks went bananas for carefree record closes: Perhaps it
DXY is still weak, EUR strong and CNY, whoa, is suddenly breaking upwards: Commodity currencies were generally weak: Gold is threatening higher: Brent is threatening lower: Base metals are still trending down: As are big miners: EM stocks were spanked: US high yield is ignoring oil, the EM plod goes on: US bonds were bid
