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What Do The UK Election Results Mean For Brexit?

June 9, 2017

      MarketWatch.com – After U.K. election shocker, Brexit itself looks ‘surely in trouble now’ Another election, another surprise. “Theresa Dismay” and “Mayday Mayday!” are the headlines, after the Conservatives’ grip on government slipped. Still-prime-minister-for-now Theresa May’s gamble has failed, producing a hung parliament.  Everyone is wondering what’s next (Boris Johnson as next leader? Fly in… Continue reading What Do The UK Election Results Mean For Brexit?

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The Global Economy And The U.K. Election

June 9, 2017

DealB%k (NYT Blog) – U.K. Election Delivers New Variable for Uncertain Global Economy In a global economy amply stocked with anxiety-provoking variables, Britain just added another. An election designed to bolster the government’s mandate instead yielded fundamental confusion over who is in charge as the nation prepares for fraught negotiations in its pending divorce from the… Continue reading The Global Economy And The U.K. Election

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More On Wages

June 9, 2017

The Financial Times – Survival of US profitability miracle depends on wages Current US administration of bankers unlikely to reverse corporate power over labour Is the sun setting on a golden era for American corporate profitability? Since the financial crisis and the subsequent recession, corporate America has been a giant money machine, churning out profits the… Continue reading More On Wages

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Cartoons

June 9, 2017

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Financials Not Prepared for Further Flattening in the Yield Curve

June 8, 2017

OPEN Net Positions – Financials Not Prepared for Further Flattening in the Yield Curve Comment In our latest webinar, Ben Breitholtz discusses the flattening yield curve and financials.  The recent pace of flattening (near 60 bps) is at a key breaking point for banks and diversified financials. Underperformance is expected to stay and become more severe… Continue reading Financials Not Prepared for Further Flattening in the Yield Curve

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Oil’s Latest Decline Dents High Yield Energy

June 8, 2017

Financial Times – Oil price slide widens junk bond yield spreads Crude drop hits energy groups’ debt but worse impact is seen in share prices A slide in the price of crude oil has weighed on corporate debt in the US, underlining the fragility of a market that has mostly weathered the volatility of the asset… Continue reading Oil’s Latest Decline Dents High Yield Energy

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We Have Reached Peak Complacency

June 8, 2017

Bloomberg – Stop Waiting for the ‘All Clear’ From Markets Investors have good reasons to be complacent, but that doesn’t necessarily mean everyone is. The finance industry is full of people who are paid to worry about risks in the markets. And there is never a shortage of things to worry about — geopolitical risk, corporate… Continue reading We Have Reached Peak Complacency

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Is This The Reason Markets Are Bullish About Trump?

June 8, 2017

  American Action Forum – Sam Batkins: The Historic Nature Of The Regulatory Slowdown How profound is the recent regulatory slowdown? The White House has released just 8 percent of the historical volume of regulation. Cabinet agencies have only finalized $33 million in costs, compared to a 2005 to 2017 average of $26 billion. On… Continue reading Is This The Reason Markets Are Bullish About Trump?

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The Dollar and U.S. 10yr Yields

June 8, 2017

Bloomberg – The Dollar’s ‘Stupidly Strong’ Link With Bonds Means Deeper Losses Rising correlation sends greenback, U.S. yields to new lows The Bloomberg dollar index is the weakest since October, while 10-year yields are plumbing depths last seen in the days after Donald Trump’s November election. Since his victory, the correlation between the greenback and yields… Continue reading The Dollar and U.S. 10yr Yields

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Prime Money Market Funds

June 8, 2017

            The Wall Street Journal – Prime Money Funds Show Signs of Life Corporate treasurers are returning to so-called prime money-market funds, which invest in short-term corporate debt. Cash is trickling back into the funds after they lost more than a trillion dollars last year, because new rules made them less attractive as repositories… Continue reading Prime Money Market Funds

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Global Economic Surprises Becoming a Thing of the Past

June 8, 2017

  The Wall Street Journal – Surprise! The Economy Isn’t Living Up to Expectations Hopes for pro-growth policies from the Trump administration fueled a surge in optimism about the U.S. economy heading into the new year. Big beats on measures of sentiment and the outlook for the economy pushed the index into positive territory after the… Continue reading Global Economic Surprises Becoming a Thing of the Past

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Betting On Tail Risk In The UK Election

June 8, 2017

Bloomberg – It Looks Like Markets Don’t Know How U.K. Vote Will Go Either As the British election stumbles toward the finish line, Prime Minister Theresa May seems to have done her best to squander a sure thing and Labour leader Jeremy Corbyn has made an unlikely surge. With some polls showing the Conservatives losing a… Continue reading Betting On Tail Risk In The UK Election