CNBC – Wall Street analysts are nailing it this year Stocks that analysts recommended for 2017 have generally gained, according to analysis from Bespoke Investment Group. Typically, a high number of buy ratings on a stock means it’s likely peaked and investors should sell. But this time, flows of new money may be dictating the analysts’… Continue reading Wall Street Analysts Are Having A Good Year
The Financial Times – Emmanuel Macron and the battle for the eurozone If France is driven into competitive deflation, Le Pen might become president next time Germany’s proposed solution to divergences of competitiveness is for everybody to follow its own model. It has succeeded: in 2016, all members of the eurozone, bar France, ran a current… Continue reading Macron Is Now In Charge
Tech Crunch – Why Amazon is eating the world Consensus is that we’ve hit a tipping point and the retail industry is finally seeing some major collateral damage from Amazon’s monster growth — and mainstream/non-tech news has started giving this a lot of coverage. There is a lot of discussion about whether Amazon’s advantage is sustainable or… Continue reading Will Amazon Rule The World?
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Bloomberg – The Other Side of the Fed’s Balance Sheet When the central bank sheds assets, fractional reserves will be affected, too. The Fed’s balance sheet will set in motion a process that entails more than running off Treasuries and mortgages. The complexity of reserves includes several interest rates that may adjust in different directions with… Continue reading Catch-22 for the Fed?
OPEN Net Positions – Markets and Central Banks Not Seeing From the Same Perspective Welcome to our new product, Net Positions. It is a short webcast explaining some of our recurring themes and ideas. We hope to make this a regular product available to those who subscribe to our conference calls. Comment In our latest… Continue reading Markets and Central Banks Not Seeing From the Same Perspective
International Energy Agency – OMR: Decision time This report is published nine days before OPEC’s ministerial meeting and, ahead of the deliberations, in this Report we show that in 1Q17 the oil market was almost balanced with a global stock build of 0.1 mb/d. For OECD countries, stocks grew by 0.3 mb/d for 1Q17 as a… Continue reading IEA Says Oil Market Re-balancing Accelerating
Bloomberg Gadfly – Liam Denning: The Oil Market Is Listening … For Now Earlier this year, Saudi Arabia’s Minister of Energy and Industry echoed Alan Greenspan in warning against “irrational exuberance” that his country, or OPEC, would support oil prices simply so rivals could get a free ride. In the weeks since, Khalid Al-Falih has swapped… Continue reading Managed Money Continues To Reduce Its Net Long Position
The Wall Street Journal – Extending Production Cuts May Not Reduce Global Oil Stocks, Says IEA Revived production from U.S. shale producers has helped blunt OPEC’s efforts to reduce stockpiles OPEC and its oil-producing partners may have to do more than merely extend their petroleum-output cuts to achieve their goal of rebalancing global supply and demand,… Continue reading Crude Oil Production
Bloomberg View – Ben Emons: The Other Side of the Fed’s Balance Sheet When the central bank sheds assets, fractional reserves will be affected, too. The financial system is based on “fractional reserves,” the process under which banks make loans by holding a fraction of deposits in currency or at the Federal Reserve. But… Continue reading More On The Fed’s Balance Sheet
Bloomberg Business – China Reserves Rise a Third Month Amid Tighter Capital Controls Stockpile increased $20.4 billion to $3.03 trillion in April China’s foreign-exchange reserves rose for a third month in April, exceeding estimates, as tighter capital controls kept money from flowing out of the country and the yuan held stable. Reserves climbed $20.4 billion… Continue reading China’s Foreign Reserves Grow
Bloomberg Business – Fed Officials Test New Argument for Tightening: Protect the Poor Discussion puts Fed in spotlight as inequality debate widens To protect the poorest Americans, should central bankers raise interest rates faster? At least one of them is making that argument. During a speech last month, Federal Reserve Bank of Kansas City President Esther… Continue reading The Fed And Economic Inequality