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December 9, 2016
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<Click on chart for larger image> The Financial Times – China’s statistics chief admits some economic data are false China’s top statistician has acknowledged the country’s problems with falsification of economic data, pledging severe punishment for perpetrators in a nod to widespread suspicion that official numbers often fail to reflect true economic conditions. “Currently, some… Continue reading Chinese Official Admits GDP Figures Are Falsified
<Click on chart for larger image> <Click on chart for larger image> The Financial Times – China forex reserves fall at fastest rate since January China’s foreign exchange reserves fell by nearly $70bn last month as the country’s central bank burned through more of its war chest in the fight to defend the renminbi from… Continue reading Chinese Reserves Continue To Slide (Capital Flight Continues)
FWIW that this is the first time Trump has been portrayed positively by @Time at a peak in confidence. pic.twitter.com/dFYXVSKC9j — Peter Atwater (@Peter_Atwater) December 7, 2016 <Click on Tweet for larger image> Comment Yesterday we noted how TIME magazine covers should be treated as contrarian indicators when making sweeping, one-sided statements about a person… Continue reading More On Trump Being Named TIME “Person Of The Year”
<Click on chart for larger image> MarketWatch – Big Oil is in decline, and the OPEC deal can’t rescue it Long story short is that the global oil supply remains massive, and even if OPEC tries to eat into the overhang with a modest cut, the U.S. is still pumping like mad. That would be… Continue reading IS The OPEC Deal Failing?
<Click on chart for larger image> Bespoke – Stocks Trump Bonds Ever since Donald Trump surprised markets and won the Presidential election a month ago, equities have been flying and bonds have plunged. You probably already knew that, but you may not have appreciated the magnitude of the divergence. In the four weeks that have… Continue reading Stocks vs. Bonds
Bloomberg.com – ECB Extends Bond-Buying at Reduced Pace Until End of Next Year The European Central Bank extended its quantitative-easing program until the end of 2017, while reducing the monthly pace of purchases to 60 billion euros ($65 billion) from 80 billion euros starting in April. The Governing Council also said it will step up… Continue reading ECB Bond Purchases
<Click on graphic for larger image> AQA – Peter Forbes: Gold Poised for Rebound Gold appears poised for a rebound after the worst month since mid-2013 (FT). We noted earlier this week that the US Dollar is favored to retrace some of the post-election gains. Spot gold is likely to be one beneficiary of a… Continue reading Gold Poised To Rebound
The Wall Street Journal – Fed May Struggle to Signal What Comes After December When Federal Reserve officials meet next week, agreeing to raise short-term interest rates will be the easy part. The trickier task could be debating the likely path of interest rates in the months and years ahead. Senior central bank officials, including… Continue reading Timing Rate Hikes
<Click on chart for larger image> The Financial Times – Hedge funds closures set for worst year since 2008 The number of hedge fund closures is on track for the worst year since 2008, as investors withdraw their money citing poor performance and fees. While 406 hedge funds started up in the first half of… Continue reading Another Tough Year For Hedge Funds
<Click on graphic for larger image> MoneyBeat (WSJ Blog) – Metals Diverge Most in 26 Years in Bullish Signal Precious metals have diverged sharply from their industrial counterparts since the election, a bullish signal for the broader market. Gold futures fell 8.3% between the election and Tuesday, while copper is up more than 12%. The S&P GSCI… Continue reading Industrial vs. Precious Metals
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