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The Populism Wave Around The World
November 15, 2016
Gatestone Institute – Donald Trump Boosts Europe’s Anti-Establishment Movement Donald Trump’s electoral victory has come as a shock to Europe’s political and media establishment, which fears that the political sea change underway in the United States will energize populist parties in Europe. Anti-establishment politicians, many of whom are polling well in a number of upcoming… Continue reading The Populism Wave Around The World
Newsclips
Corporate Bond ETF Outflows
November 15, 2016
MarketWatch – Corporate bond ETFs suffer huge outflows as investors get set for Trump Fixed-income, exchange-traded funds saw sharp outflows last week, in the wake of the unexpected victory by Donald Trump in the U.S. presidential election, which analysts said was likely to lead to increased fiscal stimulus and reflation. The outflows accompanied a sharp… Continue reading Corporate Bond ETF Outflows
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Negative Rates Are Disappearing
November 15, 2016
<Click on graphic for larger image> Bloomberg.com – Negative-Yielding Bonds Plummet to $8.7 Trillion After Trump Win 14% drop in one week follows October’s less-than-zero plunge Market value of such assets now down 28% from June’s peak The market value of the world’s negative-yielding bonds plunged 14 percent last week to $8.7 trillion as investors dumped… Continue reading Negative Rates Are Disappearing
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Japan 10-Year JGBs Go Positive
November 15, 2016
<Click on chart for larger image> The Financial Times – 10-year JGB yield trades above zero for first time since September That, Japan correspondent Leo Lewis wrote this week, may start to test the Bank of Japan’s resolve as benchmark bond yields back at zero and possibly heading higher in the wake of a Donald… Continue reading Japan 10-Year JGBs Go Positive
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Will Trump Be A Problem For The Fed?
November 15, 2016
Bloomberg.com – Narayana Kocherlakota: How Trump Could Spell Trouble for the Fed Research has documented that central banks around the world have been better able to control inflation if they enjoy independence from elected officials. The election of Donald Trump seems like a good time to remind ourselves that, historically, the executive branch has presented… Continue reading Will Trump Be A Problem For The Fed?
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The Trump Reflation Trade
November 15, 2016
<Click on graphic for larger image> The Wall Street Journal – The Trump Trade Is Getting Out of Hand: Buy Bonds Markets have already run too far, too fast, and are increasingly vulnerable to any slip as a result It has taken markets just four days to price in four years of President Donald Trump. The verdict of… Continue reading The Trump Reflation Trade
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Treasury Secretary Steve Mnuchin
November 15, 2016
Bloomberg.com – Mnuchin Said to Be Top Treasury Pick Among Trump’s Advisers Key transition members said to suggest ex-Goldman partner He led California bank criticized for seizing borrowers’ homes Former Goldman Sachs Group Inc. partner Steven Mnuchin has been recommended by Donald Trump’s transition team to serve as Treasury secretary, according to two people familiar with… Continue reading Treasury Secretary Steve Mnuchin
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Corporate Bond Spreads
November 15, 2016
<Click on graphic for larger image> The Financial Times – Corporate bond sell-off tests investor appetite Pfizer completes $6bn sale but recent volatility weighs on interest A sell-off reverberating through sovereign bond markets tested investor appetite on Monday for a multibillion-dollar corporate bond sale, as money managers wait for volatile price swings to subside. Pfizer… Continue reading Corporate Bond Spreads
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The Bond Rout
November 15, 2016
<Click on graphic for larger image> Bloomberg.com – Treasuries Rally as Biggest Global Bond Rout Since 2003 Pauses Technical indicator shows notes were most oversold in 26 years Daiwa SB, Mirae say it’s not yet time to buy Treasuries Treasuries rose as investors questioned how much extra spending President-elect Donald Trump will be able to… Continue reading The Bond Rout
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Is A Chinese Trade War Coming?
November 15, 2016
<Click on graphic for larger image> The Wall Street Journal – Yuan Slides to Lowest Level in Nearly Eight Years Yuan’s decline has accelerated since Donald Trump’s victory in the U.S. presidential election The yuan fell to its lowest level against the dollar in nearly eight years Tuesday, continuing a recent drop that has accelerated… Continue reading Is A Chinese Trade War Coming?
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Nothing Is Cheap
November 15, 2016
The Financial Times – James Montier says nothing is cheap and his GMO is holding cash With $85bn in assets, investment house favours emerging markets as ‘tallest dwarf’ James Montier, fresh from a presentation to clients of the $85bn Boston asset manager which employs him, is wearing Darth Vader cufflinks. Added to a shirt with… Continue reading Nothing Is Cheap