<Click on graphic for larger image> The Economist – Buttonwood: Into the unknown Investors fear Brexit, but don’t think it’s likely IN A month’s time, on June 23rd, Britain will vote on whether to leave the European Union. For many voters, polling day will be a blessed relief after a campaign that will have dominated… Continue reading More on BRexit
<Click on chart for larger image> The Financial Times – US companies’ cash pile hits $1.7tn US companies are increasingly hoarding cash — with just five groups holding more than half a trillion dollars — as multinationals trim capital spending and issue debt in the face of a lacklustre global economic recovery. Apple, Microsoft, Alphabet,… Continue reading Cash On The Sidelines
<Click on chart for larger image> Bloomberg Business – China Stocks in Hong Kong Post Biggest Weekly Advance in a Month Rebound mainly to do with battered valuations, analyst says Chinese stocks traded in Hong Kong headed for a weekly advance, the first in a month, as investors took advantage of recent declines to add… Continue reading China’s Struggles Continue
<Click on graphic for larger image> Bloomberg.com – Ireland Stands Out in Treasury Holdings That Exceed Economy Investors in the nation owned $264.3 billion as of March U.S. revises figures to show Caribbean, OPEC holdings Ireland emerged as America’s fourth-largest creditor following China, Japan and the Cayman Islands after the U.S. government revised the way… Continue reading Ireland Loves Treasuries
<Click on graphic for larger image> Bloomberg.com – Chicago’s Pension-Fund Troubles Just Became $11.5 Billion Bigger New accounting rules show 162% increase in net liabilities Fund liability jumped because of court loss, accounting shift Chicago’s pension-fund shortfall just got $11.5 billion bigger. Thanks to the defeat of the city’s retirement-fund overhaul by the Illinois Supreme… Continue reading Chicago’s Pension Problem Got Worse
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Comment Today at 9 AM CT (10 AM ET, 7 AM PT and 15:00 BST) Bianco Research, in conjunction with Arbor Research & Trading, will be hosting a webcast/teleconference moderated by Jim Bianco. Join us today as we discuss several areas where we believe perceptions and reality do not seem to agree. Fed Policy: Although… Continue reading Perception Versus Reality
<Click on chart for larger image> MoneyBeat (WSJ Blog) – Stocks Tumble After FOMC Minutes; June Is Indeed ‘Live’ June is on the table, and traders don’t like it. At least some of the rate-setting members of the Fed’s Federal Open Markets Committee thought the market had placed “unduly” low odds of a June rate… Continue reading How Will The Markets Respond To The Fed’s Nudge?
<Click on chart for larger image> Bloomberg Brief – Shadow Rate Shows Fed Has Tightened Policy More Than You Think Federal Reserve Chair Janet Yellen and her colleagues have tightened monetary policy by a lot more than their benchmark interest rate increase would suggest. It’s just that they’ve done it in the shadows. The so-called… Continue reading The Shadow Funds Rate
<Click on table for larger image> The Financial Times – Treasury bears: heading for extinction? Three years ago, the world’s largest government bond market would have made a happy hunting ground. The Federal Reserve’s decision to call time on its multi-trillion dollar bond-buying plan catapulted yields upwards in a reaction so explosive it was quickly… Continue reading More On Bond Bearishness
Bloomberg.com – Oil Rally Seen Having More to Go as Millions of Barrels Are Lost Oil prices are yet to reflect all of the millions of barrels of crude lost to supply disruptions, according to Australia & New Zealand Banking Group Ltd. Almost 2.5 million barrels a day of supplies have been removed from the… Continue reading Crude Oil Supply
<Click on graphic for larger image> AQA – Peter Forbes: Oil Supply Concerns Dominate EM and FX Markets As much as 77% of crude oil’s rally since February 11 is attributable to supply concerns. Though some risk assets have seen crude oil’s influence diminish, oil is still a dominant influence for high yield and emerging… Continue reading How Much Does Demand Contribute To Crude’s Rally?