<Click on chart for larger image> The Wall Street Journal – Stocks Fall Sharply on China Slowdown Worries Global stocks sold off sharply on the first trading day of 2016 following fresh signs of an economic slowdown in China. Weaker-than-expected manufacturing data and a falling currency triggered declines in mainland Chinese stocks so steep that… Continue reading Chinese Stocks Off To Rocky Start In 2016
<Click on graphic for larger image> Bloomberg.com – ETFs Hit Record as BlackRock Sees Shift Away From Futures A record amount flowed into global exchange-traded funds for a second straight year, BlackRock Inc. said, as investors increasingly are drawn to the products as a replacement for futures and swaps positions. The industry took in an… Continue reading ETFs’ Growing Popularity
<Click on graphic for larger image> Business Insider – Fed Chair Janet Yellen pulled off something remarkable in 2015 What was particularly remarkable about 2015 was that during this year’s eight Federal Open Market Committee meetings, with 10 members voting at each meeting, there were only two dissenting votes (both from Richmond Fed President Jeffrey… Continue reading FOMC Dissents, Or Lack Thereof
<Click on graphic for larger image> Bloomberg.com – Biggest Economies Face $7 Trillion Debt Refinancing Tab in 2016 The amount of debt that the governments of the world’s leading economies will need to refinance in 2016 will be little changed from last year as nations make strides in cutting budget deficits to a third of… Continue reading Worldwide Debt Refinancing Needs
<Click on chart for larger image> The Wall Street Journal – Chicago’s Deep Dish of Manufacturing Worry Slowing manufacturing activity could complicate the Fed’s interest-rate plans in 2016 and beyond Even amid mild weather, the Windy City is giving off a worrisome chill. The Chicago Business Barometer, which measures manufacturing and business activity across the… Continue reading Manufacturing Slows
<Click on graphic for larger image> The Financial Times – John Authers: Equities: And then there were nine Had it not been for a small group of nifty companies, 2015 would have entered the history books as a terrible year for the US stock market. As it was, stocks were almost exactly flat, as were… Continue reading FANG Stocks
The Financial Times – Tech group public-private funding gulf widens A chasm has opened between the private and public financing of fast-growing tech groups as more Silicon Valley companies shun initial public offerings, contributing to a sharp fall in global listings of all kinds. Tech companies raised less than $10bn through IPOs in the US… Continue reading Public vs. Private Funding For Startups
The Wall Street Journal – Europe’s Fractious Politics Loom as Threat to Markets Economic recovery and ECB policies should support stocks in 2016, but debates over immigration and EU membership pose potential obstacles Many investors are betting the forces that pushed European stocks higher last year will hold firm in 2016. A nascent economic recovery and central bank money-printing… Continue reading Europe
Bloomberg.com – Fed’s Fischer Supports Higher Rates If Markets Overheat Federal Reserve Vice Chairman Stanley Fischer said it might be necessary for the central bank to increase interest rates if financial markets were overheating, though the first line of defense should be using regulatory tools to prevent bubbles from developing. “If asset prices across the… Continue reading Monetary Policy & The Stock Market
<Click on graphic for larger image> Bloomberg.com – Short-Term U.S. Rates Rise Post-Fed as Dealers Work on Year End DTCC repurchase index reaches its highest level since 2009 Yields on Treasuries of all maturities climb amid auctions The DTCC GCF Treasury repo index rate was 0.549 on Dec. 28, up from 0.539 percent on Dec.… Continue reading More on RRP and Money Market Rates
Comment Yesterday we released our monthly open-ended mutual fund report. Below we combined those numbers with ETFs to give a more complete picture. The chart below shows assets in all ETFs stood at $1.96 trillion as of November 30, 2015. <Click on chart for larger image> The next chart compares the assets in open-ended equity… Continue reading Mutual Funds, ETFs And The Myth Of The Most Hated Rally Ever