<Click on chart for larger image> <Click on chart for larger image> The Wall Street Journal – S&P 500 Earnings Show Weakest First Half Since 2009 Profit growth for the S&P 500 companies is at its weakest point since 2009. That’s because, in fact, there isn’t any profit growth. S&P 500 earnings for the first… Continue reading Earnings Continue To Disappoint
<Click on chart for larger image> MarketWatch.com – Mark Hulbert: Opinion: Not even Donald Trump can save the stock market Here’s more bad news for this already beleaguered bull market: The so-called Presidential Election Year Cycle has turned negative. Not until the July-September quarter of next year will this cycle once again forecast above-average stock… Continue reading Stock Market Performance During Election Years
MoneyBeat (WSJ Blog) – Investors Think China Tumult Will Cause Fed to Delay Liftoff — Goldman China’s rout is making investors increasingly cautious, causing some to push back expectations of liftoff. “Our recent client meetings reveal that many investors believe economic uncertainty in China will cause the Fed to delay tightening until 2016,” wrote David… Continue reading Will Chinese Rout Pressure The Fed To Hold In September?
The Telegraph (UK) – Ambrose Evans-Pritchard: China losing control as stocks crash despite emergency measures Margin debt on the Chinese stock market has reached $1.2 trillion. ‘We suspect that it’s a matter of time before banks may have to face the music,’ Bank of America says Chinese equities have suffered the sharpest one-day crash in eight… Continue reading Is China Losing Control Of Its Stock Market?
The Wall Street Journal – Ken Griffin: Overlooking the Other Sources of Liquidity Banks have promoted a myth to preserve a competitive moat around what has been a very lucrative business. Historically, banks have enjoyed a privileged position as intermediaries between buyers and sellers in the fixed-income markets. Unsurprisingly, these banks argue that their position… Continue reading Bond Market Liquidity
The Telegraph (U.K.) – Varoufakis reveals cloak and dagger ‘Plan B’ for Greece, awaits treason charges “[German finance minister Wolfgang] Schauble believes that the eurozone is not sustainable as it is. He believes there has to be some fiscal transfers, some degree of political union. He believes that for that political union to work without… Continue reading Greece’s Secret Plan To Hack Its Own Banks
Bloomberg Business – S&P 500 Propped Up by Just 2 Sectors Shows Bull Market Aging U.S. equities are being pushed along by the fewest stocks in more than 15 years, a sign of fatigue in a bull market that already rivals anything since World War II in duration. More than 100 percent of this year’s… Continue reading The Narrowing Of The Stock Market Bull
<Click on graphic for larger image> MarketWatch – Caroline Baum: A leak so inconsequential that the Fed had to break it to us If markets yawn at their release, why keep the forecasts secret for five years? What if a tree fell in the woods, no one heard it, and the only people who cared… Continue reading More On The Staff Projections
<Click on graphic for larger image> Crain’s Chicago Business – Can any ex-Citadel money managers ever hope to beat Ken Griffin? To build Chicago’s only mega-hedge fund, founder and CEO Ken Griffin collected people from all over the world. A judo instructor with Indian roots, a Russian plasma physicist, a Los Angeles native who had… Continue reading Citadel
<Click on graphic for larger image> FT Alphaville – RRPs for life? A provocative recent note from Zoltan Pozsar and James Sweeney of Credit Suisse argues that the Fed, despite its protestations to the contrary, might not have a choice about its perennial use of the reverse repo facility… The argument made by Pozsar and… Continue reading The Fed’s Reverse Repo Facility
Reuters – IMF paints dim picture for Europe, suggests more money printing may be needed * Cool economic winds blow in from China * IMF says euro zone growth prospects modest * ECB’s Coeure backs debt restructuring for Greece The International Monetary Fund warned on Monday that the euro zone’s prospects were modest and that… Continue reading The IMF Thinks The ECB Should Print More Money