The Financial Times – Wall Street titans grow wary of ageing rally in US stocks Investors look to buy protection and increase cash levels amid high valuations Fund managers are hoarding cash and buying protection against turbulence despite the S&P 500 rally this week becoming the second-strongest bull run in US history, as some investors fear… Continue reading Billionaires Hate Stocks!
The Financial Times – Return of the stockpicker bolsters hedge fund performance Stockpickers are showing signs of rescuing the reputation — and fortunes — of the hedge fund industry. Nearly three-quarters of the way through the year, hedge funds focused on equities are outperforming nearly every other strategy, buoying the returns of the industry even as… Continue reading The Return Of The Stockpicker
Bloomberg Business – Jamie Dimon Slams Bitcoin as a ‘Fraud’ Dimon compares bitcoin to tulip mania, predicting a collapse JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.” The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually… Continue reading Jamie Dimon Hates Bitcoin
The Wall Street Journal – U.S. Household Incomes Rose in 2016 to New Record Income for the average American household reached a new high last year for the first time this century, a milestone in the slow and volatile recovery from two recessions and financial bubbles that crossed over three presidencies. Median household income… Continue reading Median Household Income Hits A New Record
The Wall Street Journal – Record Level of Job Openings Doesn’t Mean the Labor Market is Tight There were 6.17 million job openings at the end of July, up by nearly 200,000 from a year earlier, the Labor Department said Tuesday. Openings during the month touched another record high. The figure has been at or near the highest… Continue reading Record Number Of Job Openings Overstates Tightness In The Labor Market
The Financial Times – Storms unlikely to knock US economy off growth path Estimates from Moody’s Analytics put the total physical damage from Harvey and Irma at $150bn-$200bn — comparable to that following Katrina. The hit to annualised gross domestic product growth in the third quarter may be 0.5 of a percentage point, it said. Separate… Continue reading Hurricanes Unlikely To Derail US Economy
The Financial Times – How economic change created populism’s army of the ‘left behind’ Deindustrialisation and inequality have affected similar groups across the west To sum up: the big economic changes transforming western societies during the past three to four decades have worked against the low-skilled, against the uncredentialed and those lacking social connections to economic… Continue reading The Rise Of Populism
The Financial Times – DoubleLine’s Gundlach calls German bond yields ‘crazily low’ German bond yields are “crazily low”, according to DoubleLine founder Jeffrey Gundlach, who expects them to rocket higher and rattle the US Treasury market when the European Central Bank scales back its bond purchases. The bond fund manager said on a conference call on… Continue reading Gundlach Talks German Bonds
The Financial Times – US companies transformed into 800lb gorilla in bond market Apple, Alphabet and Microsoft are among a host of top-tier US companies that have become a force in the global bond market, as they pump hundreds of billions of dollars into government and corporate debt. Thirty US companies together have more than $800bn… Continue reading 30 US Companies Have More Than $800 Billion Of Fixed Income Assets
Bloomberg Gadfly – Lisa Abramowicz: $19 Billion in Emerging-Market Debt Boils Down to the Dollar Investors have poured $19.2 billion into local-currency emerging-market debt funds this year. That’s the fastest pace of flows since 2010, helping to drive some of the biggest returns on record.
Bloomberg Markets – Will Trump Target Muni-Bond Tax Break? Market Sees Little Chance Donald Trump and Treasury Secretary Steven Mnuchin have expressed support for maintaining the tax break on municipal bonds. The market takes them at their word. As the Republican president embarks on a push for tax cuts, top-rated state and local government bonds due… Continue reading Tax Break On Munis?