When will it be time to hedge this market?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...China’s market for corporate debt showing more stress
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China’s economy gets permission to slow down
Chinese President Xi Jinping has told the country’s Central Economic Work Conference that an economic growth rate of less than the official 6.5% annual target would be reasonable if it helped China avoid asset bubbles and slowed the growth of debt. The 6.5% annual growth target through 2020 was set in the last five-year plan
China’s increasingly frantic, increasingly dangerous game of financial markets Whac-A-Mole
China faces a depreciating currency, a bond market that has switched from rally to sell off, huge outflows of cash, and what looks like a resurgence of inflation. Fixing one of these problems alone would be a huge challenge to the People’s Bank. The combination leaves the central bank with a situation where fixing one problem may just make the others worse. Increasingly the People’s Bank looks like it is rushing from problem to problem, giving the crisis-of-day a whack and then rushing to figure out what’s likely to pop up next that will deserve a bash with the mallet.
Pre-holiday move to safety starts a little early
With trading volumes already starting to slip–trading in Standard & Poor’s 500 stocks was running about 25% below its average for this time of day at noon today–traders and investors are locking in some gains and seeking safety for the week before Christmas. As of 1 p.m. New York time gold was up for the day and the dollar was down.
China real estate prices fall as government intended, but GDP growth goes south as well
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Rampaging U.S.dollar puts big pressure on emerging market currencies and central banks
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Global trade isn’t waiting for President Trump–it’s slowing down NOW
In his campaign Donald Trump promised to kill the Trans Pacific Partnership trade deal and renegotiate NAFTA. Countries like China and Mexico faced the prospect of crippling tariffs on their goods. That left international economists deeply worried about a slowdown in global trade, a slowdown that might be sufficient to produce a global recession. Well, don’t worry. Even before Trump won the November 8 election globe trade had started to slow.
Global bond prices continue to tumble–and the market is getting more, not less, dangerous
The rout in global bonds continued today. The yield on the 10-year U.S. Treasury climbed 7 basis points to 2.22%. That’s the highest level since January. Yields on the 10-year German Bund rose to 0.32% in the longest losing streak for these benchmark bonds since May. Yields on Italian and Portuguese debt climbed to the highest levels since July 2015 and June 2016, respectively. The worst damage continued to be suffered in emerging market bonds.
Saturday Night Quarterback (on Sunday night) says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...European Central Bank doesn’t give financial market assurance it wanted
Financial markets were hoping to hear something from the European Central Bank and its president Marie Draghi after today’s policy meeting about extending the bank’s current 80 billion euros ($88 billion) a month program of asset buying behind its current March 2017 expiration. Instead all financial markets heard was Draghi promise that the bank wouldn’t put an abrupt end to asset purchases in March
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