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Weekly Commentary: Moscovici and the National Team
Weekly Commentary: Moscovici and the National Team From the perspective of monitoring an unfolding global crisis, things turned only more concerning this week. The Shanghai Composite declined to 2,450 in early Friday trading, the low since November 2014 – and down almost 26% y-t-d. Across the globe in Europe, Italian 10-year yields jumped to 3.80% […]
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts
Spain’s Supreme Court Flip-Flops on Mortgage Ruling After Just 1 Day Amid Bank Stocks Bloodbath, Legal Shitstorm Erupts Plunging bank stocks got the Court’s attention, or something. That was fast: Spain’s Supreme Court on Friday flip-flopped on its own ruling announced on Thursday that had sent bank stocks plunging. It started like this: Thursday morning, […]
What Truckers & Railroads Are Saying About the US Economy
What Truckers & Railroads Are Saying About the US Economy They’re a measure of the goods-based economy. Freight shipment volume across all modes of transportation – truck, rail, air, and barge – rose 8.2% in September, compared to a year earlier, according to the Cass Freight Index. While this is still a big jump, it’s […]
The Global Dollar Shortage is Here – And It’s Becoming A Big Problem
The Global Dollar Shortage is Here – And It’s Becoming A Big Problem Another week and another signal flashing red to deal with. . . The credit market – in my opinion – is indicating an inevitable ‘crunch’ coming up. And even worse – we’re seeing the global dollar shortage deepening. Many readers know I […]
Bubbles, Balloons, Needles and Pins
Bubbles, Balloons, Needles and Pins M. C. Escher Meeting (Encounter) 1940 It’s no surprise that China has its own plunge protection team -but why were they so late?-, nor that Beijing blames its problems on Trump’s tariffs. GDP growth was disappointing at 6.5%, but who’s ever believed those almost always dead on numbers? It would […]
The Canary In Coalmine: Bank OZK Plummets After Shock Commercial Real Estate Write Downs
The Canary In Coalmine: Bank OZK Plummets After Shock Commercial Real Estate Write Downs In what may be the deadest canary in the commercial real estate coal mine yet, Bank OZK shares have plunged 26% today after the bank reported abysmal third-quarter earnings that trailed expectations, with net income tumbling but what caught traders’ attention […]
Has China Finally Lifted its Thumb off of Gold?
Has China Finally Lifted its Thumb off of Gold? There’s a lot of talk about the Yuan price of gold falling out of a price suppression channel. Both Zerohedge and Nomura have weighed in on this. The Yuan price of gold surged overnight to above CNY 8500 per ounce which is a major breakdown But […]
Spanish Yields Blow Out Amid Italy Contagion As Italian Banks Scramble For Dollar Funding
Spanish Yields Blow Out Amid Italy Contagion As Italian Banks Scramble For Dollar Funding Contagion from the recent surge in Italian yields has spread, and is hitting Spanish 10Y yields which over the past 3 days have blown out from 1.65% to as high as 1.82% this morning, before paring some of the move, printing […]
The Dow Has Fallen Nearly 1,500 Points From The Peak Of The Market, And Many Believe This “October Panic” Is Just Beginning…
The Dow Has Fallen Nearly 1,500 Points From The Peak Of The Market, And Many Believe This “October Panic” Is Just Beginning… We haven’t had an October like this in a very long time. The Dow Jones Industrial Average was down another 327 points on Thursday, and overall the Dow is now down close to […]
Loonie Tumbles To 6-Week Lows After Inflation, Retail Sales Slump
Loonie Tumbles To 6-Week Lows After Inflation, Retail Sales Slump The loonie has tumbled to six-week lows (above 1.31/USD) following dismal prints for retail sales and inflation this morning. Against expectations of a 0.1% rise MoM, Canadian core retail sales slumped 0.4% MoM in August. This is the first drop in retail sales since 2017… […]
Stock Market Crash of 1987
Stock Market Crash of 1987 The first contemporary global financial crisis unfolded on October 19, 1987, a day known as “Black Monday” when the Dow Jones Industrial Average dropped 22.6 percent. Composite of newspaper headlines reporting the Stock Market Crash of 1987 (Associated Press) The first contemporary global financial crisis unfolded in the autumn of […]
Implosion of Stock Market Double-Bubble in China Hits New Lows, Authorities Busy Elsewhere Keeping China Miracle from Unraveling
Implosion of Stock Market Double-Bubble in China Hits New Lows, Authorities Busy Elsewhere Keeping China Miracle from Unraveling Bigger issues than propping up the stock market beckon. Today, the Shanghai Composite Index dropped another 2.9% to 2,486.42. In the bigger picture, that’s quite an accomplishment: Lowest since November 27, 2014, nearly four years ago Down […]
