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Oil Re-Bloodies the “Smart Money”
Oil Re-Bloodies the “Smart Money” The “liquidity death spiral.” Oil plunged again on Monday, with West Texas Intermediate down over 4%. At $45.17 a barrel, it’s just a hair away from this year’s oil-bust low. During 8 weeks in a row of relentless declines, WTI had plunged 26%. July’s 21% drop was the largest monthly decline since […]
Liar Loans Pop up in Canada’s Magnificent Housing Bubble
Liar Loans Pop up in Canada’s Magnificent Housing Bubble For a long time, the conservative mortgage lending standards in Canada, including a slew of new ones since 2008, have been touted as one of the reasons why Canada’s magnificent housing bubble, when it implodes, will not take down the financial system, unlike the US housing […]
Shanghai Containerized Freight Index Plunges to New Low
Shanghai Containerized Freight Index Plunges to New Low One of the indicators that show that things are not all that rosy in China, or in the global economy, is the price carriers charge to ship containers from China to its big trading partners around the globe. Those prices have totally collapsed. Two factors are at work: […]
Acrid Smell of Burned Fingers Wafts through the Bond Market
Acrid Smell of Burned Fingers Wafts through the Bond Market Commodities had once again an ugly week. Copper hit the lowest level since June 2009. Gold dropped below $1,100 an ounce. Other metals dropped too. Agricultural commodities fell; corn plunged nearly 7% for the week. Crude oil swooned, with West Texas Intermediate dropping nearly 7% […]
What the Heck Just Happened in the Global Markets?
What the Heck Just Happened in the Global Markets? It was the kind of day that shouldn’t have happened. Somebody dropped the ball at CNBC, or something. Thursday evening, after three morose days in US stock markets, Amazon came out and said it made a profit! OK, a teeny-weeny profit of $92 million, a barely perceptible 0.4% […]
UBS’s Puerto Rico Bond Funds Implode, “Collateral Value” Drops to Zero, Investors Screwed
UBS’s Puerto Rico Bond Funds Implode, “Collateral Value” Drops to Zero, Investors Screwed “We believe that the probability of default is approaching 100 percent, and that losses given default are substantial,” Moody’s wrote on Wednesday about Puerto Rico’s $72 billion in bonds that were stuffed into numerous conservative-sounding bond funds spread across America’s retirement portfolios. […]
The Chilling Thing China’s Electricity Consumption Just Said about the Economy
The Chilling Thing China’s Electricity Consumption Just Said about the Economy China has been building what is by now the largest high-speed rail system in the world. Subway systems are growing faster than anyone can imagine anywhere else. Ridership is soaring. High-rise buildings are sprouting up like mushrooms, to be occupied by businesses and consumers […]
World Trade Drops Most Since Financial Crisis
World Trade Drops Most Since Financial Crisis Maybe we shouldn’t take our daily corporate samples too seriously. Maybe they don’t adequately represent the global economy. So IBM’s revenues last quarter plunged 13% from a year ago. It blamed China and the dollar, among other culprits. But IBM’s revenues have dropped for 13 quarters in a […]
It’s Happening: Debt Is Tearing up the Fracking Revolution
It’s Happening: Debt Is Tearing up the Fracking Revolution The shares of Chesapeake Energy, second largest natural-gas driller in the US, crashed nearly 10% today, to $9.29, the lowest price since August 2003, down nearly 70% since oil began to plunge a year ago. The company’s $1.1 billion of 5.75% notes fell to an all-time low […]
Calgary Office Market Gets Crushed. Oil, China Blamed
Calgary Office Market Gets Crushed. Oil, China Blamed The office vacancy rate in downtown Calgary, the epicenter of the Canadian oil bust, could hit the vertigo-inducing level of 17.5% by the end of 2018, a new report by commercial real-estate firm Colliers International warned – and added some ominous clouds: “Given the current global macro […]
Bank of Canada Sees Global Economy, Freaks Out, Cuts Rate, Warns of Financial Stability Risks, Loonie Plunges
Bank of Canada Sees Global Economy, Freaks Out, Cuts Rate, Warns of Financial Stability Risks, Loonie Plunges The Bank of Canada took a good look at the Canadian economy, saw it was sinking into the mire, glanced at the collapsed prices of commodities, particularly oil, saw how they were wreaking havoc in Canada, and then […]
Largest “Alternative” Mortgage Lender in Canada Plunges, Denies “Systemic Problem” in Housing Market
Largest “Alternative” Mortgage Lender in Canada Plunges, Denies “Systemic Problem” in Housing Market Home Capital Group, Canada’s largest non-bank mortgage lender, focuses on “alternative” mortgages, as they’re called euphemistically, that is high-profit mortgages to risky borrowers with dented credit or unreliable incomes, such as self-employed folks or new immigrants, who don’t qualify for mortgage insurance […]
Is Canada Next? Recession Is “Quite Contained”
Is Canada Next? Recession Is “Quite Contained” “In the current context, if you look at the growth numbers, the recession is effectively in the goods sector, it’s in the oil industry, it’s weak growth in manufacturing, weak growth in construction,” explained Kevin Page, Canada’s former parliamentary budget officer, a watchdog role charged with analyzing the […]
It Starts: Greeks Rebel Against Bailout, Risk Collapse
It Starts: Greeks Rebel Against Bailout, Risk Collapse Greece’s union of civil servants, Adedly, called for a 24-hour strike on Wednesday, and for a series of demonstrations, the first one tonight at Syntagma Square, just below the Parliament, and another one on Wednesday evening, when Parliament is expected to vote on the new, even tougher, […]
