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Peak Financial Engineering? Trends Spiral South
Peak Financial Engineering? Trends Spiral South Our corporate heroes hit a snag. We have long grinned painfully at the ways in which Corporate America and analysts collude to present the quarterly earnings charade in the rosiest light possible. But now, it seems they have reached the end of their magic tricks, and reality is showing […]
SoT #41 – Wolf Richter: How Will The Global Asset Bubbles Unfold?
SoT #41 – Wolf Richter: How Will The Global Asset Bubbles Unfold? Stock bubble, credit market bubbles and housing market bubbles. Unfettered money printing by Central Banks globally have created massive bubbles of unprecedented proportions across all asset classes. Once Government and the Central Banks lose the power to stop markets from going down, you’ll […]
The Chilling Thing Gartner Just Said About a Once Hot Engine of Global Growth
The Chilling Thing Gartner Just Said About a Once Hot Engine of Global Growth Hope took another hit from the reality of fickle, strung-out consumers. Apple sold 1.5 million watches during the first week, about 200,000 a day, its most successful product launch ever. Before the launch, media hype had become a total-immersion program. No […]
Oil Falls Off the Chart, Crushes Hopes
Oil Falls Off the Chart, Crushes Hopes Greatest oil glut in history exacts its pound of flesh. The ugly data for oil – ugly for those who’ve been hoping for, and hyping, a quick rebound to Nirvana – keeps piling up. But for two months, the price of oil was immune to it, trading in […]
The Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch
The Biggest Greek Banks “Have Failed,” and “Resolving” Them Won’t Work: Fitch It’s not like Fitch was ahead of the curve when it declared on Friday that the “four largest Greek banks have failed…” two days after downgrading them to “RD” (Restricted Default) because they’d defaulted on their depositors. But Fitch shed a gloomy light […]
Why Greeks Still Want to Keep the Euro, in One Chart
Why Greeks Still Want to Keep the Euro, in One Chart As of midnight European time, Greece has become the first developed country in history to fall into arrears on payments to the IMF. It’s not that much money, by today’s standards: €1.6 billion. But for Greece, which is totally out of money, it’s an […]
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel
Bond Insurers Crash, Hit by Puerto Rico’s Default Shrapnel On Monday, Puerto Rico’s government released a report that gave the municipal bond market the willies. Written by former World Bank and IMF economists, it vivisects Puerto Rico’s finances, lays out the basic fact that the nearly $73 billion in bonds that the US commonwealth has […]
“Risk of Collapse” and “Panic” in the Air, China Cuts Rates
“Risk of Collapse” and “Panic” in the Air, China Cuts Rates It didn’t take long: the frazzled People’s Bank of China tries to put a stop to the worst 2-week crash since 1996. The whole world piled into what had been the hottest stock market in the universe. Chinese stocks had been endlessly hyped in […]
Canada’s Oil Patch Goes Into Convulsions
Canada’s Oil Patch Goes Into Convulsions Alberta, the province that has become the epicenter of Canada’s oil bust, does not yet have a budget for fiscal 2015-16. Premier Rachel Notley promised delivery by October. But it won’t be easy. Ideas are already floating around and are getting shot down. The problem: a budget crisis has […]
Bank of England Could ‘Trigger the Next Financial Crisis’
Bank of England Could ‘Trigger the Next Financial Crisis’ It’s not some wayward doom-and-gloomer who said it, but the Economic Research arm of Natixis, the investment bank of France’s second largest megabank, Groupe BPCE. The analysis was talking about the Bank of England. But the Fed and other central banks, with their ingenious monetary policies, […]
Container Shipping Rates from China to US, Europe Collapse
Container Shipping Rates from China to US, Europe Collapse “Sluggish westbound volumes have brought about the worst spot market rate collapse that this trade has experienced.” That’s how Drewry Maritime Researchsummarized it in a report a couple of weeks ago. Since then, the collapse of the rates for shipping containers from China to the West has […]
Wave of Defaults, Bankruptcies Spook Bond Investors
Wave of Defaults, Bankruptcies Spook Bond Investors First things first: Investor desperation for yield, any discernible yield no matter what the risks, and blind confidence that all this will work out somehow are waning. Now questions pop up here and there, and investors are beginning to open their eyes just a tad amid waves of […]
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday There seems to be a growing willingness in the Eurozone to get this over with, to let Greece default and go from there – with all the options that this might entail. But even if a last-minute bailout agreement materializes, one thing […]
Shanghai Containerized Freight Index Totally Collapses, Top Carriers Wage Price War to Form Global Shipping Oligopoly
Shanghai Containerized Freight Index Totally Collapses, Top Carriers Wage Price War to Form Global Shipping Oligopoly This is what two unnamed container shipping executives, one from an Asian carrier, the other from a European carrier, told the Wall Street Journal about the containerized-freight fiasco on the China-Europe route: “We are now shipping at an absolute loss. With […]
Manufacturing in Canada Sags, Triggers Chilling References to Financial Crisis
Manufacturing in Canada Sags, Triggers Chilling References to Financial Crisis It’s also happening in the US, but it’s much worse in Canada. In the US, May industrial production dropped “unexpectedly,” as it was roundly called on Monday, by 0.2%, according to the Federal Reserve. The index value has now dropped from month to month since December, […]
