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Canada Rebels against the Destruction of the Loonie
Canada Rebels against the Destruction of the Loonie The fear of “currency instability.” “Without precedent” — that’s what National Bank of Canada’s chief economist Stéfane Marion called the wholesale destruction of the loonie. The Canadian dollar is in a tailspin. Rarely has it tumbled so far so fast, and against so many currencies. The steepness of […]
Consensual Hallucination Fades, Global Stocks Crushed
Consensual Hallucination Fades, Global Stocks Crushed Something big has changed. Stock markets around the world are getting crushed. Some markets are down 20%, 30%, 40%, or more, even those where central banks are pursuing a scorched-earth wealth-effect strategy of mega-QE and negative-interest-rate policies. Something big has changed. Early Thursday morning, I posted an article [When “Story […]
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain
“Everything Has Come to a Standstill”: Political Fallout Hits Business in Spain Things are likely to get a whole lot uglier. On Friday, Spain’s benchmark stock index, the Ibex 35, plumbed depths it had not seen since the worst days of 2013, the year that the country’s economy began its “miraculous” recovery. Of the 35 […]
This is Where Industrial Production Normally Meets a Recession
This is Where Industrial Production Normally Meets a Recession The only exceptions were in the early 1950s Painful – that’s how you can describe the slew of recent US economic data. And today’s data dump was even worse. On a regional level, there was the Empire State Manufacturing Survey. The Current Activity Index plunged to the […]
When “Story Stocks” Crash Like this, the Market is Kaput
When “Story Stocks” Crash Like this, the Market is Kaput Reality suddenly mucks up the rosy scenario. Many of our heroic “story stocks” are getting totally destroyed. Yet not much has changed: Their business model, if any, is the same; they’re still losing money hand over fist; and they’re still trotting out the same custom-designed […]
Canadian Stocks in Bear Market, Loonie Swoons, Crude Crashes to $16, Consumer & Business Confidence Dives…
Canadian Stocks in Bear Market, Loonie Swoons, Crude Crashes to $16, Consumer & Business Confidence Dives… “Investment and hiring intentions lowest since 2009”: Bank of Canada Since Christmas Eve, the Toronto Stock Exchange index has dropped every single day, 10 trading days in a row, including so far today as I’m writing this, the longest […]
What Will China Dump Next, After Treasuries, to Keep Control?
What Will China Dump Next, After Treasuries, to Keep Control? “Practically boundless” future capital outflows. “Beneath all of the financial turbulence there lurks, in my view, a credit crisis; I fear the worst now,” UBS economic adviser George Magnus told Bloomberg TV today. The reform agenda “has stalled,” he said, and “things are looking much bleaker for […]
Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out
Oil Plunges to $32-Handle, Chinese Stocks Crash and are Halted, Whiff of Mayhem Breaks out Why Oil Keeps Falling off the Chart After having been through the greatest two-year loss on record, the price of oil plunged 9.6% on Wednesday and in evening trading. As I’m writing this, WTI hit $32.62 a barrel, a new low […]
Global Corporate Debt is Coming Unglued
Global Corporate Debt is Coming Unglued Default Rate Highest since 2009, US Distress Ratio Soars. Standard & Poor’s slashed the credit ratings of 112 corporations around the globe to default (D) or selective default (SD) in 2015, according to S&P Capital IQ Global Credit. The highest number of global defaults since nightmare-year 2009, when a previously […]
Even Bankruptcy Can’t Slow US Oil Production Much, it Seems
Even Bankruptcy Can’t Slow US Oil Production Much, it Seems The resilience has extended the timeline in this oil bust. Is it over yet? 2015 will certainly go down as the worst year for energy stocks since 2008 – that is unless 2016 beats it for misery. Looking at certain sub-sectors, like off-shore drilling, 2016 […]
Happy New Year: America’s Largest Utility Jacks up Rates the Most since 2006 Despite Total Collapse of Natural Gas Prices
Happy New Year: America’s Largest Utility Jacks up Rates the Most since 2006 Despite Total Collapse of Natural Gas Prices The power of monopoly and regulatory capture “We want our customers and their families to know that we are here to help them make smart energy choices and save money whenever possible,” cooed Laurie Giammona, […]
What Secret Do Global Banks Know about Chinese Banks?
What Secret Do Global Banks Know about Chinese Banks? They’re dumping their stakes. “Now is the right time for us to sell this investment,” announced Deutsche Bank’s newish co-CEO John Cryan on Monday after the long Christmas weekend when no one was supposed to pay attention. It was how Cryan justified the deal to sell Deutsche’s entire […]
I was asked: Whatever Happened to Inflation after all this Money-Printing?
I was asked: Whatever Happened to Inflation after all this Money-Printing? So where’s my free lunch? I was asked once again why all this central-bank “money-printing” along with global zero-interest-rate or even negative-interest-rate policies haven’t caused a big bout of inflation, considering how currencies are getting watered down. It’s a crucial question that baffled many […]
Lower Oil Prices Are Shaking the World
Lower Oil Prices Are Shaking the World The long-term effects will echo for a decade or more. Oil prices fell by over half from June 2014 to January 2015 (Brent: $110 to $50), then another one-third since (to $35). Natural gas and coal prices have also plunged, partially due to the same forces but also from […]
It Gets Ugly in the Toniest Parts of London
It Gets Ugly in the Toniest Parts of London Those once “awash with cash don’t have as much to spend.” It gets ugly for luxury homes in the toniest parts of London. The combined value of homes that were sold in prime central London, which includes Belgravia and Chelsea, plunged 24.5% in 2015, year-over-year, to […]
