“Against this friendly backdrop in Europe, fundamentals remain weaker in North America despite the recent signs of improvement since 1Q 2016. Relative to the peak in credit quality reached at the end of 2010, median net leverage ratios remain significantly higher while interest coverage ratios are also lower.”
Day: June 1, 2017
As Trump Exits Paris Climate Accord, Earth’s Days Of Freeloading Are Over
“Absurd big birds in black and white tuxedos. Demanding bears in white fur coats who insist they need floating ice to survive. Maybe they should ditch those luxury garments and try to live like the rest of us”…
Visualizing The Invisible Behemoth
China’s latest efforts to push the yuan higher and stave off any (additional) capital flight
Why One Strategist Thinks “The Dollar Is About To Flex Its Muscles”
“Dollar bulls have had a rough go of it lately. After peaking in early January the greenback’s been on a one way train lower, one of many popular “Trump trades†gone awry. While there may have been a solid rationale for the dollar’s decline, I’d be wary of chasing it here. Conditions are brewing for a revival of the dollar’s fortunes.”
Inside China’s FX Dice Roll
Admittedly, trying to decipher what the fuck is going on in China is a Herculean
Goldman: Here’s How To Play Upcoming Catalysts With ETF Options
“In fact, S&P500 (SPY) 1m implied volatility of 8% is near its pre-sell off level, and most sector ETFs have followed suit.”
SocGen: “Any Shift In Equity Volatility Could Be Ruinous”
“However today, US equity markets and debt markets are at odds with each other, US equity market investors are avoiding stocks with poor balance sheets, yet high yield bond yields are down at historical lows.”
Let’s Listen To Sean Spicer Tell America That Trump “Knows Exactly What ‘Covfefe’ Means”
“A small group of people knew exactly what he meant”…
Albert Edwards: “The Reflation Trade Is Trump-Inspired Fake News”
“The last time volatility in the US bond market was this low (and complacency this high), 10y yields spiked up some 150bp in only four months as part of Bernanke’s ‘Taper Tantrum’. “
China’s “No Bears Allowed” FX Policy Still In Spotlight Overnight
Ok, so the overnight fireworks were largely confined to early Asian trading. As noted last
Key Calls (Thursday): Upgrades, Downgrades & Initiations
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