“Is There A Problem We’re Not Seeing?” – China’s Banking System Reaches “Tipping Point”

“The market is nervous about the impact. Everyone is wondering, ‘could there be a problem we’re not seeing?’, or ‘will there be some punishment that forces an institution to dump assets? Then banks get cautious and stop offering loans.”

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It’s Quiet Out There: G-20 Leaves Markets Feeling “Damp And Grey”

It feels quiet out there. Maybe a little too quiet. There’s plenty of G-20 banter about the US/Trump having “won” at the weekend gathering in Germany. In this context, “winning” means successfully getting the “resist all forms of protectionism” language removed from the communique. Remember, in Trump/Navarro make-believe land, free trade is a bad thing, so telling everyone…

“What Blizzard? It’s A Couple Of Flakes”: Markets In Cryosleep Ahead Of Snow, Fed, Geert

Welcome to day 2 of 2 in the pre-Fed, pre-Dutch election market cryosleep. Overnight we got some econ data out of China that looks good right up until it doesn’t. Here are the numbers: CHINA JAN.-FEB. FIXED INVESTMENT RISES 8.9% Y/Y; EST 8.3% CHINA JAN.-FEB. INDUSTRIAL OUTPUT RISES 6.3% Y/Y; EST 6.2% CHINA JAN.-FEB. RETAIL…

No Trouble In Little China And Nothing Doing In Oz

It was a relatively quiet overnight session on the news front, although you wouldn’t know it from the number of Bloomberg e-mails in my inbox. China’s FX reserves “unexpectedly” rose in February although I’m not entirely sure why everyone is using the term “unexpectedly” here. Have you heard much lately about the yuan? No? Exactly.…

Chaos

Well I think it’s safe to say that geopolitical risk – which the naive among you thought had dissipated materially last Tuesday evening when the nice orange man in the blond wig successfully read a teleprompter – has firmly reestablished itself as the market boogeyman. On Monday morning, Americans (including Trump’s own staffers) are still trying…