Chart Of The Day: Asset Prices In The Trump Era

See if you can spot what’s still hanging on for dear life at record highs/tights despite lackluster incoming data and central bank tightening…

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A Royal Shakeup, China’s Big Day Falls Flat, Crude Reality Bites

Ok, well for obvious reasons, the headlines overnight pretty much all revolved around: Saudi Arabia China Oil In Riyadh, Mohammed bin Salman consolidated still more power after replacing his cousin Muhammad bin Nayef as heir to the throne. It was, as quite a few in the media noted, an “abrupt” change. But bin Salman was already running defense,…

Before The Fed: China?! “An Illegal Siege” On Qatar! Crude Carnage. Oh, My.

Yeah, so this afternoon the Fed will almost surely hike and folks will be looking for answers to a whole lot of questions. The full preview is available here, but one thing you should note is that traders will be watching CPI and retail sales first and indeed, those prints may end up dictating the…

Don’t Forget That Iron Ore Crashed Last Night…

So last night Moody’s downgraded China for the first time since 1989. China was pissed. The reaction in regional equities and FX ended up being muted thanks in no small part to what certainly looked like a late session intervention by Beijing’s infamous “national team.” But one thing you should note is the reaction in…

Chinese Stocks Stage Hilarious Comeback After “Absolutely Groundless” Moody’s Downgrade

It’s all fun and games until someone gets downgraded. So last night, Moody’s handed China its first downgrade since 1989, a move that reflected growing incredulity with the notion that Beijing will somehow be able to simultaneously deleverage and maintain the current pace of economic growth. China, of course, wasn’t happy. The Ministry of Finance called…