€500 billion will be in the form of grants.
Category: Markets
Euphoria Now. But Three Fiscal Cliffs Loom Large
Hopefully, Mitch McConnell can be convinced.
100,000, Phoenix From The Ashes, And The China Sanctions Threat
“…ahead of schedule.”
Robinhood, Mega-Cap Mania, And Peak Perpetual Motion
“I am certain of the denouement, but it is possible its date is vastly longer than my career”.
Why A Massive Debt-To-Equity Swap May Be Coming
“…equity markets are set to experience a wave of capital raisings”.
‘Bearish Thoughts’ Will Be ‘Punished’
Onward and upward for risk.
What $600 Billion In AUM Sees For The Post-COVID World, And Why One Bank Thinks Full MMT Is Unlikely
“What are the likely structural shifts post-pandemic?”
World Trade Shrank Most Since GFC In March, Just Ahead Of Virus Lockdowns
March’s monthly decline means world trade shrank for three months straight headed into pandemic protocol.
Reopening Optimism Trumps All Other Considerations As Equities Climb Wall Of Worry
“…it does not take much analytical skill to predict a much stronger slump in the second quarter”.
‘The Air Remains Thick With Caution’: Emerging Markets Stare Down Crises In Brazil, Hong Kong
“We’ll see an HBO special about it ten or 15 years from now”.
Why Morgan Stanley Sees ‘The Return Of Inflation’ After Coronavirus Crisis
“The forces which will bring about inflation are aligning”.
Gary Cohn: Congress Needs To Be Ready To Spend $3-5 Trillion ‘At Any Given Moment’ In Crises
“We now have the knowledge that at any given moment in time, our Congress is going to need to spend $3-5 trillion”.
Protests, Tear Gas Return In Hong Kong. China Accuses US Of ‘Endangering World Peace’
Wang also cautioned that anyone who expects Beijing to pay “reparations” for the virus is “daydreaming”.
‘The Stakes Keep Getting Higher’: US-China Cold War Likely To Continue Regardless Of Who’s President
An “increasingly unstable and uncertain” world.
The Only Debate That Matters.
The long version.
Goodbye, Hertz. Don’t Come Back.
“…when you turn off the revenues, it’s a very tough business”.
High Tension, Holiday Drift.
Besides the US reopening story, the only narrative that’s likely to matter going forward is…
$7 Trillion And Signs Of Addiction.
As ever, the whole thing is a bit of a paradox.
‘Why Would Anyone Expect Stocks To Price Rationally?’ The State Of Exception Is Now Permanent
They say it promotes “transparency.” It’s important, they say, for the public to understand “the process.”
Meanwhile, In The UK: Retail Apocalypse, Record Deficit, Negative Rates And A Possible ‘Pound’ing
“We may be in an era where financial markets have become desensitized to big percentages, but…”
Beginning Of ‘The End’ For Hong Kong Sparks Massive Rout In Preview Of Coming Showdown
This is the end, my only friend, the end.
China Abandons GDP Target For 2020 As Virus Reality Sets In
The abandonment of the target speaks volumes about the scope of the damage inflicted by the pathogen.
Just Two Things.
“We are now experiencing a whole new level of uncertainty”.
Meanwhile, In Turkey…
Of “foiled” plots and valuable, gas-rich allies.
Nomura’s Charlie McElligott On The Rally And The Future Of Macro
“…we would need to see an unprecedented marriage where both monetary and fiscal policy align in a magnitude not previously experienced”.
As Virus Jobless Claims Total Nears 40 Million, Let’s Make Sure We’re Asking The Right Questions
The question is not whether “the worst is over”. Nor is the question about the “pace” of the rebound.
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