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Category: Markets

$2 Trillion In A Pandemic? Corporate America’s 2020 Debt Binge Has No Precedent

October 11, 2020October 12, 2020

No, really. “Investors really can’t get enough high-grade corporate bonds,” Bloomberg’s James Crombie wrote late

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6 Comments on $2 Trillion In A Pandemic? Corporate America’s 2020 Debt Binge Has No Precedent

Earnings Season Is Here

October 11, 2020October 12, 2020

Assuming market participants can somehow focus on corporate fundamentals amid what is sure to be

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Wild Blue Yonder

October 10, 2020October 12, 2020

If you ask me, one of the most amusing aspects of the evolving market narrative

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5 Comments on Wild Blue Yonder

The Stories We Tell Ourselves

October 10, 2020October 12, 2020

Mohamed El-Erian, “with his decades of investing experience” (to quote Bloomberg), doesn’t think there’s any

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7 Comments on The Stories We Tell Ourselves

‘So Many Things Could Go Wrong’

October 9, 2020October 12, 2020

If it’s more evidence of the market’s growing conviction around a changing of the guard

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5 Comments on ‘So Many Things Could Go Wrong’

Trump Now Says He Wants A Bigger Stimulus Deal Than Pelosi. But It’s Not Up To Them

October 9, 2020October 9, 2020

Predictably, Donald Trump turned out to be totally unpredictable during his first week on the

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3 Comments on Trump Now Says He Wants A Bigger Stimulus Deal Than Pelosi. But It’s Not Up To Them

72 Hours Later, ‘Art Of The Deal’ Produces $1.8 Trillion Concession

October 9, 2020October 9, 2020

Less than 72 hours after declaring, in a series of irritated tweets, that stimulus talks

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14 Comments on 72 Hours Later, ‘Art Of The Deal’ Produces $1.8 Trillion Concession

Are We Just Marking Time Until Rising Yields ‘Short-Circuit’ The Equity Rally?

October 9, 2020October 9, 2020

Rightly or wrongly, the market appears to be pricing out Donald Trump. The 2016 experience

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2 Comments on Are We Just Marking Time Until Rising Yields ‘Short-Circuit’ The Equity Rally?

‘The Top’ Is Near And The World Is Changing

October 9, 2020October 9, 2020

The top in asset prices will come between the election and inauguration, BofA’s Michael Hartnett

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5 Comments on ‘The Top’ Is Near And The World Is Changing

Divining The Odds

October 9, 2020October 9, 2020

The dollar slipped and stimulus talks remained in focus Friday as US investors hoped to

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3 Comments on Divining The Odds

Maybe The Fed Should Just Let Stocks Crash

October 8, 2020October 9, 2020

“It’s not that we have no tools. But the fiscal policy tools are much more

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7 Comments on Maybe The Fed Should Just Let Stocks Crash

Albert Edwards Doubts Bond Selloff Has Legs. And That’s Good For The FAAMG Bubble

October 8, 2020October 8, 2020

“The US equity market rally over the last few years, concentrated almost exclusively on FAAMG

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5 Comments on Albert Edwards Doubts Bond Selloff Has Legs. And That’s Good For The FAAMG Bubble

Wrong. Jobless Claims Tell Us Plenty

October 8, 2020October 8, 2020

840,000 Americans filed for unemployment benefits last week, down 9,000 from the previous week’s upwardly

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5 Comments on Wrong. Jobless Claims Tell Us Plenty

Fed Minutes Show Officials Assumed Additional Fiscal Stimulus This Year

October 7, 2020October 8, 2020

Minutes from the September FOMC meeting find Fed officials debating the relative merits of moving

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2 Comments on Fed Minutes Show Officials Assumed Additional Fiscal Stimulus This Year

US May Target Tencent, Ant Group With Potential To Disrupt World’s Largest IPO

October 7, 2020October 7, 2020

In a move perhaps designed to cast a pall over what could be the world’s

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2 Comments on US May Target Tencent, Ant Group With Potential To Disrupt World’s Largest IPO

Would You Trade A 4% Haircut In The S&P’s Fair Value For Sanity?

October 7, 2020October 8, 2020

With expectations for a Democratic sweep becoming more entrenched by the day, market participants with

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13 Comments on Would You Trade A 413 Haircut In The S&P’s Fair Value For Sanity?

No Church In The Wild

October 6, 2020October 6, 2020

Journalists long ago ran out of euphemisms when it comes to describing Donald Trump’s singular

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8 Comments on No Church In The Wild

Powell Hurts Own Cause, Feeds Budget Hawks By Parroting Deficit Myths

October 6, 2020October 6, 2020

At this point, you’d forgive Jerome Powell (and most of his colleagues) for being frustrated

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5 Comments on Powell Hurts Own Cause, Feeds Budget Hawks By Parroting Deficit Myths

‘With Less Than 30 Days’: Goldman Recaps Cross-Asset Election Outlook After Trump Virus Scare

October 6, 2020October 6, 2020

“The S&P 500 equal-weighted index had one of the largest daily outperformances since the GFC”,

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Nomura’s McElligott: Market Is ‘Full-Throttle Embracing Biden, Blue Wave’

October 6, 2020October 6, 2020

Price action on Monday was indicative of a market “going full-throttle” in its “embrace of

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4 Comments on Nomura’s McElligott: Market Is ‘Full-Throttle Embracing Biden, Blue Wave’

Invincible Heroes

October 6, 2020October 6, 2020

Global markets were muted Tuesday following Donald Trump’s return to the White House from Walter

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Did Markets Start Pricing Out Donald Trump On Monday?

October 5, 2020October 5, 2020

“We’re still optimistic based on his unbelievable progress”, Mark Meadows said Monday, during remarks to

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8 Comments on Did Markets Start Pricing Out Donald Trump On Monday?

Some See White House Virus Scare Increasing Odds Of Undisputed Election

October 5, 2020October 5, 2020

“At the margin, markets seem to have lowered the chance of prolonged uncertainty post-November 3”,

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6 Comments on Some See White House Virus Scare Increasing Odds Of Undisputed Election

No Time To Die In New York (Or Bethesda)

October 5, 2020October 5, 2020

It certainly wasn’t clear that risk assets (i.e., equities) should have been any semblance of

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3 Comments on No Time To Die In New York (Or Bethesda)

No Shirt, No Shoes, Some Service

October 5, 2020October 5, 2020

Activity in the US services sector continues to rebound, the latest read on ISM’s non-manufacturing

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Stable

October 5, 2020October 5, 2020

Equities came into the new week looking for gains after a Weekend at Bernie’s-style effort

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2 Comments on Stable

Secondary Concerns

October 4, 2020October 5, 2020

It still feels a bit strange to speak about what could move markets in the

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6 Comments on Secondary Concerns

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