“All-in” on a trade deal and the burgeoning pro-risk rotation?
Category: Markets
Trump To Punt Again On EU Car Tariffs As Time Still Not Right To ‘Rid Fifth Avenue of Mercedes’
“The person… cautioned there is always uncertainty” around Trump and tariffs.
In Stark Reversal, Popular Treasury ETF Hemorrhaged Record $1.2 Billion During Bond Rout
At the risk of beating a dead horse…
To Believe In The Rotation Or Not To Believe…
…that is the question.
JPM’s Kolanovic, Deutsche Bank’s Sparks Don’t See Rising Yields As A Threat To Stocks – Yet
“The recent sell-off appears far too small to have material and persistent deleterious effects on equity”.
China’s Credit Growth Collapses
The engine of global growth and credit creation is stalling.
With All Eyes On Bonds, Trump, Powell Will Both Speak On The Economy This Week
“He believes the United States will go on to exceed even its remarkable achievements of the past”.
As Recession Worries Recede, Investors Jump At Chance To Fret About 2020 Election
79% are some shade of worried.
Earnings Season Shows Corporate America Just Refuses To Roll Over
With nearly 90% of companies reporting, earnings season was better than feared.
One-Percenters Now Control As Much Wealth As Middle-, Upper-Middle Classes Combined
The benefits of this don’t accrue linearly, but rather exponentially.
‘2019 Has Been A Rollercoaster’: Duration ‘Round Trip’ Now Complete, Risk Is Trade Deal Falls Through
This may mean that the market has become too comfortable with the trade outlook.
Marko Kolanovic On ‘Groupthink’, Crowding And Why The Rotation Will Continue
“Two strategies that in theory should have little to do with each other” have been “nearly 100% correlated” recently.
China Responds: Phase One Deal Without Tariff Rollbacks Is Nonstarter
“What’s certain is that”…
Spare A Thought For Gold. This Was A Terrible Week
Yellow doorstops are in the dumpster amid an otherwise stellar 2019.
‘Yellow Brick Road’ Or ‘Rabbit Hole’? Bonds In ‘No Man’s Land’
So, which is it going to be?
3-Sigma Bond Rout Sees Yields Erase August Plunge, While Front-End Prices Out Trump’s Rate Cut Hopes
Rampant optimism is now reinforcing the Fed’s message that rate cuts are done.
Stocks Are Levitating, But Nomura’s McElligott Says Backtest Shows Potential For Pullback Amid Options ‘Extremes’
The longer we linger ‘up here’…
Split BOE Decision Wrong-Foots Markets, 2020 Rate Cut Now Seen Likely
“They’re closer to cutting rates than we think”.
Tariff Rollbacks Imminent, China Says. US Confirms
It would be the first time the Trump administration has removed duties since the beginning of the trade war.
Happy Times And ‘Manna From The Printing Press Heaven’
“The wealth effect on global plutonomists will be massive”.
‘A Weak Start To Q4’: JPMorgan Global PMI Prints Lowest Since February 2016, Employment Dives Into Contraction
“…the pace of job losses at manufacturers was the joint-fastest for over a decade”.
Armageddon Scenarios, Willful Ignorance And ‘Bond Risk Everywhere’
What could go wrong?
Reflation Narrative Gets Another Boost As ISM Non-Manufacturing Rebounds From Trump-Era Low
All told, the headline beat will likely be enough to bolster the rosy economic story.
As ‘Tantrum’ Risk Comes Calling, Nomura’s McElligott Flags CTA Bond Selling As Legacy Long Unwound
Trade optimism is running rampant and crowded positioning looks set to unwind.
Who Needs An Economy When You’ve Got Stocks? Markets On Fire In Two Recession-Hit Locales
Two recession-ravaged economies are enjoying large rallies in domestic equities.
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