‘We Didn’t Know How To Navigate The Virus’: Ray Dalio’s Pure Alpha II Takes Big Hit Amid Market Chaos
“We stayed in our positions and in retrospect we should have cut all risk”.
Mideast Shares Dive, Egypt Plunges 9%, Aramco Slashes Capex 24%
Central banks in the region are spending nearly $50 billion in the virus fight.
‘Economies Are In Lockdown’: Trump Tests Negative For Virus, Europe Shuts Down As Infections Soar
“We have not reached our peak”.
‘We’re Living In A Black Swan Scenario’: Equity Positioning Just Plunged To GFC Lows
There have only been two other periods characterized by these kinds of wild swings: The GFC and the Depression.
Trump Hints At Demoting Jay Powell To ‘Regular Position’, Says He Took Virus Test
“I haven’t made any decisions on that”.
It’ll ‘Wash Through’
America now has a virus relief “plan” – courtesy of Nancy Pelosi and Steve Mnuchin.
It Could Get Worse
Platitudes.
Emergency.
“Confidence”.
Loonie Tunes: That’s 100bps This Month From The Bank Of Canada, In Case You’re Keeping Score
And they’ll do more, if necessary.
QE Has Returned. And The Risk Parity Kraken Has Been Unleashed.
The drama continues.
Limit-Up/Limit-Down Rolls On, As Germany Teases ‘Unlimited’ Economic Support
“We won’t do things by half-measures”.
Schizophrenia: Asia’s Wild Friday Ride
“Markets are schizophrenic at the best of times these days”.
PBOC, Norges Bank, Riksbank, BOJ Rush To Rescue Bloodied Markets With Rate Cuts, Liquidity Measures
Of course, all of this will fall short if politicians do not step up with adequate measures.
European Shares, Italian Bonds Have Worst Day In History. Literally. So There’s That.
With all due respect, there are questions, Christine. Lots of them.
Fed Brings Out Bazooka. Announces Massive Repos, Expands Asset Purchases Beyond Bills
“These changes are being made to address highly unusual disruptions in Treasury financing”.
The Treasury Market Is Broken. ETFs Are Cracking. Risk Parity’s ‘Footprints’ Have Been Spotted.
“USTs are a ‘broken market’”, Nomura’s Charlie McElligott writes, in a Thursday note recapping some
Fed Injects Nearly $200 Billion To Fend Off ‘Cash Crunch’ As US Stocks Halted Limit-Down
It was the second time this week that US equities have been halted after the cash open.
ECB Expands QE By €120 Billion, Announces New Liquidity Measures, Relaxes Capital Ratios, Leaves Rates Unchanged
Lagarde is credible. It’s just not clear whether she’s credible as a central banker. We’re about to find out.
Albert Edwards: ‘These Are Dangerous Times Indeed’
It will not surprise you to learn that Edwards doesn’t think stocks are “cheap” after rout.
Trump Falls Short In Oval Office Coronavirus Address. Futures Collapse Limit-Down
“The virus will not have a chance against us.”
Dislocations, Dysfunction And Diversification Desperation
“This is not a normal functioning market”.
It’s Official: We’ve Got A Bear Market And A Pandemic
“I’ve made some decisions”.
Unshackled!
“…daily amplitudes not seen since 2011.”
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