Daily Kickstart (China Grateful For Meandering Dollar, “Frexit” Fears Subside)
The overnight session was largely a snoozer on Thursday (no pun intended). The dollar looks
The overnight session was largely a snoozer on Thursday (no pun intended). The dollar looks
The “most crowded trade of 2017” has had a rough go of it this year,
As investors, all of the above leads to one burning question: in the age of the internet where anyone can do their own research and disseminate it widely, do we still need sellside research given what we know about the penchant for sellsiders to be, well, offsides? My contention is “yes.”
I’ve talked a ton about cross-asset correlations here and elsewhere over the past few months.
The “big” news overnight should have been Chinese FX reserves just like China should be back
But this can only become America’s reality if the new administration is shrewd. Clever. Cunning. And, above all, patient. Trump is anything but.
“Investing is macro and macro is geopolitics. If you don’t get that, you’re going to be perpetually behind the curve going forward.
It’s like they’re micromanaging this thing by the hour…
I mean look, I get it. And I’m sure you do too. Hourly earnings missed and it looks like the 0.1% m/m growth was the lowest since last August. If you’re so inclined you can read into that something about consumer spending and consumer spending is three fourths of the economy. And on, and on. It’s not rocket science. But…
It was a busy week. The BoJ. The Fed. A blowout ADP report. The BoE.
Perhaps fearing some kind of Erdogan-esque reprisal from the White House, the Fed pussyfooted its
Quite a lot of people seem to be hanging their hats on Wednesday’s Fed statement
“It ‘seems’ that the discombobulated implementation of Trump’s immigration orders has ‘furthered’ the market concerns”…
“With a few hasty pen scratches, Trump has confirmed that he is impulsive and liable to act without concern for convention or precedent or, it seems, the law. At the margin, the premium for U.S. assets will now be eroded.”
“It seems a weird time to suddenly turn bearish, but I’m overwhelmed by a large sense of concern as I gaze across markets.”
Bright and early. Me. An espresso (I skipped the frothed milk this morning in favor
“If you had told us that on the third work day of Trump’s Presidency, we would see a $1 Trillion dollar infrastructure proposal (over ten years) take shape in Washington, we would have told you that “we have a bridge to sell you as well”…
Well, Monday ended the same way Monday began. For the early risers who catch the
Analysts are now forced to take Trump’s tweets into account when commenting on the prospects for specific stocks. That, in turn, has led to the contention that idiosyncratic risk will almost invariably rise during Trump’s presidency. It’s thus very possible that Donald Trump could single-handedly bring about a shift in inter-market correlations.
The “highly improbable” has become more probable lately. At least that’s my contention. The paradox –
It feels quiet out there on Thursday morning. On Wednesday, a fairly potent one-two punch
Reflections on the reflation trinity…
Traders put the brakes on the flight to safety bid on Wednesday as gold and the
Perhaps trying to frighten voters away from the populist cause by referencing dire economic consequences isn’t the best way to go about things when there are plenty of other common sense arguments for preserving a progressive agenda and for cultivating multiculturalism.
Ok look, it’s anyone’s guess where yields are going to be in 12 months. Rates
We’re gonna need a weaker yuan. Data out Friday showed China’s exports falling 6.1% y/y
I think I can probably sum up Wednesday with one sentence and one chart…
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