Latin-America’s Airlines Are Crashing, But There May Be No Bailouts. Aeromexico Denies Filing for US Bankruptcy . What a peculiar form of capitalism, where investors lose out when the companies they invest in are not economically viable. It will never catch on in the US or UK. It …
Andreas Steno Larsen has written his macro piece for Nordea. The message seems to be that in the complex dance with the Fed and the US Treasury (Powell & Mnuchin) there will be a tightening which will cause the steepener trade to falter, by which Larsen seems to …
read moreNearly everything up, a teeny bit. Dollar down, similarly. Dollar assets essentially flat. Independence Day holiday coming up. The short sellers have made a packet on Wirecard, but are probably not rushing back to short anything else. $TSLA makes headlines by overtaking Toyota in terms of market cap, if …
read moreWell, it’s a new day, a new quarter and a new half year. Fairly incredibly, the SPX had the best quarter performance since 1998. Well, we know what happened in 2000. Asian equities up, European ones down. Odd, given that the police in Hong Kong are arresting …
read moreI finally listened to the rest of the Trader Vic interview (see my weekend post). He is really very interesting. He talked about how interest on excess reserves suppresses inflation. (Actually, Warren Mosler sort of reveals this when he talks about his chat with the official from the …
read moreThere was a rather dull lecture by Gove over the weekend, the Ditchley Lecture. I read it, so you don’t have to. It’s long and a bit rambling. Bemoans hollowing out of the middle, and the resulting disaffection of those who used to support the left, the …
read moreThe Fed is doing it, but not in huge size. Various issuers are being identified on Twitter etc. as though their appearance on the list would be a buy signal. Similarly, a list of the ETFs, headed by $LQD, as you’d probably expect.
Things look a …
read moreWhen the stock and bond market crash comes, and the politicians say “nobody could have seen this coming”, at least Lance Roberts and Jeremy Grantham will be able to say “we did!” And, actually, they are not the only ones.
A few chickens are coming home to roost …
read moreI’m lethargic. My office is at 29C and humid. The markets are lethargic. At some point new homes in the UK will be fitted with A/C. Liquidity is terrible, even for $ES_F, the SP 500 mini future, which should be the most liquid equity …
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