SNB & CHF

Here is a nine-minute clip of a chat I had with Ben Lichtenstein at TD Ameritrade. Ben captures futures traders’ energy and breadth of vision.  Often in institutional settings, one develops a specialization, but in my experience, futures traders are more likely to look across the markets and asset classes.  It is one of the lasting lessons learned early in my career on the floor of the CME.  We focus on the S&P 500 and yesterday’s German court decision, which I...

UK has been confirmed to have the highest death toll in Europe the dollar is getting more traction Reports suggest Congress is resisting President Trump’s call for a payroll tax cut; ADP private sector jobs data is expected to come in at -21 mln Brazil is expected to cut rates 50 bp; Fitch cut its outlook on Brazil to negative; Chile is expected to keep rates steady Sterling remains under pressure as Brexit talks sour; the EC warned that the future of the eurozone is...

Longtime correspondent Paul B. suggested I re-publish three essays that have renewed relevance. This is the second essay, from July 2008. Thank you, Paul, for the suggestion. I received this timely inquiry from astute reader Paul B.: I’m interested in # 1, while you seem to take into account 300 million people in your writings–would you comment on rubber-meets-the-road impacts and proactive actions we can take to help shield ourselves (and our local communities) from...

Charles Hugh Smith joins us to discuss the economic reality on Main Street, totally disconnected from Wall Street. From the abrupt loss of jobs, to a consumer that's nowhere to be found and inflation ready to run rampant, here's robust discussion about these unprecedented, dark times... Some of the questions that developed during today’s discussion: How are things on the ground in Hawaii right now? How is the coronavirus is wreaking havoc on the US economy? The inflation-deflation...

[unable to retrieve full-text content]In a recent article entitled “Where Are All the Austrian Scholars' Yachts?” John Tamny has criticized Austrian economists, and Mark Thornton in particular, for their skepticism regarding the relatively “ebullient stock market” in the midst of the pandemic. Mark Thornton responded to Tamny’s main argument in an earlier post. In this post, I will address two serious errors that underlie Tamny’s argument. 

Charles Hugh Smith joins us to discuss the economic reality on Main Street, totally disconnected from Wall Street. From the abrupt loss of jobs, to a consumer that's nowhere to be found and inflation ready to run rampant, here's robust discussion about these unprecedented, dark times... Some of the questions that developed during today’s discussion: How are things on the ground in Hawaii right now? How is the coronavirus is wreaking havoc on the US economy? The inflation-deflation debate...

Overview:  The late sell-off in US stocks yesterday has not prevented gains in Asia and Europe.   Most of the equity markets, including the re-opening of China, gain more than 1%.  Australia was a notable exception, falling about 0.4%, and Taiwan was virtually flat.  European bourses opened higher but made little headway before some profit-taking set in, while US shares are trading higher.  Benchmark 10-year yields are firmer, and the US Treasury yield is near 67 bp...

Shut for business: a restaurant in Bern.  (Keystone / Peter Klaunzer) Most Swiss students rely on part-time jobs during their studies, but the shutting of restaurants, bars, cinemas and gyms during the coronavirus pandemic has led to many of them losing a source of income. Around three quarters of students have a part-time job during their studies, with around half of them working on average two days a week, according to the Federal Statistical...

Children walk along the road from Kolwezi to Musonoi  where there are numerous copper mines with huge tailings piles. (Courtesy of Meinrad Schade – Brot für alle/Fastenopfer) Swiss cobalt traders Glencore and Trafigura deal very differently with small-scale miners in the Democratic Republic of Congo (DRC), many of whom are children. Eight kilograms of cobalt are needed for every electric car battery. More than 70% of the increasingly sought-after metal is mined in...

By Dara O’Sullivan, Derrick Leonard, and Ilan Solot Covid-19 related measures for restricted markets remain largely unchanged from last week. Sri Lanka and India have extended their lockdown periods, while Kenya and Nigeria continue to face limited liquidity. Please see trading comments below   Sri Lanka: The government announced on May 1 that the current lockdown will remain in place until May 11, when it will be reviewed. The Colombo Stock Exchange (CSE) remains...