Tag Archives: newsletter

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red – as they have been every day this week before levitating to record highs – ahead of hurricane-distorted nonfarm payrolls data (full preview here)....

The economic reports of the last two weeks were generally of a more positive tone. The majority of reports were better than expected although it must be noted that many of those reports were of the sentiment variety, reflecting optimism about the future that may or may not prove warranted. Markets have certainly responded to the dreams of tax reform dancing in investors’ heads with US stock markets providing a steady...

Sergio Ermotti, CEO of Swiss bank UBS, took home €12.3 million last year, the survey said (Keystone) - Click to enlarge The chief executive officers of Switzerland’s top firms take home almost double the median salaries of Europe’s 100 biggest companies, according to a study by consultants Willis Towers Watson. The Eurotop 100 study, presented on Thursday, studied the direct remuneration – not including...

– Yahoo admits every single one of 3 billion accounts hacked in 2013 data theft– Equifax hacking and security breach exposes half of the U.S. population– Some 143 million people vulnerable to identity theft– Deloitte hack compromised sensitive emails and client data– JP Morgan hacked and New York Fed hacked and robbed– International hacking group steals $300 million– Global digital banking  and financial system not...

Stock Markets In the EM equity space as measured by MSCI, China (+4.1%), South Africa (+3.2%), and Hungary (+2.4%) have outperformed this week, while Egypt (-2.8%), Qatar (-2.7%), and Mexico (-1.7%) have underperformed. To put this in better context, MSCI EM rose 1.9% this week while MSCI DM rose 0.6%.   In the EM local currency bond space, Argentina (10-year yield -13 bp), Nigeria (-5 bp), and Thailand (-4 bp) have...

Swiss Franc The Euro has risen by 0.27% to 1.1485 CHF. EUR-CHF and USD-CHF, October 06(see more posts on EUR/CHF, USD/CHF, ) Source: markets.ft.com - Click to enlarge FX Rates Traders are putting the final touches on another strong weekly performance for the US dollar. Strong economic data, including the PMIs, auto sales, and factory orders have surprised to the market. The ADP report warns that the storms that...

Something else ‘Murica is no longer #1 in… A recently released World Economic Forum report has found that the global economy is recovering well nearly a decade on from the start of the global financial crisis with GDP growth hitting 3.5 percent in 2017. The eurozone in particular is regaining traction with 1.9 percent growth expected this year. As Statista’s Niall McCarthy points out, the improvement in...

Too Big to Fail? Dear Mr. Butler, in your article of 2 October, entitled Thoughtful Disagreement, you say: “Someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” Back in the late 90s this was actually a fairly well-timed case, as silver eventually rose from a low of around $4 in 2000/2001 to a high of almost $50...

These expedient fixes end up crippling the mechanisms that are needed to actually solve the systemic sources of the crisis. We can add a third certainty to the two standard ones (death and taxes): The rules will suddenly change when a financial crisis strikes. Why is this a certainty? The answer is complex, as it draws on human nature, politics and the structure of societies/economies ruled by centralized states...

Summary: Sterling has given up 50% of the gains score since late August’s lows. Rate hike expectations are running high. Speculative market positioning has adjusted, and for the first time in a couple of years, speculators in the futures market are net long. Sterling peaked on September 20 near $1.3660. It traded to nearly $1.3220 today.  It has fallen in nine of the past dozen sessions. The main culprits are...