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Global Stocks Rise, Copper Soars In Thin Holiday Volumes

European stocks are steady in post-Christmas trading if struggling for traction after a mixed session in Asia, amid trading thinned by a holiday-shortened week and ongoing worries about the tech sector; however a strong rally in commodities – including copper and oil – buoyed expectations for a strong 2018 and helped offset concerns over the […]


7 Reasons Why The US Canabis Industry Is About To Be “Rocked”

As DataTrek's Nicholas Colas reminds us, recreational marijuana sales become legal in California starting on New Year’s Day 2018. Given that one in eight Americans live in the state, this move will have major implications for the entire US legal cannabis industry. So, to address any pent up investor questions, Colas has put together a […]


Global Bond Rout Eases As Nervous Traders Watch For “Selling On The Tax News”, Catalan Vote

U.S. equity futures are little changed with the GOP Tax Plan now a done deal and no more daily “pricing in” of tax reform possible, as traders nerviously look to see if others will now be “selling the news”, a preview of which we got yesterday when US equity indexes closed red across the board […]


Global Stocks Roar To Record Highs As Tax Reform Is “Priced In” All Over Again

Global stocks and US equity futures roared upward to new record highs to start the second-to-last week of the year, boosted by optimism over a Republican agreement on the shape of U.S. tax cuts aimed at lifting growth; incidentally this is the 6th consecutive day that the “tax bill” has been priced in by the […]


Moody’s Considers Municipal Ratings Changes That Could Push Illinois Into Junk Territory

A few weeks ago, we expressed some level of astonishment that the rating agencies, in their infinite wisdom, decided to bestow an investment grade rating upon a new $3 billion bond issuance by the City of Chicago.  Of course, this wouldn’t be such a big deal but for the fact that the state of Illinois […]


What’s In The Final Republican Tax Bill: Goldman Explains

While we published both the full text(1,097 pages) and the “explanatory” statement (only 570 pages) released by the House-Senate conference committee on the final Republican Tax Bill, also known as the Tax Cuts and Jobs Act (TCJA), we are confident not many readers – or anyone else for that matter – will read the full […]


Global Negative Yielding Debt Surges To $9.7 Trillion Despite ECB’s QE Taper

As we noted a few months ago, ever since the ECB launched its sovereign debt QE, initially known as PSPP, in March 2015 and later expanded to include corporate debt, or CSPP, in June 2016, the world’s biggest hedge fund central bank has created enough money out of thin air to purchase bonds with no […]


Warning From The World’s Biggest Shipping Line On Outlook for World Trade

The optimism on world trade didn’t last very long. It was only late September when the WTO issued a “strong upward revision” to their estimate for 2017 world trade. WTO economists raised their forecast to 3.6% from 2.4%, which was at the top end of the previous 1.8-3.6% range. This marked a sharp acceleration from […]


China Systemic Risk: HNA Group Denies Liquidity Problem, It’s Only “End-Of-The-Year Tightness”

Every few days at the moment, it seems, we return to the subject of systemic risk in China related to its big four highly-indebted conglomerates, HNA, Anbang, Evergrande and Dalian Wanda. Our main source of concern recently has been HNA, after it issued a bond with less than one year to maturity with the extortionately […]


Recovery? We Have Tripled The Number Of Store Closings From Last Year…

Authored by Michael Snyder via The Economic Collapse blog, Did you know that the number of retail store closings in 2017 has already tripled the number from all of 2016? Last year, a total of 2,056 store locations were closed down, but this year more than 6,700 stores have been shut down so far.  That […]


Why America’s Retail Apocalypse Could Accelerate Even More In 2018

Authored by Michael Snyder via The Economic Collapse blog, Is the retail apocalypse in the United States about to go to a whole new level?  That is a frightening thing to consider, because the truth is that things are already quite bad.  We have already shattered the all-time record for store closings in a single […]


Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as Petroleos de Venezuela, S.A. Specifically, in today’s determination, in response […]


US Futures, Global Stocks Extend Decline After Disappointing Chinese Data, Dollar Slides

U.S. index futures declined for the second day in a row, dipping 0.1% to the lowest in more than a week following declines in Asian and European shares. European stocks tried and failed to shrug off the negative sentiment that spurred broad-based declines in Asia following another month of disappointing Chinese macro data… … eventually […]


Weekend Reading: It’s The Debt, Stupid

Authored by Lance Roberts via RealInvestmentAdvice.com, As I noted last Friday, the recently approved budget was an anathema to any fiscally conservative policy. As the Committee for a Responsible Federal Budget stated: “Republicans in Congress laid out two visions in two budgets for our fiscal future, and today, they choose the path of gimmicks, debt, […]


Perpetual Notes – China’s New Way To Hide Debt (Call It Equity)

The legacy of the soon-to-retire PBoC governor, Zhou Xiochuan, will be that in sharp contrast to his western brethren, he warned that China’s credit bubble would burst before the fact. Two weeks ago, Zhou warned during the Party Congress that China’s financial system could be heading for a “Minsky moment” due to high levels of […]