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Chinese Stocks Spooked By Apple iPhone X Forecast Cut, Nikkei Boosted By BOJ Hopes

With most global markets closed for Christmas, the only overnight action was in Asia, which saw Chinese equities fall with tech stocks and names linked to Apple the worst performers after a report that Apple cut forecast iPhone X sales forecasts, while property firms surged on speculation of coming consolidation. As a result, after opening […]


“This is Groundhog Day”: Spanish Stocks Battered By Catalan Vote, Bitcoin Crashes

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan secessionists delivered an unexpected blow to the government of Spanish PM Rajoy by winning the Catalan regional election. Meanwhile across the Atlantic, U.S. equity futures and the dollar rose on the last trading session […]


One Angry Trader Rages…”Nothing Can Possibly Go Wrong…Go Wrong…Go Wrong”

As stocks do things they have never done before (in terms of gains and complacency), despite the "inexplicable" collapse in the yield curve (and slump in earnigs expectations), some, like former fund manager Richard Breslow, are growing frustrated with the farce. 2017 is on track to be the first 'perfect year' with 12 consecutive monthly […]


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

Yesterday we joked that with the US House of Representatives set to vote for the GOP tax bill on Tuesday, markets would “price in” the same tax legislation they have been pricing in every day for the past year, all over again… Get ready for US markets to price in tax reform all over again […]


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 […]


Australian Central Bank – Bitcoin Is Bad But You’d Love A Digital “e-AUD”

Sweden’s Riksbank, the world’s oldest central bank, is exploring the possibility of a digital register-based e-krona; the Reserve Bank of New Zealand is researching whether its physical currency could be replaced by a digital alternative; the Bank of England is trialling blockchain-like systems; the Monetary Authority of Singapore is examining the use of distributed ledger […]


Global Deflation Alert: Chinese Credit Creation Tumbles To 27 Month Low

At the end of November, we showed a troubling observation for China – and global – macro watchers from Axiom’s Gordon Johnson: for the first time ever, record Chinese credit creation had failed to stimulate the economy, and in fact the exact opposite appeared to be unfolding – economic growth is slowing across a number […]


It’s Central Bank Bonanza Day: European Stocks Slide Ahead Of ECB; S&P Futs Hit Record High

One day after the Fed hiked rates by 25 bps as part of Janet Yellen’s final news conference, it is central bank bonanza day, with rate decisions coming from the rest of the world’s most important central banks, including the ECB, BOE, SNB, Norges Bank, HKMA, Turkey and others. And while US equity futures are […]


China Unexpectedly Hikes Rates Despite Disappointing Retail Sales Growth

China, somewhat unexpectedly, hikes rates this evening, minutes before dumping economic data that showed no major surprises other than a modest disappointment in retail sales growth. Of course, we had a suspicion that China might hike rates, as it has done in response to previous rates hikes by the Fed in 2017. So what time […]


Stocks Rebound From “Bama Shock”, All Eyes On Yellen’s Last Rate Hike

After an early slide last night following the stunning news that Doug Jones had defeated Republican Roy Moore in the Alabama special election, becoming the first Democratic senator from Alabama in a quarter century and reducing the GOP’s Senate majority to the absolute minimum 51-49, US equity futures have quickly rebounded and are once again […]


Futures Flat As FOMC Meeting Begins; Brent Jumps Over $65 For First Time Since 2015

E-mini futures are modestly in the green this morning, though net of fair value the S&P index is poised for another record high open as the FOMC begins its last meeting for 2017 in which it is expected to raise rates by 25bps. European stocks gain while Asian equities slide led by weakness in Chinese […]


China Unveils Plan To Combat Trump Tax Reform: “We’ll Have Tough Battles”

With Donald Trump’s historic tax reform on the verge of passage, and with the Fed continuing its rate hiking cycle so far undeterred, and according to the Fed’s own dot plot still having another 7-8 rate hikes to go, China is getting nervous because, as the WSJ reports, it fears “a double whammy sapping money […]


US Futures Hit New All Time High Following Asian Shares Higher; European Stocks, Dollar Mixed

U.S. equity index futures pointed to early gains and fresh record highs, following Asian markets higher, as European shares were mixed and oil was little changed, although it is unclear if anyone noticed with bitcoin stealing the spotlight, after futures of the cryptocurrency began trading on Cboe Global Markets. In early trading, European stocks struggled […]


IMF Stress Tests Find $280 Billion Black Hole In Chinese Banks’ Capital

The IMF released a new analysis on the instability stability of the Chinese financial system. Speaking to the media in an online briefing, some of the insights from Ratna Sahay, deputy director of the IMF’s Monetary and Capital Markets Department, hardly advanced our knowledge much. Sahay noted that “Risks are large. Having said that, the […]


De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade

The more Washington lashes out in anger at those who will not bow to the unipolar world order, the more the rest of the world fights back. As the launch of its Yuan/Gold-settled oil futures looms, China is escalating its de-dollarization scheme further by seeking a bilateral rial-yuan agreement with Iran. As a reminder, nothing […]