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These Are The 7 "Risks" That Bulls Are Banking On Not Happening
...or to put it another way, here is what Deutsche Bank believes are the only two "upside risks" for markets - "a smooth start to Fed tightening" and "eurozone growth surprises to the upside." Other...
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SunSetEdison
SUNE is down almost 8% this morning, backunder $3.00, as yesterday Twitter-based "Blackstone buying SUNE Debt" rumor is dashed in the epic realization that you might be the last one in line for the...
View ArticleFrontrunning: November 20
French, U.S. Troops Enter Mali Hotel as Gunmen Hold Hostages (BBG)Top suspect seen on CCTV in metro during Paris attacks (Reuters)Paris Attacks’ Alleged Ringleader, Now Dead, Had Slipped Into Europe...
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Presenting BofA's "Number One Black Swan Event For The Global Oil Market In...
We’ve spent quite a bit of time this year talking about Saudi Arabia’s rather precarious financial situation. To be sure, the move to artificially suppress crude prices has at least partly served the...
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Equities vs 'Everything Else' - Deutsche Bank Warns "One Of These Sides Has...
Deutsche Bank's Oleg Melentyev is worried..."This is quite an unprecedented set of circumstances to have a very strong market move tighter that is not led by its higher-beta components. It also gives...
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Global Stocks Fall For First Time In Six Days As Commodity Rout Spills Over...
While the key geopolitical event of the last three days days continues with Brussels which remains on lockdown over terrorism fears, the main event in overnight markets was the latest tumble in...
View ArticleFrontrunning: November 23
Brussels on Edge as Lockdown Continues (WSJ)Stocks Pare Decline as Crude Oil Erases Drop on Saudi Comments (BBG)Italy’s Eni Plans to Pump Arctic Oil, After Others Abandon the Field (WSJ)Treasuries...
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"How Is This Possible" Deutsche Bank Asks, Looking At The Canary In The Junk...
When it comes to recent inexplicable and notable market divergences, few are as disturbing as the gaping spread between equities and junk bonds, best shown on the chart below.While we have been...
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Swiss Bank "Goes There", Applies Negative Rates To Retail Deposits
Back in September in “How Mario Draghi Can Force The Swiss National Bank To Go ‘Nuclear On Depositors,” we discussed the implications of the ECB’s (likely) decision to plunge further into NIRP-dom at...
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How To Trade The Fed's Upcoming "Policy Error" In Three Parts
On Sunday, using an analysis by Deutsche Bank's Dominic Konstam, we showed why the Fed by miscalculating the equilibrium real rate (which in reality is negative due to the massive debt overhang and the...
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Volkswagen Admits To Equipping Audis, Porsches With Second Illegal Defeat Device
When last we checked in on Volkswagen and the widening emissions scandal, we learned that in addition to software installed on some 11 million diesel vehicles designed to game nitrogen oxide tests,...
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Global Bond Markets: Where Did All the Liquidity Go?
Why does the lack of liquidity in bond markets have many of the world's top economic opinion-makers worried? Ben Wright writing in the Telegraph reports on the voices in "the chorus of doom" and...
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To Junk Bond Traders "It Almost Feels Like 2008"
Despite distressed-debt funds suffering their worst losses since 2008, mainstream apologists continue to largely ignore the carnage in the credit market (even though veteran bond managers have urged...
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As Market Awaits "Santa" Draghi, The ECB Is "Chasing Its Own Tail"
“If the ECB merely does on 3 December what is effectively priced by the market, we could collectively wake up on 4 December feeling a bit deflated, like a child discovering on Christmas day that his...
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The Pain Continues: These Are The Best And Worst Performing Assets In...
November was not a kind month for the hedge fund community, a month in which global stocks started the month off poorly forcing many to load up on short positions, only to see another furious short...
View ArticleFrontrunning: December 2
Yellen, in back-to-back appearances, could close out era of zero rates (Reuters)ECB stimulus hopes keep Europe stocks at three-month high (Reuters)ECB to Test the Limits of Its Bond-Buying Program...
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With Expectations Sky High, Draghi Prepares To Whip Out Bazooka But Beware...
Mario Draghi is on deck Thursday morning and market expectations could scarcely be higher. In fact, Draghi is widely expected to execute the Keynesian trifecta, i) a rate cut, ii) expansion of QE, and...
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Previewing The "Most Important Jobs Report Ever" - What Wall Street Expects
As noted earlier, today's payrolls report is - according to Bank of America - the most important ever, and this time they may actually be right: this will be the last, most notable data point the Fed...
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Correlation May Not Equal Causation, But This Divergence Looks Like Bad News
For about three weeks, beginning on August 11, just about all anyone wanted to talk about were EM FX reserves. The conversation starter was of course China’s “surprise” yuan devaluation which,...
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Will 2017 Be The Year Of The EM Corporate Debt Crisis?
Back in October we brought you “Chinese Cash Flow Shocker: More Than Half Of Commodity Companies Can't Pay The Interest On Their Debt,” in which we highlighted a report from Macquarie that contained...
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