Bond

Phoenix Capital Research's picture

Here is How The Next Crisis Will Play Out





This process has already begun in Europe. It will be spreading elsewhere in the months to come. Smart investors are preparing now BEFORE it hits so they are in a position to profit from it, instead of getting slaughtered

 
Tyler Durden's picture

Goldman "Conspiracy Theory" Validated As ECB Expands QE Program





The ECB has expanded the list of PSPP-eligible SSA bonds, setting the stage for more ECB QE and turning one more conspiracy "theory" into conspiracy "fact."

 
Tyler Durden's picture

With Sweden's QE Officially Broken, The Riksbank Doubles Down: Lowers Rates Even More Negative; Boosts QE





Overnight the Riksbank confirmed that it neither learns from its own mistakes, nor reads BIS reports when at 9:30 CET, it shocked central bank watcher all of whom were expecting no rate change from the bank, and announced it is not only engaging in yet another rate cut, taking the key rate even further into record NIRP territory, from -0.25% to -0.35% but adding insult to broken QE injury, it would expand its QE by a further SEK 45 billion starting in September. The reason? Sweden is realizing it is losing the currency war (to a great extent due to its failed QE which is pushing bond yields higher and with it, its currency) and it needs to soak up even more collateral... which can barely be found.

 
Tyler Durden's picture

Frontrunning: July 2





  • Chinese stocks tumble again, ignoring Beijing's blandishments (Reuters)
  • Plight of Greek pensioners heaps pressure on Tsipras (Reuters)
  • Cash Crunch Hits Everyday Life in Greece (WSJ)
  • Souvlakis Tell a Story Well Beyond Today's Greek Crisis (BBG)
  • Greek Referendum on Bailout Too Close to Call, Poll Shows (BBG)
  • Move Over Greece: For Treasuries Traders, Today Is About the Fed (BBG)
  • ECB adds corporate names to QE-eligible bonds (FT)
  • Special Report: How Greece went bust (Reuters)
  • Puerto Rico’s Pain Is Tied to U.S. Wages (WSJ)
 
Tyler Durden's picture

China Crash Accelerates, Drags Composite Under 4000; US Futures Flat Ahead Of Nonfarm Payrolls





If it was Greece's intention to crush the Chinese stock market instead of Europe's, well - it succeeded.  Because despite the PBOC and politburo throwing everything but QE at the stock market, China stocks closed down sharply on Thursday after another wild trading day as investors shrugged off regulators' intensified efforts to put a floor under the sliding market, by cutting trading fees and easing margin rules, which has now crashed 25% in about two weeks wiping out $2.5 trillion of the peak $10 trillion in Chinese stock market cap as of June 14. This ultimately resulted with the Shanghai Composite closing under 4000 for the first time since April.

 
Tyler Durden's picture

Goldman: "ECB Will Have To Go Big"





When it comes to Europe, Greece lost the blame game, and just like the Ukraine civil war last year, became an unwitting catalyst greenlighting Germany's concession to ECB QE, this time it may be Greece that launches the next step in the ECB's master plan: not just QE but more QE. This is precisely what Goldman's Franceso Garzarelli, co-head of macro and markets research, admitted earlier today in an interview on Bloomberg TV, when he said that the ECB "will have to go big" if the situation in Greece worsens and leads to wider peripheral bond yield spreads.

 
Tyler Durden's picture

The Current Oil Price Slump Is Far From Over





The oil price collapse of 2014-2015 began one year ago this month (Figure 1).  The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different. The market must balance before things get better and prices improve. That can only happen if production falls and demand increases. That will take time. The most likely case is that oil prices will decrease in the second half of 2015 and that financial distress to all oil producers will increase. The hope and expectation that the worst is over will fade as the new reality of prolonged low oil prices is reluctantly accepted.

 
Tyler Durden's picture

Losing Money Is "Inevitable" This Year, SocGen Warns Citing Economic "Elephant"





Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.

 
Tyler Durden's picture

Pre-Blame-Game Begins: Fed's Brainard Fingers HFT For "Amplifying Market Shocks"





We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience." 

 
GoldCore's picture

Global Debt Time Bomb Ticks – Puerto Rico Is Next





With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is unable to pay its debts of $72 billion.

 
Tyler Durden's picture

Market Wrap: Greek "Capitulation" Optimism Sends Global Risk Higher After China Re-crashes





So much going on that by the time an article is prepared, everything has changed and it has to be scarpped. But, in any event, here is an attempt to summarize all that has happened in another turbulent overnight session.

 
Tyler Durden's picture

Equities Soar As Tsipras Said Ready To Accept Most Of Expired Bailout Offer, European Response Muted





It's deja vu all over again.

Just hours after Greece became the first developed country to default to the IMF, as a result being expelled from its existing bailout program, a little before 5am CET news hit that Greek PM Tsipras was willing to concede to virtually all creditor demands, with a few exceptions. As the FT first reported, "Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night."

 
Tyler Durden's picture

Chinese QE Calls Officially Begin: Bond Swap "Sucks Liquidity", "Contributes To Stock Slump", Broker Claims





"Local debt issuance sucks liquidity, reduces banks’ capital to buy bonds, contributes to stock slump," Haitong Securities says. The only option, according to the firm, is outright debt monetization by the PBoC.

 
Tyler Durden's picture

When Disruption Gets Too Disruptive





With massive strikes in France and now drivers shooting passengers, Uber is making headlines everywhere. While some might say any publicity is good publicity (and any disruption is good disruption), for the firm valued at $50 billion (with a stunning operating loss of $470 million and revenues of only $415 million) perhaps there is a limit to both press and disruption...

 
Tyler Durden's picture

Gross Says Hold Cash, Prepare For "Nightmare Panic Selling"





That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.

 
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