Bond

Tyler Durden's picture

Chinese State Firms' Debt Hits New All Time High, As Profits Tumble





As SOE profits continue to deteriorate at the expense of maximizing jobs and employment (recall the biggest threat facing China is a working class insurrection, or simply said, "lower and middle-class revolution") debt at these same SOEs just hit a new record high: according to the same FinMin numbers, total SOE debt rose by CNY393 billion to CNY78.3 trillion, or over $12 trillion - well above 100% of total Chinese GDP.

 
Phoenix Capital Research's picture

During the Next Crisis, Central Banking Itself Will Fail





The situation is clear: the 2008 Crisis was the warm up. The next Crisis will be THE REAL Crisis. The Crisis in which Central Banking itself will fail.

 
 
Tyler Durden's picture

Why The Fed Will Never Succeed





The Fed will never succeed in its attempt to manage inflation and unemployment by varying interest rates. This is because it and its economists do not accept the relationship between, on one side, the money it creates and the bank credit its commercial banks issue out of thin air, and on the other the disruption unsound money causes in the economy. This has been going on since the Fed was created, which makes the question as to whether the Fed was right to raise interest rates recently irrelevant.

 
Tyler Durden's picture

Stock Buybacks In Jeopardy: Investment Grade Bond Funds See Biggest Outflow In 17 Weeks





There has been a "continued shunning of fixed income" with over $25 Bn of outflows from bond funds in three weeks, of which $6.4 Bn took place in the past week, resulting in outflows in 6 of past 7 weeks.However, the biggest outflow risk is not to Junk but to investment grade, that main funding source for trillions in corporate stock buybacks: it was the IG space that took another beating with largest outflows ($3.5bn) in 17 weeks!

 
Tyler Durden's picture

Global Stocks, Futures Flat As Santa Rally Runs Out Of Steam In Christmas Eve-Shortened Session





After a furious three day "dash for trash", no volume, no breadth, commodity-driven rally, even Santa is now exhausted and overnight US equity index futures were little changed with European and Asian shares mixed. The dollar has declines as gold, silver gain, with WTI initially continuing its recent meteoric rise (up over 8% in the past three days, nearly hitting $38), only to reverse and give up all overnight gains moments ago. Copper falls after Chinese stocks see a second day of weakness, down 0.7% while an unexpected tumble in the USDJPY to 7 weeks lows has dragged the Nikkei (-0.5%) and its futures down.

 
Tyler Durden's picture

These Are The Junk Bond Trades That "Obliterated" Traders In 2015





When the word 'bloodbath' just doesn't quite sum it up, distressed debt investors's bonuses have been obliterated in 2015. Despite seeking safety away from oil and coal companies, one trader exclaimed, the pain is "like cancer, it's spreading throughout the body," as every industry from materials to retail and industrials has collapsed... though, as Bloomberg reports, some investments stood out in their awfulness.

 
Tyler Durden's picture

The Keynesian Recovery Meme Is About To Get Mugged, Part 2





At the end of the day, the Fed led central bank money printing spree of the past two decades resulted in what is functionally a massive dollar short. Once the Fed stopped expanding its balance sheet when QE officially ended in October 2014, it was only a matter of time before all the “near-dollars” of the world would come under enormous downward pressure in the FX markets. Our Keynesian witch doctors believe that sinking currencies are a wonderful thing, of course. They claim making your country poorer is a good way to stimulate export growth and a virtuous cycle of spending and growth. But there is another thing. It is also a good way to generate capital flight and the ensuing chaos that creates.

 
Secular Investor's picture

MERRY CHRISTMAS: Be A Pig And Make It Big... With Commodities!





Good things are coming for beaten-down commodity investors in 2016...

 
Tyler Durden's picture

"To Make The Payment Is Almost Impossible": Puerto Rico Defaults (Again) In T-Minus 9 Days





"To make a total payment will be almost impossible. If a partial payment is made: what bonds should we pay? It is an assessment that is being done. It is highly unlikely that there will not be default, in whole or partially."

 
Tyler Durden's picture

Santa Rally Lifts Global Stocks For Third Day: Will Volumeless Levitation Push The S&P Green For 2015?





With just a handful of trading sessions left in the year, this is how the major global markets look as 2015 is about to close. As of this moment, and in keeping with the Christmas spirit, the biggest question is whether the S&P500 will close green or red for the year.

 
Tyler Durden's picture

Technically Speaking: It's Now Or Never For Santa





With the market now back to oversold conditions and redemptions complete, it is now or never for the traditional “Santa Rally.” Statistically speaking, the odds are high that the market will muster a rally over the next couple of weeks. While the short-term trends are indeed still bullishly-biased, the longer-term analysis (monthly) reveals a more dangerous picture emerging.

 
Tyler Durden's picture

Slammed By Redemption Requests, These Hedge Funds Raise "Gates" To Avoid Firesale Liquidations





Needless to say, these names are just the beginning: once the redemptions - and gating - genie is out of the bottle, there is no putting it back.

 
Tyler Durden's picture

The Keynesian Recovery Meme Is About To Get Mugged, Part 1





Since our Keynesian central bankers have no clue that their prodigious money printing resulted in the drastic underpricing of credit and capital over the course of the past two decades, they are flying blind. They simply fail to see that the global economy is now swamped in more excess capacity than at any time since the 1930s, and probably even then. So they keep expecting the commodity cycle to momentarily bottom and prices to rebound, thereby reflating CapEx and household spending.

 
Tyler Durden's picture

Frontrunning: December 22





  • Battered oil wins respite, lifts stocks (Reuters)
  • Oil Halts Decline as Emerging Market Stocks Climb on China (BBG)
  • Bonds Set to Beat Stocks Globally in 2015 After China Falters (BBG)
  • SpaceX Falcon rocket nails safe landing in pivotal space feat (Reuters)
  • China Leaders Flag More Stimulus After Top Economic Meeting (BBG)
  • SEC to Retrench Case Against SAC’s Steven A. Cohen (WSJ)
 
Tyler Durden's picture

Futures Rise, Drop, Then Rise Again In Illiquid Session After China Promises More Stimulus





It has been a seesaw session with U.S. stock index futures following their dramatic buying burst in the last half hour of market trading yesterday by first rising, then falling, then rising again alongside European equities both driven almost tick for tick with even the smallest move in the carry trade of choice, the USDJPY, even as Asian shares trade near intraday highs after China’s leaders signaled they will take further steps to support growth.

 
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