I strongly suspect that Ms. Holmes' delusions that she's going to pull herself out of this mess will, at long last, be dismissed when the reaction she gets to this "3 for 1" offer is the sound of crickets.
We warned overnight of the canary in the coalmine that high-yield credit markets were becoming and today that stress is getting worse. For the first time since prior to the election, HYG (the high yield corporate bond ETF) has broken below its 200-day moving average...
The EU is facing an existential crisis and does not look like it will survive the massive political and financial challenges it is faced with. This has ramifications for investors in the EU itself and throughout the world.
European stocks declined for first session in five ahead of Wednesday's Dutch elections and Fed rate hike announcement. Fed concerns also dragged down Asian shares and S&P futures, while the dollar rose. Crude oil has ended its six-day drop. The pound tumbled 0.8% to the lowest since mid-January in a delayed reaction after Theresa May won permission to trigger the country’s departure from the EU.
"These malls are dying, and we see very limited prospect of a turnaround in performance" according to a January report from Alder Hill, which began shorting the securities. "We expect 2017 to be a tipping point." Indeed, cracks have appeared: prices on the BBB- pool of CMBS have tumbled from 96 cents on the dollar in late January to 87 cents last week
Investors are willing to pay more for a given level of risk than at any time since 1994 and short interest has collapsed to record lows..."if The Fed follows through on its convictions, look for a flat yield curve and a recession to wipe out 50% of equity prices for the third time in the past seventeen years."
Valeant shares plunged after the close after CNBC's David Faber first reported that Pershing Square's Bill Ackman had liquidated his entire stake, and has effectively resigned from the board, saying he won't stand for re-election. According to Bloomberg, Pershing Square is offering 27.23 million shares via Jefferies, at a price of $11.10-$11.40.
The Ides of March looks like the perfect storm just as the Trump Rally shows signs of tiredness. The debt-ceiling bomb, the Fed's next interest hike, and Dutch elections that could lead to Nexit all hit on March 15 just as oil prices are plunging again.
"... nascent signs of cross-asset distress accelerated further this past week... it’s fair to say that we are experiencing a bit of a global 'Tightening Tantrum'... the prior two instances where [the model breaks], we have seen a concurrent doubling-plus in VIX..."
Blockchain and gold will likely make a “good team”, but they’re not ready yet. RCM and GoldMoney blockchain product asks you to trust in government and the technology, servers, IT, websites etc of the providers
European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading.