• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Bain

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Global Stocks Plunge After Bank Of Japan "Shock"





Less than one week after the BOJ floated a trial balloon using Bloomberg, that it would reduce the rate it charged some banks which set off the biggest USDJPY rally since October 2014, we are back where we started following last night's "completely unexpected" (for everyone else: we wrote "What If The BOJ Disappoints Tonight: How To Trade It" hours before said "shock") shocking announcement out of the BOJ which did absolutely... nothing. "It’s a total shock,” Nader Naeimi, Sydney- based head of dynamic markets at AMP Capital Investors told Bloomberg. "From currencies to equities to everything -- you can see the reaction in the markets. I can’t believe this. It’s very disappointing."

 
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Frontrunning: April 28





  • Markets Get the Worst Kind of Kuroda Surprise as BOJ Stands Pat (BBG)
  • Bank of Japan brushes aside calls for more easing despite price falls (WSJ)
  • Ford Profit Surges to Record as Sales of SUVs, F-150 Gain Speed (BBG)
  • Valeant Pharmaceuticals to Make Sweeping Changes to Board (WSJ)
  • Trump breaks taboos, attacks Clinton on gender issue (Reuters)
 
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YHOO Pumps'n'Dumps After Multiple Bidders Appear





While YHOO shares have jumped after the announcement of several potential bidders (including Time Inc, Verizon, Bain, TPG, and Google), it has merely recovered the day's losses.

 
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Trumpomania & Trumpopanic





The country’s social mood is apparently ripe and it finally seems actually possible for a perceived outsider to win by challenging the established order. Our main regret is that it wasn’t yet ripe at the time Ron Paul tried his hand at winning the nomination. Everything Trump is saying and doing should probably be seen in the context of his strategy. It’s quite Machiavellian actually. The alleged lack of discernible policy stances, the occasional contradictions and often hair-raising statements are all in pursuit of the same goal: to win the nomination. Other than that, we mainly enjoy the growing discomfort of assorted cronies and professional politicians.

 
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Mitt Romney Is The Real Super-Fraud: Here's The Proof, Chapter And Verse





"...the GOP establishment’s putative “jobs” candidate from 2012 was never really a businessman at all. Willard M. Romney is no expert on shiny things on a hill. The country would be far better served if he would get his dimming light back under a bushel where it belongs."

 
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Who Said It: "Donald Trump Has Shown An Extraordinary Ability To Understand Our Economy, To Create Jobs"





"I am so honored and pleased to have Donald Trump's endorsement. Donald Trump has shown an extraordinary ability to understand how our economy works. To create jobs for the American people. He's done it here in Nevada. He's done it across the country."

- Mitt Romney, February 2012

 
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Frontrunning: February 23





  • Risk rally fades as stocks, oil slip back into the red (Reuters)
  • Syrian govt. accepts halt to 'combat operations' in line with U.S.-Russian plan (Reuters)
  • Earliest Chinese Data Signal Slowdown Hasn't Bottomed Out Yet (BBG)
  • The Trickle of U.S. Oil Exports Is Already Shifting Global Power (BBG)
  • Greek police remove migrants from Macedonian border as more land in Piraeus (Reuters)
  • Clinton, Sanders race takes on angrier tone after Nevada (Reuters)
 
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Frontrunning: February 4





  • EU Slashes 2016 Inflation Forecast to 0.5% as Growth Seen Slower (BBG)
  • Bank of England cuts UK growth forecasts (FT)
  • Investors Cast Wary Eye on Fed Rate Increases (WSJ)
  • U.N. halts Syria talks as government closes in on Aleppo (Reuters)
  • Credit Suisse Drops as Investment Bank Slump Deepens Losses (BBG)
  • Six OPEC states ready for emergency meeting with non-OPEC members — Venezuela's minister (TASS)
 
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Global Markets Slide, US Futures Wipe Out Overnight Gains In Volatile Session





European shares tumbled, wiping out gains from a two-day rally, Asian stocks slid and the cost of insuring corporate debt rose as investor concern over global growth prospects resurfaced. U.S. equity-index futures pared gains of as much as 0.9 percent. Government bonds rose, with yields falling to records in Japan and China amid anxiety over the world economy. U.S. crude prices stabilized after dropping below $30 a barrel on Tuesday to touch the lowest since 2003 as Iran moved closer to boosting exports.

 
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US Pensions Squander Retirees' Cash On Fees For Underperforming Hedge Funds





“Hedge funds have cost the states tens of billions in opportunity costs the last five years."

"Taxpayers and those who count on government services and investments will pay the price.”

 
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Money Is Becoming Unmanageable





Why are the worlds’ most successful investors having so much trouble lately? The short answer is that the markets they used to understand have been replaced by something very different. In this new, post-market world, money managers can’t separate signal from noise and end up on the wrong end of wild swings in commodities, currencies and interest rates. And now their clients are figuring this out.

 
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BlackRock Liquidates Its Macro Hedge Fund Following Worst Loss Since Inception, Surge In Redemptions





BlackRock Inc., the world’s largest asset manager, is winding down a global macro hedge fund after losses and investor redemptions eroded assets. The reason for the liquidation: losses of 9.4% this year, cited by Bloomberg according to an October investor document, leading to the worst year for the asset manager since inception in 2003. The fund, which had $4.6 billion in assets just two years ago, has shrunk to less than $1 billion as of Nov. 1.

 
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Frontrunning: November 10





  • Bonds Rise as China Drags Down Metals, Selloff in Stocks Resumes (BBG)
  • European Stock Rally Runs Out of Steam Amid China Growth Concern (BBG)
  • Obama's immigration action blocked again; Supreme Court only option left (Reuters)
  • Ukraine: Cyberwar’s Hottest Front (WSJ)
  • With $170.4 Million Sale at Auction, Modigliani Work Joins Rarefied Nine-Figure Club (NYT)
  • IEA Sees OPEC Market Share Growth in 2020 as Rivals Stagnate (BBG)
 
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