Deutsche Bank

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The Latest Currency War Entrant: India Warns May Retaliate To Chinese Devaluation





Although we've talked plenty about the impact of the yuan deval on Asia-Pac and LatAm, we haven’t yet mentioned India where yesterday, in the midst of the turmoil, central bank governor Raghuram Rajan sought to calm nervous markets by reassuring the world that India is not, for now anyway, in any danger thanks to ample FX reserves and a low CA.Be that as it may, economic realities are economic realities and a currency war is a currency war, which is why, we suppose, the Indian government’s chief economic advisor Arvind Subramanian thinks the country might just have to hit back.

 
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Deutsche Bank's 10 Reasons Why The Market Is Going Lower





Blink and you missed it. With stocks surging back to green and CNBC celebrating, one could be forgiven (were on a goldfish) for believing everything is truly awesome again. However, as Deutsche Bank details, there are ten good reasons why this is far from over...

 
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Deutsche Bank Sums It Up "The Fragility Of This Artificially Manipulated Financial System Was Finally Exposed"





The fragility of this artificially manipulated financial system was exposed over the last couple of days of last week. It all ended with the S&P 500 falling -3.19% on Friday - its worst day since November 9th 2011.

 
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Frontrunning: August 24





  • Deutsche Bank Says Rout ‘Very Serious’ as Growth Outlook Dims (BBG)
  • Great fall of China sinks world stocks, dollar tumbles (Reuters)
  • Global Stocks Fall Sharply Amid Concerns About the Chinese Economy (WSJ)
  • Stock Rout Spreads Through Europe After China Plunge (BBG)
  • China stocks give up year's gains as 'national team' stays on bench (Reuters)
  • The Fed Is Looking at a Very Different Dollar Than Wall Street (BBG)
  • French train gunman 'dumbfounded' by terrorist tag (Reuters)
 
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Saudi Arabia Faces Another "Very Scary Moment" As Economy, FX Regime Face Crude Reality





Over the weeks, months, and years ahead we’ll begin to understand more about the fallout from the death of the petrodollar and nowhere is it likely to be more apparent than in Saudi Arabia where widening fiscal and current account deficits have forced the Saudis to tap the bond market to mitigate the FX drawdown that's fueling speculation about the viability of the dollar peg. As Bloomberg reports, the current situation mirrors a "very scary moment" in Saudi Arabia’s history.

 
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Why It Really All Comes Down To The Death Of The Petrodollar





Last week, in the global currency war’s latest escalation, Kazakhstan instituted a free float for the tenge causing the currency to immediately plunge by some 25%. The rationale behind the move was clear enough. What might not be as clear is how recent events in developing economy FX markets stem from a seismic shift we began discussing late last year - namely, the death of the petrodollar system which has served to underwrite decades of dollar dominance and was, until recently, a fixture of the post-war global economic order.

 
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These Currencies Could Be The Next To Tumble In Global FX Wars





Shockwaves from China’s devaluation have conspired with sluggish global demand and an attendant commodities slump to wreak havoc on developing market currencies the world over. On the heels of Kazakhstan's dramatic move to float the tenge, here's which currencies are next in line to tumble.

 
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One Week Later: China's Currency War Leads To Global FX Carnage





One of the big problems with China's FX move is that although they've "only" seen a 3% currency fall (in the onshore Yuan) since their announcement last week, as Deutsche's Jim Reid explains... others have subsequently followed suit either deliberately or via market pressure. Emerging Market FX has been falling for 9 straight weeks but the last 2 have seen a dramatic escalation in the carnage...

 
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Currency Wars Continue As Kazakh Currency Crashes 25% After Peg Abandoned





Just one day after allowing the tenge to fall sharply in the interbank market and no longer able to take the pain from plunging crude prices, Kazakhstan moved to a free float for its currency overnight, causing the tenge to plunge by a quarter.

 
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Aug 19 - PBOC injects $48bn into China Development Bank





The central bank has injected new capital into the China Development Bank (CDB), which provides medium and long term financing to major national projects, in a bid to reinforce its capital adequacy.

 
Tyler Durden's picture

More Trouble In Turkey As Lira Plunges To New Lows, Bond Yields Soar





Political turmoil, rising violence, and general EM malaise have hit Turkey's currency hard and on Tuesday, the central bank left rates unchanged prompting further weakness in the lira which had already fallen earlier in the session after Emine Nur Gunay, PM Davutoglu's chief adviser, hinted that a rate hike was not in the cards.

 
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Frontrunning: August 18





  • China stocks slump 6 percent on fears of further yuan depreciation (Reuters)
  • U.S. Lacks Ammo for Next Economic Crisis (Hilsenrath)
  • Emerging Markets Extend Slide as Commodities Fall; Pound Jumps (BBG)
  • China yuan to move both ways, more 'adjustments' unlikely: central bank economist (Reuters)
  • Playing Chinese markets is as simple as 'follow the leader' (Reuters)
  • PBOC Injection Shows China Worries About Outflows (WSJ)
  • Russia Fails to Soothe Oil Concerns as Citi Joins Ruble Bears (BBG)
 
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MS Boosts TSLA Price Target To $465, Days After Underwriting Stock Offering; Sees Tesla Bigger Than Ford And GM





Moments ago, Morgan Stanley did it again just as expected, only this time it at least followed protocol when it announced it is raising its price target on TSLA from $280 to a whopping $465, or just shy of $61 billion in implied market cap. Incidentally at this price TSLA would be the biggest US automaker, surpassing not only GM's $50bn in market capo, but also Ford's $60 billion.

 
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Frontrunning: August 13





  • China central bank tries to soothe global markets, says no reason for yuan to fall further (Reuters)
  • Huge blasts at Chinese port kill 44, with hundreds injured (Reuters)
  • China efforts to slow yuan fall hoist Europe shares, bond yields (Reuters)
  • Greek Economy Unexpectedly Surged Before Capital Controls (BBG)
  • Joe Biden Is Sounding Out Allies About a 2016 Bid (WSJ)
  • U.K. Tries to Kick-Start Shale Gas With Planning Speedup (BBG)
 
Tyler Durden's picture

TSLA Confirms Cash Burn Fears, Sells $500 Million In Stock





Over the weekend, when looking carefully at Tesla's cash burn, pardon cash inferno we said that at "the current cash burn rate, TSLA can only fund just two more quarters of cash burn at which point, and most likely well before it, the company will have to aggressively raise new capital." It wasn't 1-2 quarters. It was barely 3 days. Moments ago TSLA announced that, just as we expected, it would dilute its shareholder by just under 2% by issuing $500 million in equity.

 
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