Finland

Tyler Durden's picture

When The ECB Starts Buying Corporate Bonds And Stocks Here's Where It Should Look





When the ECB is finally forced, by distortions of its own making, to dive into the corporate bond market, and when, after that, Mario Draghi goes full-Kuroda and throws the ECB’s balance sheet behind European equities, the central bank may want to check in the following places for relative value because according to Bloomberg, these are the countries where the “bargains” are to be found in equities and fixed income...

 
Tyler Durden's picture

Frontrunning: April 17





  • Fed Shies Away From June Rate Hike (Hilsenrath)
  • Europe Stocks Fall Most in Three Weeks Amid Greece as Banks Drop (BBG)
  • China Futures Tumble on Trust Curbs, Expansion of Short Selling (BBG)
  • Oil slips below $64 as ample supplies weigh (Reuters)
  • Fed officials lean all ways on rate hikes, data in focus (Reuters)
  • Eurozone deflation eases in March (FT)
 
Tyler Durden's picture

With Futures On The Verge Of A Major Breakout, Greece Drags Them Back Down; German 10Y Under 0.1%





Just as the S&P appeared set to blast off to a forward GAAP PE > 21.0x, here comes Greece and drags it back down to a far more somber 20.0x. The catalyst this time is an FT article according to which officials of now openly insolvent Greece have made an informal approach to the International Monetary Fund to delay repayments of loans to the international lender, but were told that no rescheduling was possible.  The result if a drop in not only US equity futures which are down 8 points at last check, but also yields across the board with the German 10Y Bund now just single basis points above 0.00% (the German 9Y is now < 0), on its way to -0.20% at which point it will lead to a very awkward "crossing the streams" moment for the ECB.

 
Tyler Durden's picture

The Weak Suffer What They Must: Yanis And The End Of Europe





Yanis Varoufakis’ publisher, Public Affairs Books, posted a promo for an upcoming book by the Greek Finance Minister, due out only in 2016 that reveals a few things that haven’t gotten much attention to date. Varoufakis simply analyzes the structure of the EU and the eurozone, as well as the peculiar place the ECB has in both. Some may find what he writes provocative, but that’s beside the point. It’s not as if Europe is beyond analysis; indeed, such analysis is long overdue. Indeed, it may well be the lack of it, and the idea in Brussels that it is exempt from scrutiny, even as institutions such as the ECB build billion dollar edifices as the Greek population goes hungry, that could be its downfall. It may be better to be critical and make necessary changes than to be hardheaded and precipitate your own downfall.

 
Tyler Durden's picture

European Bond Market May See Nasdaq 2000 Style Collapse, AXA's Haley Says





According to AXA’s Nick Hayes, the EGB bubble may end in a 2000 Nasdaq-style collapse. "The comfort with which investors are embracing negative yields is similar to behavior of those who had been underweight technology stocks in 1999 before rushing in."

 
Tyler Durden's picture

It's Official: Americans R Stoopid





As Americans, we tend to be pretty full of ourselves, and this is especially true of our young people.  But do we really have reason for such pride?  According to a shocking new report from the Educational Testing Service, Americans between the ages of 20 and 34 are way behind young adults in other industrialized nations when it comes to literacy, mathematics and technological proficiency.  Even though more Americans than ever are going to college, we continue to fall farther and farther behind intellectually.  So what does this say about us?  Sadly, the truth is that Americans are stupid.

 
Sprott Money's picture

Bizzaro World Becomes Normality: Germany Issues Five Year Negative Bond





The luxury of paying your government to hold your money, once thought as absurd, hilarious and downright preposterous is now a reality.

 
Tyler Durden's picture

"Neither Central Bankers Nor Market Participants Can Extract Any Information From Current Bond Valuations"





All is not what it seems. Markets are upside down. Some ‘risk?free’ assets can be purchased for a guaranteed loss. EU asset markets (ex?Greece) are soaring at the same time that EU disunity is rising. An interest rate hike by the Fed is likely to cause a rally in Treasury bonds and a steep correction in US equities.

 
Tyler Durden's picture

Euro In Freefall, Dollar Surge Accelerates; Futures Rebound On USDJPY Rise; Greece On The Ropes





While the dollar strength this morning, which has pushed it to a fresh 13 year high and has accelerated the EURUSD plunge to under 1.06 - a drop of over 300 pips since the start of the week - has been a recap of yesterday's trading action, the main difference is that unlike yesterday, the USDJPY has managed to find a strong bid in the overnight session, pushing not only the Nikkei up by 0.4%, but also lifting US equity futures as the entire global marketplace is now merely a sandbox in which the central banks try to crush their currencies as fast as possible.

 
Tyler Durden's picture

Welcome To The Dark Side: GDP & The Non-Observed Economy





Back in 2009, the United Nations Statistical Commission endorsed a revision to the System of National Accounts (SNA), which sets the international standards for the compilation of national accounts. As a consequence, Eurostat has amended the European equivalent of the SNA, the European System of Accounts (ESA) leading to a revision of GDP figures. Out of nothing but accounting smoke and mirrors, the reclassification has had a positive effect on GDP, increasing it on average by 3.5 percentage points for the EU and the Euro area as whole.

 
Tyler Durden's picture

Every Government In The EMU Will Soon Be Paid To Borrow





“It is only a matter of time,” says Nick Gartside, chief investment officer for fixed income at J.P. Morgan Asset management. The ECB is about to drive borrowing costs below zero for every government in the EMU and in the process lock in guaranteed losses for both itself and PSPP participating NCBs.

 
Tyler Durden's picture

Peter Schiff Warns "Don't Be Fooled By The Madness Of Crowds"





Going into 2015 the economic outlook held by the U.S. investment establishment could not have been much more positive, and more unified. Pundits saw all the variables aligning to create the best of all investment worlds, a virtual "no-brainer" of optimism. High degrees of certainty can be dangerous. Herd mentality can cause investors to chase returns en masse and pile into positions that may already be overvalued. But herds can be spooked, most often by unexpected developments which can catch the herd wrong-footed and spark major movements when the masses scatter at the same time. When that occurs, those who resisted the herd may find themselves rewarded. We believe that we are approaching such a point.

 
Tyler Durden's picture

A Complete Preview Of Q€ — And Why It Will Fail





To be sure, we’ve written quite a bit lately about the ECB’s upcoming plunge into the world of 13-figure debt monetization (or as we call it, Draghi’s Waterloo), and while we hate to beat a dead horse, the sheer lunacy of a bond buying program that is only constrained by the fact that there simply aren’t enough bonds to buy, cannot possibly be overstated. Here is everything you need to know about Q€ ahead of the ECB's Thursday meeting.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!