Hong Kong

China Liquidity Crisis Deepens, Spreads Across Asia

Having exposed the deepening liquidity crisis in China previously, tonight's action across AsiaPac money-markets suggests - despite US equity record highs - all is very much not well below the surface of the global financial system. Short-term China repo rates have exploded to 20-month highs, Hong Kong Dollar money-market rates have jumped to the highest since May 2009, and Yen basis swaps are showing the most extreme demand for dollars since Lehman...

Global Stocks Slide On Italian Bank Worries; Dollar Dips As Trumpflation Takes A Back Seat

European shares dipped and U.S. equity-index futures (-0.3%) pointed to a lower open as traders questioned the stability of the Italian banking sector ahead of next weekend's referendum as well as the longevity of the Trumpflation rally, pressuring the dollar.  "It's a bit of a pull back in the dollar," said Societe Generale strategist Alvin Tan. "The fall in oil is pushing back U.S. bond yields and that is leading the consolidation in the dollar.. there is more scepticism about an (OPEC) output cut now."

Is The US Next: Facebook "Quietly" Develops Censorship Tool In Chinese Market Push

Facebook has quietly developed software to suppress posts from appearing in people’s news feeds in specific geographic areas. The feature was created to help Facebook get into China, a market where the social network has been blocked, although it is not limited to any location. Mark Zuckerberg has supported and defended the effort.

Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth

In 2016, 3.5 billion adults, or 73% of total, had wealth under $10,000 accounting for 2.4% of global wealth. In contrast, the 33 million millionaires comprise 0.7% of the adult population, but own 46% of household wealth. And the, at the very top, 50,800 are worth at least $100 million, and 5,200 have assets above $500 million.

S&P Set To Open At All Time High, Boosted By Rising Crude On More "OPEC Deal Optimism"

European and Asian stocks rose after the early scare from the latest Fukushima quake dissipated, with the global risk on mood spurred by another jump in crude, which was up 1% in early trading, with the commodity complex now enjoying its biggest three-day rally since May, after Nigeria signaled optimism that OPEC will agree a supply-cut deal next week in Vienna. S&P futures are up 0.3%, with the cash index set to open at new record highs.

Frontrunning: November 17

  • Dollar halts charge as bashed bonds steady (Reuters)
  • BOJ Fires Warning at Bond Market With Unlimited Buying Plan (BBG)
  • Trump Flouts Traditions Heading Into an Office Defined by Them (BBG)
  • Mr. Hedge Fund Goes to Washington, Looking for Ally in Trump (BBG)
  • Donald Trump’s Son-in-Law, Jared Kushner, Could Get Key White House Role (WSJ)

Frontrunning: November 15

  • Biggest Global Bond Rout Since 2003 Pauses (BBG)
  • Oil prices jump 3 percent on hopes of OPEC output cut (Reuters)
  • Italy polls get worse for Renzi as referendum nears (Reuters)
  • Trump will get wake-up call when he takes office, Obama says (Reuters)
  • With Priebus, Ryan’s Speakership Has Direct Channel to Trump (BBG)
  • Supreme Court now in Trump’s hands (The Hill)

Everything Is Soaring As Trump Makes Buying Stuff Great Again

The global repricing of inflation expectations continues at a feverish pace in the aftermath of the Trump victory, leading to another surge in US equity futures, up 15 points or 0.7% to 2175 at last check, with Asian and European stock market all surging after the initial shock of Trump’s election victory gave way to optimism for fiscal stimulus will provide a boost to the global economy.  Commodity metals soared with copper surging the most since May 2013.