Nomura

Venezuela Is Down To Its Last $10B As Debt Payments Loom

Venezuela’s financial report for 2016 stated that roughly $7.7 billion of the remaining $10.5 billion in foreign reserves had been preserved in gold. Last year, in order to fulfill debt obligations, Caracas began shipping gold to Switzerland.

What To Expect From Today's Fed Rate Decision

Despite today's unexpectedly strong ADP and ISM report, which however both followed a disappointing Q4 GDP print, the FOMC meeting at 2pm should be largely uneventful. Here is what traders can expect.

Few Chinese Sell Yuan On First Day Of New Year After Barrage Of New Capital Controls

Whether due to the spate of new measures or for some other reason, despite concerns of a flood of FX conversions from Yuan to Dollars on the first day following the Yuan reset, there was little evidence at Beijing and Shanghai banks on Tuesday that Chinese individuals were rushing to lock in 2017 quotas to buy foreign exchange.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Where Are The 'Black Swans' Hiding?

While being capable of imagining a 'black swan' event implies its non-existence; given the level of groupthink consensus agreement that the bond bull is dead, inflation is back, central banks are maxed out, and global fiscal stimulus will save the world, we thought a look at some of the more unsusual, unpredictable expectations for 2017 was worthwhile...

The Bears Are Dying: Even Bob Janjuah Turns (Somewhat) Bullish

"The trends over H1 2017 should be higher (especially US) equities and yields, steeper curves, a stronger USD, and mixed performance in credit (especially in the IG sphere) and EM. So for me, most likely over the middle two quarters of 2017, I can see the S&P 500 cash index up at 2450 +/- 50 points, with the Nasdaq weakest and the Dow strongest of the big three US indices."

Wall Street Reacts To The OPEC/NOPEC Deal: "Saudis Are Wrong To Think US Shale Won't Respond"

With oil prices surging to 17-month highs following this weekend's OPEC-NOPEC deal and Saudi promises to cut still more, many Wall Street analysts are skpetical with Goldman Sachs warning that the Saudis are wrong to think U.S. shale production won’t respond to higher prices. However, Nomura and Bernstein see little threat to OPEC from rising U.S. shale production in 2017.