Yuan

Japan's Shifting Power Alliances

The rise of nationalism in the U.S. will cause massive shifts in global trade alliances. One of the main beneficiaries will be Japan...

RBC Warns Of Looming "Cocktail For Fall Volatility"

"This combination of ‘interest rate vol’ events could drive another bout of ‘taper tantrum’ into the late Summer liquidity doldrums and fresh off of the ‘synthetic tranquility’ of US equity earnings season - a cocktail for Fall Vol on the resumption of ‘policy convergence’ and ‘tightening into slowing backdrop’ fears..."

World Stocks Hit Record High For 10th Consecutive Day In "No-Vol Nirvana"

Traders, so mostly algos, are riding a global risk "high" in stocks as Asia's and then Europe's early 0.4 percent gains ensured MSCI's 47-country All World index was up for a 10th straight session. This is the longest winning streak in global stocks since February 2015 and shows little sign of fatigue even as bond yields edged modestly higher again.

Slowdown In China's Tier 1 Housing Market Accelerates; First Beijing Price Drop Since 2015

China's overall housing market remained resilient in June according to official NBS data on Tuesday, even as the decline in Tier 1 cities accelerated and home prices in Beijing fell for the first time in more than two years, while Shanghai declined further and Shenzhen stalled, pointing to significant cooling in China's biggest real estate markets.

Global Stocks Hit Record High, Set For Longest Winning Streak Since 2015

With the USD just off 10-month lows, there continues to be an easing of loosening of financial conditions for emerging markets which also supports equities. After decent gains in Asia on the back of positive signs from China this week, MSCI's world stocks index looked set for a ninth day of gains which would mark its longest winning streak since October 2015.

Dollar Tumbles, Euro Soars After Obamacare Repeal Dies; China Intervenes To Halt Rout

The Bloomberg Dollar Index tumbled to a fresh 10-month low after two more Republican defections on Monday night doomed the proposed GOP healthcare plan in the Senate. And while Treasuries rose on concerns about inflationary pressures and the viability of the Trump stimulus agenda, S&P futures rebounded gingerly from session lows, and were up 0.1%

China Small Caps Crash To Lowest Since 2015 Amid Deleveraging "Selling Panic"

Overnight China's Shanghai Composite slumped by 1.4%, the most since December driven by a plunge in the small-cap ChiNext index, which tumbled by 5.1%, and is now down 16% in 2017 to levels not seen since January 2015 following a fresh round of broad deleveraging as "regulatory tightening concern prompted major shareholders to cut holdings quickly, triggering a selling panic."

China Delivers "Surprisingly" Great Economic Data Across The Board, Yuan Yawns

Following more dismal data from the US, hope for global growth remains in China and they did not disappoint. Despite slumping macro data, a major slowdown in real estate, and the nation's deleveraging efforts in the last three months, GDP beat, Retail Sales beat, Industrial Production surged, and even fixed asset investment was above expectations. The Yuan hasn't moved.

"A Reverse Rollup From Hell": China's "Boldest Dealmaker" Faces Margin Call Disintegration

China's "boldest dealmaker", HNA Group, suddenly faces not only growing regulatory scrutiny from Beijing that threatens to raise HNA’s financing costs, but also send its shares plunging as holders are forced to liquidate, accelerating the company's demise. And, in an scenario that can only be dubbed as a "reverse rollup from hell" if the value of its stock price falls enough, HNA may soon be forced to disintegrate.

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as Septmeber and December rate hike odds tumbled, pushing the dollar to the lowest level since September 2016.

Fed's Brainard Delivers A "Very Significant Speech"

There is much to contemplate in Brainard’s speech, but if she plays Jiminy Cricket to Janet Yellen expect the Fed chair to support this outlook. Other political factors such as the White House tweets and buffoonery cannot be accounted for in an algo-driven world. But I believe that Brainard did more to impact markets than the e-mails of Donald Trump, Jr.