Yuan
Frontrunning: December 23
Submitted by Tyler Durden on 12/23/2015 07:25 -0500- Oil up after U.S. crude stocks drop, still close to 11-year lows (Reuters)
- Global Stocks Rally; Mining, Metals Shares Lead Gains (WSJ)
- OPEC Sees Demand for Its Crude Oil Falling for Rest of Decade (BBG)
- The Trouble With Sovereign-Wealth Funds (WSJ)
- U.S. Calls for 256% Tariff on Imports of Steel From China (BBG)
- Iraqi troops expected to drive ISIS from Ramadi in days (Reuters)
Santa Rally Lifts Global Stocks For Third Day: Will Volumeless Levitation Push The S&P Green For 2015?
Submitted by Tyler Durden on 12/23/2015 06:55 -0500With just a handful of trading sessions left in the year, this is how the major global markets look as 2015 is about to close. As of this moment, and in keeping with the Christmas spirit, the biggest question is whether the S&P500 will close green or red for the year.
Something Just Snapped In China
Submitted by Tyler Durden on 12/22/2015 22:38 -0500While Sweden is over-flowing with excess cash on bank balance sheets, it appears that banks in Hong Kong are desperate to borrow Yuan (or scared to lend) as overnight HIBOR just exploded higher to 9.45% - a record for the interbank offered rate. The HKD and CNY/CNH FX markets remain relatively stable (with Yuan fixed marginally higher again for the 3rd day). The last time 1-week HIBOR rates spiked like this, US equity markets crashed on Black Monday.
The Fed's Grinchmas Message To Markets: This Is As Good As It Gets, Mizuho Warns
Submitted by Tyler Durden on 12/22/2015 15:10 -0500The first Fed rate hike in seven years was supposed to trigger a powerful equity rally as the bulls expected money to pour out of bonds into stocks; especially into the cyclicals. Unfortunately for the equity bulls,, as Mizuho's Steve Ricchiuto notes, this time things are different and instead of the Fed rate hike triggering the traditional Santa Claus rally; it looks like the FOMC is actually the Grinch. The key message delivered by the Fed though the SEP, the DOTS and the Chair’s post meeting press conference is that this is the best the economy is going to get.
China's Cost To Avoid The Dreaded Working Class Revolution: A Record CNY11.1 Trillion, And Rising
Submitted by Tyler Durden on 12/22/2015 12:37 -0500Futures Rise, Drop, Then Rise Again In Illiquid Session After China Promises More Stimulus
Submitted by Tyler Durden on 12/22/2015 06:55 -0500- Apple
- Australia
- Bond
- Carry Trade
- China
- Citigroup
- Copper
- Credit Suisse
- Crude
- Crude Oil
- Deutsche Bank
- Falcon
- FINRA
- fixed
- Ford
- France
- goldman sachs
- Goldman Sachs
- High Yield
- Hong Kong
- Housing Market
- Japan
- Monetary Policy
- national security
- Netherlands
- Newspaper
- Nikkei
- Personal Consumption
- Price Action
- Redstone
- Richmond Fed
- Unemployment
- Yuan
It has been a seesaw session with U.S. stock index futures following their dramatic buying burst in the last half hour of market trading yesterday by first rising, then falling, then rising again alongside European equities both driven almost tick for tick with even the smallest move in the carry trade of choice, the USDJPY, even as Asian shares trade near intraday highs after China’s leaders signaled they will take further steps to support growth.
"I Know Of No One Who Predicted This": Russian Oil Production Hits Record As Saudi Gambit Fails
Submitted by Tyler Durden on 12/21/2015 22:36 -0500
Futures Jump After Friday Drubbing, Despite Brent Sliding To Fresh 11 Year Lows, Spanish Political Uncertainty
Submitted by Tyler Durden on 12/21/2015 06:55 -0500- Aussie
- BOE
- Boeing
- Bond
- China
- Conference Board
- Consumer Confidence
- Consumer Sentiment
- Copenhagen
- Copper
- CPI
- Crude
- Crude Oil
- Danske Bank
- fixed
- France
- Gilts
- Housing Starts
- Initial Jobless Claims
- Japan
- Jim Reid
- Michigan
- Monetary Policy
- Netherlands
- New Home Sales
- Nikkei
- Nomura
- Output Gap
- Personal Income
- Price Action
- recovery
- Richmond Fed
- University Of Michigan
- Yuan
In a weekend of very little macro newsflow facilitated by the release of the latest Star Wars sequel, the biggest political and economic event was the Spanish general election which confirmed the end of the PP-PSOE political duopoly at national level. As a result, there was some early underperformance in SPGBs and initial equity weakness across European stocks, which however was promptly offset and at last check the Stoxx 600 was up 0.4% to 363, with US equity futures up nearly 1% after Friday's oversold drubbing. In other key news, the commodity slide continues with Brent Oil dropping to a fresh 11-year low as futures fell as much as 2.2% in London after a 2.8% drop last week.
After Record 10-Day Devaluation Streak China Fixes Yuan Stronger
Submitted by Tyler Durden on 12/20/2015 20:29 -0500Since The IMF 'blessed' the Yuan with the same ambivalence-to-currency-manipulation as the rest of the world's competitive devaluers, China weakened the currency for 10 straight days (a record streak). But the streak is over as tonight PBOC has decided to strengthen the Yuan fix (although admittedly by a small amount) to 6.4753 (barely off the 4 year lows).
Hedge Fund AUM Falls By Most Since Crisis As Desperate Managers Cut Fees To Keep Clients
Submitted by Tyler Durden on 12/20/2015 15:10 -0500“If you’re pushing for lower management fees to save minimal basis points on a fund where you are unhappy with performance, as a fiduciary, you have to decide whether you want to keep that fund at all.”
China Now Has So Much Bad Debt, It's Selling Soured Loans On Alibaba
Submitted by Tyler Durden on 12/19/2015 21:10 -0500If you had any doubt about whether the doomsayers were telling the truth about soaring NPLs in China, look no further than Huarong Asset Management Co, which is set to auction some $8 billion in sour loans on Taobao. As Barclays notes, "AMCs in general will more frequently resort to a “wholesaling model” for distressed asset disposal, given the increasing NPL supply amid the current credit cycle."
We Disappeared Some Folks: Details Emerge In China's Sweeping Probe Of Stock Market Rescue
Submitted by Tyler Durden on 12/17/2015 20:40 -0500“Communist Party graft busters have been taking officials, one by one, to a hotel close to the [CSRC’s] headquarters to press them to come clean or report on others."
Time For A Rate Cut? Dollar Surge Sparks Stocks, Credit, Crude Purge
Submitted by Tyler Durden on 12/17/2015 16:35 -0500China Weakens Yuan For 9th Consecutive Day, Longest Streak Since 2008
Submitted by Tyler Durden on 12/16/2015 20:33 -0500In the first two weeks of August 2008 (just a month before Lehman imploded), as tensions built in US financial markets, China weakened the Yuan for 10 straight days. Tonight, China just extended its streak of weakening the Yuan fix to 9 days (for an aggregate 1.4% devaluation, the largest such drop outside of August's devaluation in history). This pushes the Yuan back to June 2011 levels.
Sticker Shock: Fed to Hike Rates First Time in NINE Years!
Submitted by ilene on 12/16/2015 16:19 -0500China did everything it could to prevent a collapse and it still happened. How do you think other countries will do?





