Credit Suisse

Jeff Ubben Steps Down As ValueAct Investment Head

Jeff Ubben, the activist investor who built the iconic ValueAct hedge fund into a $16bn powerhouse, is stepping down from daily oversight of its portfolio and handing the reins to his protégé, Mason Morfit, the FT reports.

 

Chinese Stocks Slide Again: One Trader Thinks It's All About The Financial Deleveraging

After two days of disappointing macro data out of China, with trade numbers missing expectations on Tuesday following by another drop and miss in producer prices overnight, the "great decoupling" between China stocks and both the S&P500 as well as the rest of the world continued, and the Shanghai Composite dropped another 0.9% to 3,052 to the lowest level since October.

Visualizing America's Retail Apocalypse

 So far we’ve seen roughly 3,000 store closings announced in 2017, and Credit Suisse estimates that could hit 8,600 by the end of the year. That would easily surpass 2008’s total, which was 6,200 closings, to be the worst year in recent memory...

S&P Futures Jump Ahead Of GOP Healthcare Vote, Ignore China Commodity Crash

S&P futures rose on hopes a successful Republican healthcare vote on Thursday will unlock the Trump fiscal agenda, while European shares jumped to a 20 month high on signs Macron is poised to win Sunday's French election coupled with reassuring corporate results, including strong earnings from HSBC, even as Chinese and Australian stocks fell as commodities, and iron ore futures particularly, tumbled.

US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

From the May 2016 lows, the number of US oil rig counts have only declined 3 times and this week was no exception. Up for its 15th week in a row (+9 to 697), its highest level since April 2015, the rig count continues to pull US crude production higher, stymying OPEC efforts at balance, leaving the bullish case for oil fading fast.

Frontrunning: April 28

  • World stocks pause near record highs (Reuters)
  • 'If there's a shutdown, there's a shutdown,' Trump says (Reuters)
  • Trump’s Tax Plan Hits First Land Mine: Blue State Republicans (BBG)
  • Congress to Vote on Stopgap Bill to Keep Government Open (WSJ)
  • Tillerson Seeks to Boost Pressure on North Korea at UN Meeting (BBG)

Frontrunning: April 27

  • Israel strikes Iran-supplied arms depot near Damascus airport (reuters)
  • ECB Keeps Policy Settings Unchanged Awaiting Political Clarity (BBG)
  • Lawmakers push one-week stopgap funding bill (The Hill)
  • Key Moments From Trump’s First 100 Days (WSJ)
  • Trump Makes Huge U-Turn on Pulling Out of Nafta (BBG)

S&P: These Ten Retailers Will File For Bankruptcy Next

Sears Holdings; DGSE Companies; Appliance Recycling Center of America; The Bon-Ton Stores; Bebe Stores; Destination XL Group; Perfumania Holdings; Fenix Parts; Tailored Brands; Sears Hometown and Outlet Stores

Frontrunning: April 25

  • Trump’s 15% Corporate Tax Push Sets Stage for Clash With Ryan (BBG)
  • U.S. and North Korea Flex Military Muscles (BBG)
  • Le Pen's father criticizes her presidential campaign as she steps back from party (Reuters)
  • Eight Maps That Explain France’s Macron-Le Pen Election (BBG)
  • Alphabet’s Waymo Offering Families Rides in Self-Driving Cars (WSJ)

World Stocks Hit All Time High, S&P Futures Rise To Within 1% Of Record

World stocks hit a new record high on Tuesday, with investors still cheering Macron's victory in the first round of the French presidential election, supported by speculation about U.S. tax reform and the overnight report that Trump has conceded on the border wall, eliminating a government shutdown as a potential risk.