Japan

Tyler Durden's picture

Inflation Expectations Around The Globe Just Hit Record Lows





Having seen what monetary-policy failure looks like in Japan.. and in the US, we now turn our attention to the world. Amid NIRP temptations, growth fears, and faltering faith in central banker control, market-implied inflation expectations have collapsed to record lows. Worse still, even The Fed's own survey of consumer's inflation expectations has slumped to record lows.

 
Tyler Durden's picture

Buyer's Remorse? Axel Merk Warns "The Fed Doesn't Have A Clue!"





"The Fed doesn't have a clue!" - We allege that not only because the Fed appears to admit as much, but also because our own analysis leads to no other conclusion. With Fed communication in what we believe is disarray, we expect the market to continue to cascade lower - think what happened in 2000. To understand what's unfolding we need to understand how the Fed is looking at the markets, and how the markets are looking at the Fed.

 
Tyler Durden's picture

JPM's Striking Forecast: ECB Could Cut Rates To -4.5%; BOJ To -3.45%; Fed To -1.3%





JPM estimates that if the ECB just focused on reserves equivalent to 2% of gross domestic product it could slice the rate it charges on bank deposits to minus 4.5%. In Japan, JPM calculates that the BOJ could go as low as -3.45% while Sweden’s is likely -3.27%. Finally, if and when the Fed joins the monetary twilight race, it could cut to -1.3% and the Bank of England to -2.69%.

 
Tyler Durden's picture

Market Angry About Yellen's "Is NIRP Legal" Confusion





Just as we detailed last week, and it appears Rep. Hensarling has been reading, when pressed on The Fed's legal authority to take interest rates negative, Janet Yellen gushed that "Fed authority for negative rates is still a question." This appears to have been taken as bad news by the market (cutting off the potential easing paths of the future in a world of NIRP), and stocks, crude, USDJPY have all tumbled.

 
Phoenix Capital Research's picture

"Someone" Desperately Intervened to Save Stocks Yesterday





 No real buyer guns the markets 20+ points higher in a matter of minutes. Central Banks are getting desperate.

 
 
Tyler Durden's picture

Frontrunning: February 10





  • Global Stocks Bounce Back After Market Selloff; Asia Stumbles (WSJ)
  • New Hampshire Bucks the Establishment to Back Trump and Sanders (BBG)
  • Trump shows his U.S. presidential bid is no mere publicity stunt (Reuters)
  • Clinton Is Outdone by a Competitor Once Considered a Fringe Candidate (WSJ)
  • Deutsche Bank Jumps as Lender Said to Consider Bond Buyback (BBG)
  • Bank Executives Leading Surge of Insider Buying Amid Stock Rout (BBG)
 
Tyler Durden's picture

European Banks Soar On Rumor ECB May Monetize Bank Stocks; Japan Crash Continues





While algos patiently await the only thing that matters for US stocks today which is Janet Yellen's testimony before Congress. expected to be released at 8:30 am (and previewed here), the rest of the world this morning is a hot mess of schizophrenic highs and lows.

 
Tyler Durden's picture

Global Stocks Enter Bear Market





With stock markets from every continent plunging (Japan most recently), it should be no surprise that MSCI's world index has entered a bear market - dropping over 20% from its April 2015 record highs. However, as Gavekal notes, while much of the drag on global stocks is from collapsing emerging markets, the average developed market stock is down 23% in the past year.

 
Tyler Durden's picture

Carnage Continues - Japanese Stocks Crash (Again) As Australia Enters Bear Market





Another night, another utter bloodbath in AsiaPac. Japanese markets are plunging (NKY down 600 from US session close and NKY is down 2200 points from post-NIRP highs) along with USDJPY as Kuroda readies himself to face parliament (and Abe says he "trusts Governor Kuroda.") Once again banks leading the pain. Australia is also in trouble, after admissions of cooked data sent stocks lower pushing the ASX 200 into bear market territory.

 
Tyler Durden's picture

Deutsche Bank Is Scared: "What Needs To Be Done" In Its Own Words





"So back to the  original question WHAT NEEDS TO BE DONE. Simple?  Recognize the problem. It is not oil, it is not in the banks..it is a run on central bank liquidity, especially dollar based and there needs to be much more ($) liquidity.... Cash shd be charged interest -- put the micro chip in large denom notes/tax cash withdrawals.. encourage spending not saving."

 
Tyler Durden's picture

Former Fed President Demands Negative Rates To Combat "Terrible" Fiscal Policy





These are trying times. Fortunately, Narayana Kocherlakota is a "courageous" man with "daring" solutions.

 
Tyler Durden's picture

It's Not Just China And Oil Anymore: Here Are The Two New Concerns Weighing On Risk





The year continues to be bruising for risk assets and recent attempts at stabilisation have been unsuccessful. After a mild rebound, equities and US credit spreads are again close to their year’s worst levels. In addition to the initial concerns about China and energy, two new issues further weigh on risk sentiment: the slowdown in US growth momentum and the tightening of financial conditions especially in European financial credit.

 

 
Tyler Durden's picture

Frontrunning: February 9





  • Investors dump stocks (Reuters)
  • Global Bond Rally Near `Panic' Level With Japan Yield Below Zero (BBG)
  • Global Growth Fears Hit Bank Stocks (WSJ)
  • GOP Race for Second in New Hampshire Intensifies (WSJ)
  • N.H. Primary: Where Each 2016 Candidate Needs to Place to Build Momentum (WSJ)
 
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