Primary Market

Corporate Leverage Has Never Been Higher

With the following chart from Goldman's Robert Boroujerdi, we can finally close the book on whether US corporate leverage is at all time highs. It is... and it's even higher on a "normalized" basis.

The ECB's Balance Sheet Is Now The Size Of Japan's GDP

The ECB's balance sheet now stands at €4.23 trillion, making it the largest central bank holding in the World. As Deutsche Bank notes, this is the same as the GDP of Japan (€4.3 trillion) - the 3rd biggest economy in the world and a decent distance ahead of Germany (€3.02tn) - the fourth largest.

The Golden Conspiracy

"Is there gold price manipulation going on? Absolutely. There’s no question about it. That’s not just an opinion... Now, where is the manipulation coming from? There are a number of suspects but you need look no further than China. "

What Is Causing China's Yield Curves To Invert: UBS Answers

The inverted curve reflects a contradiction between market expectations on policies and economic fundamentals. On one hand, the slowdown of economic growth may prevent the back end of the yield curve from further going up. On the other hand, financial institutions' funding costs have kept rising but the financing costs for the real economy measured by loan rates have not risen that much.

French 30-Year Bond Sale Over 4 Times Oversubscribed

In its first bond sale since the presidential election and the first big test of investor sentiment after Emmanuel Macron won the presidency, France received more than €31 billion in demand for a a €7 billion bond offering maturing in just over 30 years.

Futures Decline, Europe Slumps After German Industrial Orders Collapse

After a turbulent overnight session on Monday morning, this morning traders settle at their desks to find a relatively calmer environment, with US equity futures down 0.2% to 2,371.75, while European stocks fell for a third consecutive day, and Asian markets which closed mixed (China up, Nikkei down, MXAP up 0.2%).

S&P Futures, European Stocks Bounce As Dollar Rises Most In Two Weeks; Gold, Yen Slide

The dollar rebounded from a key support level, strengthening against all major peers, pushing S&P futures higher as European shares rose, led by basic resources and real estate, while Asian stocks fall. Gold fell from its highest level since November as demand for some haven assets ebbed while global bonds declined. Oil dipped, pressured by a stronger dollar.