Has NYC Real Estate Peaked? Manhattan Vacancies Hit 9-Year High

First it was Australia (closest to China), then Miami, then London, and now New York appears to have been hit by the sudden withdrawal of a bid-at-any-price, stash-my-cash, launder-my-money foreign flood of money to buy real estate. Manhattan apartment vacancies reached their highest level in more than nine years, according top broker Miller-Samuel, a sign that the post-recession run-up in rents may begin to cool. "We're reaching the point where things can't go up as much," Miller said in an interview. "The economics don't make much sense anymore." Did they ever?

  • Dec 11, 2015 3:00 PM

Americans' Faith In "Good Times Ahead" Plunges To 15-Month Lows

Americans' belief that the country "will have good times for the next 12 months" has plunged. With the biggest YoY drop in 3 years, and despite stocks near record-highs and The Fed telling everyone how awesome everything is, the fewest people believe good time are ahead since September 2014.

  • Dec 11, 2015 2:00 PM

Turkey Is Tanking - Lira Plunges Most In 6 Months; Stocks, Bonds Hammered

While one could take their pick of bloodbathery today, Turkey seemed like an appropriate place to focus as its bond yields are exploding higher, currency collapsing, and stocks plunging to the lowest since March 2014. How long before Erdogan decrees all of this impossible and fires another 'dependent' central banker?

  • Dec 11, 2015 1:18 PM

What China's Stunning Announcement Means

What the PBOC's unexpected announcement means, is that for anyone who thought the Yuan devaluation is over, now that the currency is at the lowest level relative to the dollar since 2011, the reality is that the devaluation relatively to everyone else is only just starting.

  • Dec 11, 2015 12:28 PM

Junk Bond Prices Tumble To 2009 Levels

With the biggest single-day drop in over 4 years, US High-Yield bond prices have collapsed to their lowest levels since July 2009. Crucially, it's not just energy companies as the painful illqiuidty has careened across the entire space, not helped by fund liquidations and the biggest outflows since August 2014.

  • Dec 11, 2015 11:42 AM

Venezuela Oil Prices Crashes To 2004 Lows

Putting the 'mad' in Maduro. Venezuela's heavy crude oil price just crashed almost 9% to $31.24... its lowest since December 2004. Time for another 'swap' with China?

  • Dec 11, 2015 11:25 AM

Peso Pounded To Record Lows

Time to go to Tijuana for Christmas vacations? The Mexican Peso just collapsed to all-time record lows against the US Dollar...

  • Dec 11, 2015 11:09 AM

How Peak Debt Constrains The Fed From Moving Rates Higher

As soon as the Fed moves money market rates upwards, unproductive parts of the economy will come under severe strain which in turn sets in motion recessionary forces prompting the Fed to reverse course. The only way out is to realize that the world is awash in mal-invested capital that need to be written off. Since that is inconceivable for today’s vested interests, the way forward will be further “Japanification” of the global economy. And this time we are all out of arrows.

  • Dec 11, 2015 10:31 AM

"Everything's Crashing"

The writing has been on the wall for a few days/weeks, but it appears a combination of global FX and equity turmoil and domestic corporate debt market collapse is finally starting to roil US equity markets. The Dow is down over 600 points in the last week or so, bond yields are collapsing, the USDollar is tumbling, crude is crashing, and junk bonds are in free-fall.

  • Dec 11, 2015 10:07 AM

Business Inventories-To-Sales Surge To Cycle Highs, Deep In Recession Territory

Following the wholesale inventories-to-sales jump, business inventories-to-sales just shifted once again to cycle highs, deep in recessionary territory. With inventories unchanged in October, slightkly lower than thge expected 0.1% increase, Q4 GDP will start to be affected (and Q3 as prior data was revised lower). Nevertheless, with sales dropping 0.2%, with manufacturers tumbling 0.5% MoM, the looming production cuts set up The Fed for an epic policy error.

  • Dec 11, 2015 10:06 AM