"This year may go down in history as a turning-point when the world finally woke up to the dark side of the ubiquitous presence of popular Silicon Valley companies in our daily lives. One can only hope so, at least. "
Combining the sudden shift in the supply picture, with the ongoing weakness on a relative value between IG and HY, the message is clear: it is only a matter of time before the carpet is pulled from under the pile of junk.
"...recent Yuan weakness is entirely due to changes in market expectations as external uncertainties rise rather than intended guidance of the central bank, "
"Nobody will know where the attack came from. It will look like an accident," a researcher cited in the report said. Some US military analysts are calling bullshit.
A better way to assess where the global credit cycle is at is to look for pockets of dodgy debt... If these pockets are numerous, that’s a clear indication that credit is late cycle.
"...the State Bank has stated its willing to sell dollars at lower price than its current price to calm monetary market and maintain macro-economic stability."
On a day when Tesla's share price plunged 10% from its highs intraday after Musk tried to spin his missed Model 3 deadline as a win, the company has confirmed that its chief engineer Doug Field is leaving the company.
"...these trade fears have yet to affect [Trump's] popularity, which has been on a rising trend to the highest approval rate since his inauguration... Maybe the market is still underestimating him, as it has had a tendency to do for some years."
"Borrowing cash to settle claims has become increasingly expensive, thanks to the Fed's efforts to remove monetary accommodation and tighten financial conditions."
