Buybacks by BofA's corporate clients last week were above $1.5BN for the third straight week, making it "one of the largest weekly buyback In our data history." YTD buybacks total nearly $11bn, up +53% YoY, and the strongest start to the year since 2014.
It appears that "something' is increasingly broken with funding markets, and absent a sharp reversal, it may be time to start worrying about systemic stress...
Overnight weakness in cryptos started when Google ad-ban headlines hit overnight and accelerated as anxiety around next week's G-20 (and its potential for more crackdowns) builds.
"... an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance."
After two consecutive days of failed S&P ignition attempts, in which US stocks opened sharply higher only to close near the lows, on Wednesday the algos will try for the third consecutive time to escape the recent late-day selloff funk.
Jeffrey Talpins’s Element Capital Management made more than $3 billion in the last five months, mostly as a result of a trade that President Donald Trump’s tax bill would pass successfully, driving stocks and yields on U.S. Treasuries higher.
"...breakouts to new highs are not always as bullish as they seem in the heat of the moment... A quick glance at history shows there is always a 'last' break out of every advance..."
Amid the most bond bearish outlook imaginable, rates have failed to breakout.. and with everyone and their pet squirrel record short duration, we wonder what happens next?
As BofA's "chart of the month" below shows, there was a whopping 2.0% increase in the yoy pace of after-tax wages and salaries growth - rising over 5% - and roughly 2x higher than what the BLS reported for that month. And yet there's a catch when it comes to spending.
"...despite predictions by mainstream economic naysayers, gold has not collapsed back down to pre-crash levels. In fact, gold has remained one of the most effective investment performers for years."
… a decade old trade involving a few very large funds and firms that have been cornering the US Treasury trading market …will eventually lead to the next financial crisis.
China plans to merge the banking (CBRC) and insurance regulators (CIRC) and to form a new agency called China Banking and Insurance Regulatory Commission (CBIRC) in the biggest industry overhaul since 2003.
