Brazil's central bank surprised the market by foregoing a final rate cut overnight in what seemed like a hawkish effort to stem the tide of collapse in its currency. For a few brief minutes it worked... but the Real is no collapsing lower again to more than 3.70/usd.
With Walmart unofficially set to close Q1 earnings season, all attention will remain glued on the interplay of the rates-dollar-oil trio, and judging by the somber overnight market action, traders are not too excited with the ongoing meltup in all three.
BOE Deputy Governor Ben Broadbent has apologized for the latest central bank fiasco, this time during an interview with the Telegraph, when he describing the U.K. economy as "menopausal."
Following yesterday's rate spike-driven market rout, S&P futures have steadied alongside European stocks as global markets stabilized thanks to an easing in the bond selloff, leading to speculation that the worst may be over.
On a day when things couldn't get much worse for Tesla - its equity sold off, it lost the faith of Adam Jonas and it was reported that another Model 3 factory line shut down was coming again - we caught wind of even more executive departures.
Despite all the hype of a global synchronous recovery, Japan's Q1 Real GDP tumbled 0.6% QoQ (on an annualized basis) - the worst drop since Q4 2015 - and well below expectations.
On a day when things couldn't get much worse for Tesla - its equity sold off, it lost the faith of Adam Jonas and it was reported that another Model 3 factory line shut down was coming again - we caught wind of even more executive departures.
After a ten year hiatus, prop traders are about to become the most desired job on Wall Street (now that hedge funds are replacing their trading desks with algos).
"Three dollars is like a small fence. You can get through it, you can get over it..."but $4 is like the electric fence in Jurassic Park. There’s no getting over that."
"Understanding these dynamics lets you see the endgame more clearly and supports the rationale for owning gold even when short-term price movements are adverse."
The default rate for subprime auto loans reached the highest since 1996, at 5.8%, according to latest Fitch data; this is well above the comparable March default rate in the low 3%'s hit during the peak of the financial crisis.
"...and given their determination to evade democratic, regulatory oversight and management of the global financial system; we can expect bankers and financiers to be responsible for the next catastrophic, economic failure."
Goldman’s Pablo Salame and Isabelle Ealet, two of the three co-heads of the securities trading division, will leave the bank next month, Bloomberg reported citing a letter from CEO Lloyd Blankfein, who is also reportedly on his way out.
As markets take a slow transition into summer with earnings season now almost over, the calendar takes a bit of a break this week with US retail sales the only real highlight on the data docket.
“[The] physical delivery of Bitcoin... means that ICE has a custody solution. That has been the big hurdle...That’s the big deal, they have come up with a custody solution for institutional holders.”
"Yet for all the attempts to discredit the model, too many pundits gloss over the most glaring problem... According to the model, as interest rates approach zero, the price of stocks approaches infinity."
