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"Don't let the size of the rebound confuse you..." 

 

...expectations for the bull market to continue “to infinity and beyond,” will likely prove disappointing.

With interest rates moving ever lower over the last decade, yield hungry investors have had to venture into areas previously considered exotic. Emerging market government debt is one such asset class that has attracted record asset flows.

The people who run this country have run out of workable myths with which to distract the public, and in a moment of extreme crisis have chosen to stoke civil war and defame the rest of us – black and white.

"That model can never ever win, as open markets are required to best drive price discovery, allocation of goods, innovation and even democracy."

" The clock is now ticking." 

"Fortunately we have printing presses and that helps to keep it all going but only just. Our big fear is that the market will realise that all the money we are printing is worthless..."

"An older generation continues to make sales via mutual funds and ETFs; a younger generation continue to trade stocks like it’s 1999."

In this special, Fourth of July edition of the Daily Briefing, senior editor Ash Bennington and managing editor Ed Harrison sit down to answer questions from…

Washington D.C. is the worst-run city in America. 

The equity market is priced for a "pandemic-free" economy. But pandemics are not solved by equity market recoveries but instead by medical science ability to find a cure.

Rates are sliding, owners are capitulating, and charterers have the upper hand. "The dam has burst, and VLCC rates have taken an overdue nosedive."

Meanwhile the Fed is buying around $350MM in corporate bonds/ETFs every single day.

Yesterday, after a Chinese official response strongly opposing the UK government making clear it will offer 2.9m Hong Kongers a path to citizenship, the HK authorities had to publicly disavow rumours of a travel ban on its citizens. Yes, that’s where we stand

But real-time indicators tell a different story.

Europe reversed early gains after Bloomberg reported that a conflict was brewing at the ECB over its "priced in" stimulus package.

Timing couldn't be worse or more suspect, also as a $5 billion deal just inked with the IMF could be derailed.  

“The aim seems to be to show the largest possible number of tests, even at the expense of understanding.”

"As the pandemic persists on, the demand for rentals has continued to shift away from these pricey areas..."

 

 

"The areas that were impacted, as you can imagine more significantly tourism, restaurants, some of our cultural institutions…"