„The Nobel Prize just gets cheaper and cheaper. Recent laureate Bob Shiller graces the New York Times with his latest rant that free-markets stink, bolstering his argument by making stuff up.“ Read More
„If our analysis is correct, today’s elevated level of US investment-grade and high-yield credit spreads will persist, and default rates may rise materially through 2016,“ UBS’s Stephen Caprio said on Wednesday. „The implication for the US economy is that wide credit spreads and ascending downgrade and default risks will increase borrowing costs for US corporates.…
„Emerging market companies have „over-borrowed“ by $3 trillion in the last decade, reflecting a quadrupling of private sector debt between 2004 and 2014, found the IMF’s Global Financial Stability Report. This dangerous over-leveraging now threatens to unleash a wave of defaults that will imperil an already weak global economy, said stark findings from the IMF’s…
„The World Economic Forum estimates that by 2027, 10% of global GDP will be stored on a blockchain network. In such a world, it will be clear that corporations are less reliant than ever upon humans to survive and prosper. If anything, this solidifies blockchain technology as the blueprint for a type of corporation that is…
„Since 2013, stocks rallied while disinflationary pressures were reinforced by a strong USD, low commodity prices and a decline in global demand. If pre-2013 coordination between the two is taken as a reference, then based on current stock prices breakevens should trade about 1.5% wider. This means the Fed should be hiking because inflation is…
„The dollar fx basis declined further over the past two months. The 5-year dollar fx basis weighted across six DM currencies declined to a new low for the year and the lowest level since the summer of 2012 during the euro debt crisis. In all, continued monetary policy divergence between the US and the rest…
„Switzerland’s Weko watchdog said its investigation, the result of a preliminary probe, was looking at whether UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui conspired to set bid/ask spreads.“ Read More
