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Are Japanese Investors Starting To Yen For Foreign Currencies?The most recent data from the Ministry of Finance (MOF) shows that Japanese investors are slowly moving into foreign bonds at about a $2b per week pace. The only news in this week’s report is that foreigners are buying stocks and selling … Continue reading Watch Out For A Possible RMB DevaluationLeverage for Corporate China has reached an all-time high based on bottom-up data. Credit quality deterioration and supply pressures now pose a bigger challenge to credit markets. In particular, a combination of rapid credit growth and a sluggish economic environment in … Continue reading Will High Frequency Trading Contribute To A Market Crash?Justin Schack had an interesting defence of so-called “High Frequency Trading” in the Financial Times earlier this week (http://www.ft.com/intl/cms/s/0/9f526b1a-b724-11e2-841e-00144feabdc0.html#axzz2TAjcrhhI). High Frequency Trading is the use of sophisticated technological tools and computer algorithms to trade securities on a rapid basis. HFT … Continue reading Is The ‘Moral Hazard Meltup’ On The Way?We can’t take credit for the term, “moral hazard meltup” which is a poetic turn of phrase used by our friend, Frank Veneroso, to connote a stock market bubble totally detached from fundamentals. An environment in which the only tools … Continue reading The Fed Only Cares About The S&PWhat’s the thinking behind the Federal Reserve’s persistent attempts to incite risk asset speculation, with programs such as quantitative easing. Well, for one thing, if the Fed recognizes its main transmission mechanism is through the so called wealth effects of … Continue reading Justice Today And 10 Years AgoFormer Enron President Jeffrey Skilling and the Justice Department reached an agreement that would cut his federal prison sentence to as few as 14 years from 24 years. As part of the agreement, Skilling would halt further attempts to have … Continue reading Can Private Credit Expansion Continue To Outrun Fiscal Retrenchment?The key variable as far as the stock market goes is whether private sector credit expansion can continue to sufficiently ‘overcome’ the declining government. deficit spending and satisfy the ‘savings desires’/demand leakages. As Warren Mosler has noted, "The main sources of private … Continue reading The New Bank Of Canada Governor – Old Wine In A Recycled Bottle?The appointment of Stephen Poloz as the new governor of the Bank of Canada raised many eyebrows, since most observers expected deputy-governor Tiff Macklem to succeed Mark Carney. That he has outside experience is not the grounds for being less … Continue reading Let’s Not Get Too Excited About The US Employment DataTrue, the markets responded euphorically, with the Dow breaching 15,000 and the S&P 500 taking out the 1600 level for the first time ever. But a closer look at the data suggests that the current enthusiasm seems more than a … Continue reading Apple: Rotten To The CoreIt’s almost sacrilegious to criticise anything relating to Apple these days. The love of the product engenders something approaching a cult-like reverence. That said, I’m sure it’s hard for a consumer of iPads, and iPhones to be excited about the … Continue reading |
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