Preemptive fiscal folly
It’s really hard to predict the eventual outcome of the fiscal cliff negotiations that will take place after the elections, but the media reports that there is little enthusiasm for extending the...
View ArticleHedgie billionaires: we’re a sleeper cell of battered wives headed by the pope…
… or something. You can’t make these people up: [Anthony] Scaramucci, the organizer of the dinner, told me the next day that the guests had witnessed the “activation” of a “sleeper cell” of hedge-fund...
View ArticleThe Russia liquidity house
Quick. Someone grab a samovar! Russian liquidity it is on-tap. In fact, Russia’s recent liquidity operations have been so substantial, they almost make Chinese efforts look puny in comparison.Continue...
View ArticleMoody’s on Spanish banks and others on the bailout muddle
The Oliver Wyman report landed last week. The headline was that Spain’s banks would need almost €60bn in new capital and that seven out of the 14 Spanish banks under review failed the ‘bottom up’ test....
View ArticleRajoyed
Spotted on Tuesday — a market getting itself in a lather as soon as the Spanish prime minister denies that a bailout is ‘inminente’. (Via Google Finance) Continue reading: Rajoyed
View ArticleDon’t call it money printing, rubiks cube edition
Last week FT Alphaville drew attention to the fact that HSBC had joined the cohorts of the “don’t call QE money-printing” brigade. We thought this was a great positive for the mainstream analyst...
View ArticleChipotle Einhorned
A less dramatic reaction than when he told the world to wake up and smell the Green Mountain Coffee, but Chipotle is a modestly-sized company and was already down more than 6 per cent on the year...
View ArticleThe task force vs the banks (finally) (maybe)
David Dayen of Firedoglake has a useful summary of the ways in which the New York Attorney General’s lawsuit against JP Morgan mirrors the previous Ambac case. He concludes on a pessimistic note (our...
View ArticleMarkets Live redux: starting at 10am New York, 3pm London
Our London colleagues had a tech blowout earlier today, but Paul and Bryce will be on with us for part of the session to cover some of what we missed. Otherwise, we’ll be talking US macro ahead of this...
View ArticleSo Popular it just can’t stop buying itself
Spain’s Popular bank has got backing for a €2.5bn rights issue. But here’s the thing we think deserves a touch more attention — in the run up to the rights issue, Popular once again ramped up its...
View ArticleOn stabilising the gold price
Almost a year ago the Telegraph’s Thomas Pascoe put out an interesting piece on gold. We’ve decided to reprise it this Friday because we think it offers an interesting and useful perspective on current...
View ArticleNot All Forms of Wealth Are Equally Pernicious
Ryan Avent takes issue with my take on Piketty. He makes two points, which I’ll address in turn. First, the French data [Smith] considers is a bit of an outlier. You can download Mr Piketty’s data...
View ArticleHow we’ve all been duped into subsidising our employers
Paul Donovan, economist at UBS, is perplexed by cyclically abnormal levels of capital spending relative to borrowing costs in key western economies. All the more so given that the sluggish capital...
View ArticleShale’s dirty little capital market secret
Many shale producers outspend cash flow and thus depend on capital market injections to fund ongoing activity. That’s from Citi’s Richard Morse and Edward Morse (related?), plus team, on the way...
View ArticleThe Tale of the Swiss Coco
The coco bond market has endured its Paradise Lost moment. The main index has fallen nearly 8 per cent this year after returning 7 per cent in 2015 – practically utopian, in the current rates...
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