Market Overview

The economic calendar is fairly light in August since Q2 growth figures have already been released for the United States, the UK and the eurozone. All that is left is Japan. This month the main...

Bail-ins, which have been applicable in the European Union since 1 January 2016 under the Bank Recovery and Resolution Directive (BRRD), are designed so that shareholders and certain categories of...

I have no idea how many books have been written about Warren Buffett, but sometimes I have the feeling that he is giving George Washington a run for his money. The latest addition to the literature is...

Headline second quarter advance GDP estimate is 1.2 %, up from last quarter's downward revised 0.8 %. Yet the year-over-year GDP growth declined from 1.6 % to 1.2 %. The real story is the backward...

Canada – Real GDP fell 0.6% in May, a bit worse than the -0.5% print expected by consensus. Goods producing industries saw a 2.8% drop in output, with declines in all sub-categories including...

Take a look at the $100 bill, ¥10,000 note, and €100 note. They are all pieces of paper with an intrinsic value near zero. Their money-like characteristics establish the value for each bill...

In a desperate search for yield, central banks, sovereign wealth funds, and public pension funds have been investing in corporate debt and equities on a scale we have never seen before, the...

As if a mirror of the Federal Reserve, what is more important from the Bank of Japan flop Friday is what it did do rather than what it did not. Everyone was looking for at the very least an even...

Summary: Friday’s news about Q2 confirmed that America is mired in secular stagnation. Here is the worst news, unmentioned in the newspapers. It should electrify Campaign 2016, giving it real...

Just a quick note this week. All of my core market health indicators improved this week, but we’re still waiting on measures of market quality and strength to move above zero before adding more...

There does not seem to be a large pattern in the speculative position adjustments in the CFTC reporting week ending July 26. There was only one significant position adjustment (10k of more...

Indonesian President Widodo shuffled his cabinet Egypt has requested a three-year $12 bln loan from the IMF Johannesburg Stock Exchange data on investment flows into South Africa was wrong Fitch...

The Advance Estimate for Q2 GDP, to one decimal, came in at 1.2 percent, up from 0.8 percent for the Q1 Third Estimate (a downward revision from 1.1 percent). Today's number was far below most...

The US dollar advance was stopped in its tracks by the disappointingly weak Q2 GDP figures. The 1.2% annualized growth rate was roughly half of the pace expected. The FOMC statement earlier in the...