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» Asian Markets

  • World Markets Weekend Update: The East-West Divide
    By on May 11, 2015 | No Comments  Comments
    Five of the eight indexes on our world watch list posted gains over the past week, with Germany’s DAX at the top with a 1.33% advance. The three losers were the Eastern-most indexes. China’s Shanghai Composite ended a three-week streak as the top performer with a -5.31% plunge. Hong Kong...
  • Currency War Collateral Damage: China Stops Growing, ...
    By on May 11, 2015 | No Comments  Comments
    When a country pegs its currency to a bigger one like the US dollar, it in effect outsources its monetary policy to the operator of that other currency. This confers several benefits, including the enforced discipline of the other, presumably more rigorous monetary regime and the simplicity of letti...
  • The Coming of Age of the Chinese Yuan
    By on May 7, 2015 | No Comments  Comments
    According to the May 4th Wall Street Journal, the International Monetary Fund (IMF) is expected to declare in a forthcoming report that China’s currency, the yuan, is “fairly valued.” As stated on the IMF website, “The IMF’s primary purpose is to ensure the stability of the internation...
  • China: Manufacturing PMI Contracts Most in a Year
    By on May 5, 2015 | No Comments  Comments
    More signs of a global slowdown surface in the latest China Manufacturing PMI where operating conditions and new orders decline at fastest pace in a year. Chinese manufacturers saw a further deterioration in operating conditions in April, with total new orders declining at the strongest pace for a ...
  • World Markets Weekend Update: The Worst Week of 2015
    By on May 3, 2015 | No Comments  Comments
    Six of the eight indexes on our world watch list traded lower this week, with China’s Shanghai Composite as the top performer for the third consecutive week, gaining 1.89% in holiday shortened week. Hong Kong’s Hang Seng was the other index to post a gain, albeit a modest 0.26%. The S&am...
  • Japan Hits The Easy Money Wall. We May Be Next.
    By on April 29, 2015 | No Comments  Comments
    Japan, whose monetary policy is by far the world’s most expansive, just reported retail sales that soared on the wings of all that newly-created currency. Just kidding. Retail sales tanked: Japan Retail Sales Slump Flashes Warning Signal for Kuroda (Bloomberg) – Japan’s retail sales fell in M...
  • US Stocks Turning Chinese?
    By on April 28, 2015 | No Comments  Comments
    Much has been made of the leveraged speculative frenzy by undereducated Chinese day traders halfway around the world but, based on this update on NYSE margin debt from Doug Short late last week, U.S. lenders (and markets) are quickly catching up. Of course, this comes at a time when money continues...
  • China Stock Mania’s Global Risk
    By on April 26, 2015 | No Comments  Comments
    The Chinese stock markets have been rocketing higher in a popular speculative mania.  New Chinese investors are flocking to their local red-hot markets, borrowing heavily to buy hyper-speculative stocks.  Like all past manias, this one is guaranteed to end badly.  And when China’s parabolic sto...
  • 11 Signs That We Are Entering The Next Phase Of The G...
    By on April 26, 2015 | No Comments  Comments
    Well, the Nasdaq finally did it.  It has climbed all the way back to where it was at the peak of the dotcom bubble.  Back in March 2000, the Nasdaq set an all-time record high of 5,048.62.  On Thursday, after all these years, that all-time record was finally eclipsed.  The Nasdaq closed at 5056....
  • 3 Things: Kass, Rosie and Short
    By on April 25, 2015 | No Comments  Comments
    “3 Things” is a weekly publication of ideas, usually contrarian, to provoke thoughtful discussions and decision-making processes. As a portfolio strategist, I am sharing things that I am considering with respect to current investment models and portfolio allocations. Please feel free to...
  • Central Banks: Another Stunning Long-Term Chart
    By on April 24, 2015 | No Comments  Comments
    From a recent presentation(.pdf) by Agustín Carstens, Bank of Mexico governor and chairman of the IMF’s International Monetary and Financial Committee, via this item at Wolf Street comes the chart below that, once again, reminds us all how far removed the global financial system is from anything...
  • Four Totally Bad Bear Recoveries: Where Are We Now?
    By on April 21, 2015 | No Comments  Comments
    At the request of The Advisory Group in San Francisco, here’s updated comparison of four major cyclical bear markets. The numbers are through the April 17 close. This chart series features an overlay of the Four Bad Bears in U.S. history since the market peak in 1929. They are: The Crash of ...
  • China, Japan, and the US Treasury Bond Market
    By on April 21, 2015 | No Comments  Comments
    The US Treasury reported last week that in February Japan moved ahead of China and resumed its position as the largest foreign creditor of the US government, a position last held by Japan in 2008. In February Japan owned $1.2244 trillion of US debt, slightly above China’s $1.2237 position, accordi...
  • China: Easing To Combat Darkest Period of 2015
    By on April 20, 2015 | No Comments  Comments
    China is now firmly in stimulus mode when PBOC announced on Sunday to cut the reserve-requirement ratio by 1% to 18.5% effective April 20.  This is the second reduction this year and the largest since November 2008 during the global financial crisis. The reserve-requirement ratio represents the min...
  • The Global Liquidity Squeeze Has Begun
    By on April 19, 2015 | No Comments  Comments
    Get ready for another major worldwide credit crunch.  Today, the entire global financial system resembles a colossal spiral of debt.  Just about all economic activity involves the flow of credit in some way, and so the only way to have “economic growth” is to introduce even more debt into the ...
  • China Finally Stops Fighting The Stock Market!
    By on April 17, 2015 | No Comments  Comments
    Although China’s economy has been leading the world in annualized growth since the days that mobile phones had retractable antennas, there have always been some aspects of the country’s commercial and financial system that loudly broadcast the underlying illogic of a Communist Party’s firm con...

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