How are Chinese stocks responding to tariffs with the US and a slowdown in Asian growth?
Despite US tariffs, China’s September trade balance with the US reached a record high A number of China’s Asian neighbours have seen a deceleration…
Read MoreEconomic Cycles
Risky business
“In 1961, at the height of the Cold War, a B-52 bomber carrying two Mark 39 thermonuclear bombs accidentally crashed in rural North Carolina….
Read MoreWhat Can Kill a Useless Currency
There is a popular notion, at least among American libertarians and gold bugs. The idea is that people will one day “get woke”, and…
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Not waving but drowning – Stocks, debt and inflation?
Not waving but drowning – Stocks, debt and inflation? The US stock market is close to being in a corrective phase -10% off its…
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How Gibson’s paradox has been buried
Until the 1970s, all recorded history showed that bond yields were tied to the general price level, not the rate of price inflation as…
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The Credit Cycle Is On The Turn
We are on the verge of moving into an era of high interest rates, so markets will behave differently from any time since the…
Read MoreHappy anniversary
“They have learned nothing, and forgotten nothing.” Attributed to Talleyrand. Since everybody else in financial media has been indulging in an orgy…
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Everything is awesome
“What explains the complacency? One reason might be the absence of good ideas.” Martin Wolf in the Financial Times (‘Why so little has…
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Canary in the coal-mine – Emerging market contagion
Emerging market currencies, bonds and stocks have weakened Fears about the impact of US tariffs have been felt here most clearly The risk…
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Deutsche Bank’s Troubles Raise Worries About the Future of the Euro Zone
The euro banking sector is huge: In April 2018, its total balance sheet amounted to 30.9 trillion euro, accounting for 268 per cent of…
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