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Markets
Some Thoughts On Brazil
By Win Thin Local Brazil analysts are saying that new measures to curb currency appreciation are basically ready to go. Finance Minister Mantega has reportedly not decided yet if he is going to release details today or not, and that he is…
Jeffrey Gundlach cautious on High Yield, also sees Munis 15-20% lower
Jeff Gundlach, a well known bond manager and DoubleLine Capital CEO, was on CNBC today talking about munis and high yield, two bond asset classes that have been moving in different directions of late. He was cautious on both classes saying…
High Oil Prices Unlikely To Go Away Anytime Soon
Oil prices are moving higher today, due largely to news about Libya and OPEC. Algerian Oil Minister said that there was no shortage in the global oil markets and that an emergency OPEC meeting is not needed now. It also appears that…
Nevada leads all states with a mortgage LTV of 118 percent
CoreLogic released its data analysis for the fourth quarter of 2010 showing that mortgage distress is still very widespread and that negative equity is the norm in many states in the U.S. (Hat tip Yves Smith). The data showed that the…
Spanish Bonds Decouple From Portugal
There have been two main surprises this year. The first is how the jasmine revolutions in MENA. It is one thing to recognize the fragility of those ancient regimes, it is another thing to watch a number of government's collapse. The second…
Canada and Oil: More Complicated than One Might Suspect
We have found that the correlation between oil and the Canadian dollar has collapsed. We conduct the correlation analysis on a 60-day rolling basis, using percent change. The correlation peaked at the end of last year near 0.76. It now…
Mexico Central Bank Turns A Bit Hawkish
Mexico central bank kept rates steady at 4.5% today, as expected. However, it tilted a little more to the hawkish side and supports our view that tightening is likely to start in Q4 11 and not Q1 12 as market is pricing in. Central bank…
Euro and Yen – Surprising Developments
It looks so easy. Risk on and risk off. When risk trades are being put on, equity market and commodities prices, like gold and oil, rise. The euro appreciates and the yen sells off. When risk trades come off, just the opposite takes place.…
Protracted Oil Spike Possible As Libya Burns
Hugo Chavez as peacemaker? Color us skeptical. Chavez is hardly an impartial third party in this conflict, as he has cozied up to Qaddafi over the years. As such, we would not expect opposition forces to be very open to any sort of Chavez…
Trichet Sends Euro and Interest Rates Sharply Higher
By Marc Chandler Trichet has stayed true to form and issued relative hawkish signals. Two key points--"strong vigilance" is needed and no reiteration of the mantra that "interest rates are appropriate". He explicitly…