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Markets
Mandelbrot: Fractals and the art of roughness
A good talk by the author of the study of complexity in financial markets. Also see these three books about chaos theory, roughness and fractals (all on the CW reading list): Benoit Mandelbrot – The Misbehavior of Markets Mark…
Baltic Dry Index Sinks For 28th Consecutive Day
The Baltic Dry Index has fallen for the 28th consecutive session today. It is the longest decline in six years. During this swoon the index has fallen 49%. The main driver seems to be concerns about the cooling of China's…
Pimco: Seeking Alpha in Equity Returns in Europe
The bond guys PIMCO have decided to move into equities. They are doing so cautiously. I mentioned some comments they made by Gross regarding safe, high dividend stocks like utilities. At the time, he was suggesting almost all asset…
More on China’s reserve holdings, banks and infrastructure
There are several noteworthy developments from China. The first, while still a bit sketchy, seems the most promising. President Hu seemed to signal an acceleration of infrastructure construction in the western part of…
Chinese central bank fleeing into Japanese yen for reserves
A number of sources are reporting that the Chinese have been loading up on JGBs despite their relatively low yields. Is this a flight to quality by the Chinese central bank?
Andy Lees of UBS shows that the magnitude of the purchases…
Dollar Soft, but Downside Limited
Highlights The US dollar appears weaker across the board as New York traders return from the holiday weekend, but this is mostly a function of its modest bounce yesterday. The greenback is near levels seen just before the…
Dollar, Yen, and Swiss Franc Firmer In Thin Holiday Trading
Highlights US dollar was mostly firmer vs. the majors as the risk off trading environment carried over from last week, albeit in thin holiday trading. Yen and Swiss franc were largely firmer, while EM FX was mixed. Biggest…
Chart of the Day: S&P 500 stocks above 50-Day moving average – is this bullish?
Here's a chart that Bespoke Investment has drawn up. Bespoke says: The percentage of stocks in the S&P 500 now trading above their 50-day moving averages is down to 4%. At the March 2009 lows, the reading only got down to…
Dollar Remains Vulnerable After Weak US Jobs Data
Highlights US dollar was mostly firmer vs. the majors in the aftermath of weak US jobs data, but lost ground to EUR and GBP. While we still think the US outshines the euro zone from a fundamental standpoint, the break of 1.25 last…
Forex Drivers in Q3
As we begin the second half of what has already been a challenging year, it may be helpful to consider the potential drivers of the global capital markets. As always, numerous factors have to be juggled. Now however,…