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Markets
Full Text: ECB says Europe has “high uncertainty and intensified downside risks”
"Based on its regular economic and monetary analyses, the Governing Council decided to reduce the key ECB interest rates by 25 basis points."
Disappearing Diversification
One challenge investors and portfolio managers is achieving diversification. Impressionistic views gained from every day experience is confirmed by a number of academic studies. Diversification in the international capital markets is…
Your #1 Gold Risk
Similar to holding a diversified portfolio at a bank without checking the institution's solvency, many investors keep their entire stash of precious metals inside one political system without considering the potential trap they've set for…
What will the Fed do tomorrow?
The Federal Reserve holds a two day meeting that concludes near midday tomorrow. It will likely be the first meeting in a while where there is not change in the composition or size of the balance sheet and no fresh initiatives, like cutting…
Contagion: Sovereign Credit Default Swap Wideners – Guess Who?
This chart from Credit Market Analysis shows the sovereign bonds which had the greatest percentage increase in their default probability over a 5-year horizon.
This is what Italy’s bond yields look like after Greek referendum contagion
Bonds in Italy are marching higher amid rumours of ECB intervention. Yesterday they breached 6.15%. Now they are above 6.30% and going higher still. Belgium and Spain have also been infected with Greek referendum contagion.
Australia: There goes the neighbourhood
The last two days have seen the latest monthly data on credit growth in Australia from the RBA, and the latest quarterly data on house prices from the ABS. Together they confirm trends that I’ve identified on numerous occasions between the…
M.F. Euro Takes Down Equities
Lots of debate out there what took the market down today. We’re not certain you can tag the first 15 S&P points on a single factor — MF Global, euro, Italy, yen intervention and strong dollar, or simple profit taking — but willing to up…
Chart of the Day: Operation BRIC Twist
Operation Twist didn't work in Russia, India or Brazil and it's not working in the US.
Daniel Kahneman on Investing: Luck Vs. Skill
I have Daniel Kahnemann’s book Thinking Fast and Slow, but have yet to read it. Judging from the positive reviews and his past work, it sounds like it should be pretty good. Kahnemann was on CNBC last week discussing some themes from his…