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Asian Central Banks Thought to Have Sold Dollars
Strong upward pressure on the dollar emanating from the European debt crisis and the tensions on the Korean peninsula apparently was countered by intervention from several Asian central banks. At one point the dollar was nearly 5.25%…
Dollar Races Higher
Highlights The US dollar is posting strong across the board gains. The sole exception is the Japanese yen, which is also benefiting from the heightened anxiety. There are three main drivers today. First, there is fear…
CajaSur nationalization makes fragility of Spain’s banks topical
Last spring and summer I wrote a series of articles on the bleak situation in Spain, centred on the Spanish Cajas (savings banks), the imploded housing market and the high level of unemployment. The gist of these posts was that Spain faced…
Euro: Is Move From May 10th Over? If So, then What?
On May 7th, the market covered some short euro exposure in anticipation of some sort of response by European officials. As we know they came up with a large package of guarantees (not just for Greece) and loans, and the ECB provided…
Bob Janjuah: "the Fed goes… QE… If bond markets do revolt… we will then very…
The following is a letter to clients from RBS’ Chief Market Strategist Bob Janjuah that is making the rounds (hat tip Scott). Dear All I am deeply troubled by the world and markets. THIS IS AN UBER BEAR EARLY WARNING ALERT:...I know its…
Links on Obama against the world plus Roubini, Mourinho, and more
Must read: Obama and Wall Street/ Obama and Civil Liberties / Obama and Big Oil / Obama and China Psychoanalyzing the Relationship Between Obama and Wall Street -- New York Magazine Obama wins the right to detain people with no…
New York pension scandal as some collect more in benefits than final salary
New York is one of the states at highest risk of default and budget cuts are coming. However, for now, those cuts will be limited to service cuts, dismissals and furloughs. Public sector pensions remain an intractable issue that will move…
Chinese Banks: Aggressive tightening could spell trouble for non-performing loans
As the Chinese government looks to slow the economy, non-performing loans in the banking sector will come into view. Clearly, the Chinese authorities want to slow the pace of house price and consumer price inflation and reduce rampant…
Andy Xie: Our Market Is A Poor Man’s Casino
A bartender at my neighborhood pub recently asked me how the Shanghai stock market was performing. I said it was at about 2,600 points. He jumped and said, “No! The Communist Party wouldn’t let that happen.” He spent the next 10…
Reports on housing bubbles, mortgage delinquencies and other links
Must Reads: Housing still overpriced (though not in US), delinquencies still high House prices: You can't keep 'em down | The Economist Annaly Salvos - Invest in Bulldozers What kind of homeowners choose to default? -…