Notes

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They include family names like Hertz and J. Crew… Household debt-to-GDP have reached a record high in Belgium, Finland, France, Lebanon, New Zealand, Nigeria, Norway, Sweden and Switzerland. June 18 - Bloomberg (Piotr Skolimowski, James Hirai and Michael Hunter): “The European Central Bank reached another trillion-euro milestone in its struggle to bolster economies which might be seeing years of growth wiped out in months by the coronavirus pandemic. June 15 - Bloomberg (Miles Weiss and Katherine Burton): “Bridgewater Associates, the hedge fund big founded by Ray Dalio, suffered a 15% drop in assets underneath management throughout March and April in the wake of heavy losses at its flagship buying and selling technique. January thirteen - Reuters: “India’s retail inflation accelerated to 7.35% in December on account of excessive food costs… January 14 - Bloomberg (Gregor Stuart Hunter): “The danger-on rally that rolled from December proper on into the start of 2020 could also be due for a breather, in keeping with an rising variety of market analysts… January 15 - CNBC (Diana Olick): “It was a significantly strong start to 2020 in the mortgage enterprise for new residence loans and refinances.

As they acculturate in their new homes abroad, they change into part of the local tax system and begin paying local taxes (nationwide and city taxes). Risky state and local government debt issued on behalf of airlines, oil firms, or backed by a national settlement with tobacco firms has declined 1.5% each of the final two days as traders have been spooked by the affect the virus and crashing oil costs will have on the economy. Chinese State Councillor Wang Yi stated the ‘one China’ precept that recognizes Taiwan as being part of China had long since turn into the common consensus of the international neighborhood. ‘One query to ask is that if nominal bonds nonetheless carry the identical insurance coverage worth,” Goldman analysts Praveen Korapaty and Avisha Thakkar wrote… Goldman Sachs… says the coronavirus panic-pushed plunge in yields makes the sovereign debt weak to a correction, whereas BlackRock Investment Institute mentioned Treasuries are getting weaker as safety when stocks promote off… At forty six bps, Goldman Sachs (5-yr) CDS closed the week on the low since 2007. JPMorgan CDS fell 5 bps this week to 30.6 bps, the low going back to October 2007. A Leveraged Loans index closed Friday at a document high value. Federal Reserve Credit final week expanded $4.4bn to $4.133 TN, with an 18-week acquire of $406 billion.

And this week from Bloomberg: “U.S. March 11 - Bloomberg: “While company-debt markets shut down for issuers within the U.S. March 11 - Bloomberg (Lucca De Paoli and Nishant Kumar): “H2O Asset Management suffered heavy losses of as a lot as 30% throughout its funds during Monday’s market rout, adding to severe declines which have pummeled its methods over the past month. March 12 - Monetary Occasions (Colby Smith and Brendan Greeley): “The Federal Reserve mentioned it would pump trillions of dollars into the monetary system in a dramatic try to ease stresses in short-term funding and US Treasury markets which have accompanied the spread of the coronavirus. March 11 - Bloomberg (Martin Z Braun): “The coronavirus is crushing excessive-yield municipal bonds. March 13 - Bloomberg (Rachel Adams-Heard, David Wethe, Steve Matthews and Reade Pickert): “Just last week, when crude oil costs fell to $forty six a barrel, the mayor of the most important metropolis in the world’s largest shale oil patch appeared oddly calm, almost relieved. March 11 - Reuters (Emma Farge): “The World Health Group is describing the brand new coronavirus as a pandemic…

June 12 - Bloomberg (Hema Parmar): “Renaissance Technologies, the quantitative hedge fund firm based by Jim Simons, misplaced virtually 21% this 12 months by way of the first week of June in its market-impartial vehicle… January thirteen - Reuters (Huizhong Wu, Lusha Zhang, Judy Hua and Ben Blanchard): “Separatists will ‘leave a stink for 10,000 years’, the Chinese government’s top diplomat mentioned… March 13 - Bloomberg (Tim Loh): “About half the people who tested constructive for the coronavirus on the Diamond Princess cruise ship appeared to indicate no signs, in keeping with an estimate printed Friday. Reuters: “J.P. Morgan Chase posted revenue and income that smashed by means of analysts’ expectations on a robust rebound in trading income… Bond buying and selling income surged 86% to $3.4 billion, exceeding the $2.61 billion estimate by roughly $800 million, as fastened-revenue desks had been humming, particularly in securitized products and rates. Total money market fund assets surged $94bn to $3.777 TN. form 3520 instructions Property fell to $138 billion at the tip of April from $163 billion at the top of February…

June sixteen - Reuters (Tetsushi Kajimoto and Naomi Tajitsu): “Japan’s exports fell in Could at the fastest pace since the worldwide monetary disaster as U.S.-certain car shipments plunged… March eleven - Bloomberg (Ruth Carson): “Cratering U.S. U.S. firms, whose willingness to repurchase shares gets credit in some circles for fueling the 11-12 months bull market whereas being pilloried elsewhere as waste, have been stepping back from the practice since earlier than the coronavirus outbreak. With lockdowns across the world’s most-populous nation coming into their third month, smaller home builders are being pushed to the brink as a result of they can’t get enough money from pre-sales of apartments to cowl their costs.

That’s because the rules are being eased just because the European Central Bank is about to inject an enormous quantity of liquidity into the euro-zone monetary system. European mounted-revenue CDS ended the week at or near multi-year lows - funding-grade, excessive-yield and financial. There were new knowledge this week from the Institute of International Finance (IIF). Data collated by the Institute of International Finance… January thirteen - Reuters (Marc Jones): “Global debt is predicted to climb to a brand new all-time high of greater than $257 trillion in the approaching months, the Institute of International Finance estimated… Global debt has been increasing at probably the most fast clip since 2016. After ending 2015 at about $210 Trillion, international debt growth has been in parabolic rise to the IIF’s Q1 2020 estimate of $257 Trillion. As a result of BBBs make up greater than half the $8.4 trillion investment-grade corporate markets in each the U.S.

He began his talk with a joke: Policy makers have great ideas, he stated. January 13 - Wall Road Journal (Yoko Kubota): “The wheels are coming off the world’s biggest auto market after a long time of blistering development, as a protracted and unprecedented gross sales droop partly induced by policy adjustments closes hundreds of dealerships, idles factories and weighs on an already slowing economic system. Lagarde said her officials are looking at all their instruments for Thursday’s policy decision, significantly measures to offer ‘super-cheap’ funding and guarantee liquidity and credit score don’t dry up… The amount works out at round $32,500 for each of the 7.7 billion people on planet and more than 3.2 occasions the world’s annual financial output, but the staggering numbers don’t cease there. With all the put choices and hedges within the market, I don’t doubt the capability to incite a brief squeeze and better market costs. That’s unhealthy news for anyone hoping buybacks will put a ground below the inventory market.

But insurance policies to create a sort of primary earnings-albeit not universal-within the type of a new monetary floor for tens of millions of households have drawn backing from different Democrats searching for the White House and plenty of lawmakers. House of Representatives Appropriations Committee. The plan discovered little favor in Congress, even amongst Republican lawmakers from districts and states that gave Trump large margins in the November election, and it had Democrats talking about a deal on spending that will exclude the White House. Japanese 10-yr "JGB" yields had been little changed at zero (up 1bp y-t-d). Italian authorities yields surged fifty eight bps Thursday to 1.76%. With German bund yields little changed on the day, the Italian to German yield spread widened a remarkable fifty eight bps in one session. Complete mortgage utility quantity surged 30.2% final week from the previous week… CDS surged ninety two bps to 685 bps, capping off a six-session surge of 317 bps to the very best stage since the crisis. In September, an unexpected scarcity of out there cash to lend sparked a surge in the price of repo-market borrowing, prompting the Fed to intervene for the primary time since the monetary crisis. Money market funds specifically are rushing to lock in charges earlier than they attain 0%, prompting strategists at JPMorgan…

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