Publications
By: Joel Charalambakis | On: February 20, 2016 |
Weekly Market Update
Market Action Global stocks had their best week of 2016 thanks largely to softer expectations from monetary authorities. China continues to inject cash into the economy and reported strong credit […]
By: John E. Charalambakis | On: February 17, 2016 |
The Flattening of the Yield Curve and the Migration of Risks: The Path of Hedging Holdings and a Contrarian View on Market Trajectory
Historically, the inversion of the yield curve is a good predictor of recessions. On top of this when spreads of high yield bonds reach the current level of 850 bps […]
By: Joel Charalambakis | On: February 14, 2016 |
Weekly Market Update
Market Action Global markets posted another wild week even though Chinese markets were closed due to the New Year. Volatility out of Japan and Honk Kong and the poor performance […]
By: John E. Charalambakis | On: February 9, 2016 |
The Banking Sector, Collateral Velocity, and Credit Creation, Part I: Where are we Headed?
Modern finance depends on credit. Credit creation depends on inter-bank trust. Inter-bank trust depends on asset valuation. Asset valuation is an opaque process that is a function of several parameters […]
By: Joel Charalambakis | On: February 6, 2016 |
Weekly Market Update
Market Action Markets continued their poor start to 2016 with another down week. Technology and Biotech names were sold off especially hard due to a combination of poor earnings from […]
By: John E. Charalambakis | On: February 2, 2016 |
Market Hysteresis and Capitulation: Financial Stress and Secular Trends
It takes some time for the market to comprehend when stress is built up in the economic and financial systems. This is part of the hysteresis reality. When financial stress […]
By: Thierry Malleret | On: February 1, 2016 |
Monthly Barometer’s Forward-Looking Monthly Review: An Interdisciplinary View of our Complex Global Economy
The global economy is about to enter its “third dip” (after the subprime and the Eurozone crises). The IMF just revised downwards its 2016 forecast for global growth to 3.4% […]
By: Joel Charalambakis | On: January 29, 2016 |
Weekly Market Update
Market Action Markets finally posted a positive week in the U.S. thanks to a combination of some promising earnings reports and global central banks maintaining easy policies. While stocks posted […]
By: John E. Charalambakis | On: January 25, 2016 |
Operation Market Garden: Can it Happen Again? (This time in the financial world)
Following the successful Normandy invasion in June 1944, the Allies executed that September the military operation known as Market Garden (Market referred to the airborne forces that were supposed to […]
By: Joel Charalambakis | On: January 22, 2016 |
Weekly Market Update
Market Action Several major global markets netted gains thanks to a rally by the end of the week. Equities followed Mario Draghi’s lead after the ECB President hinted at more […]
By: John E. Charalambakis | On: February 23, 2016 |
Systemic Risks and Collateral Velocity, Part II: Credit Bottlenecks and Market Tremors
In our commentary dated February 10th (http://stage.blacksummitfg.com/3375) we outlined the significance of collateral velocity and the inherent dangers of another crisis given that the main culprit (derivatives) of the 2008 […]