By: Joel Charalambakis | On: August 26, 2016 |
Market Action Stocks fell for the second consecutive week although markets remain quiet overall. Treasuries have been in their tightest trading range in years, the VIX sits far below its […]
By: Joel Charalambakis | On: August 21, 2016 |
Market Action U.S. stocks retreated slightly from their all time highs this week. Minutes from the Fed’s latest meeting revealed a divided committee while commentary from regional Presidents this week […]
By: John E. Charalambakis | On: August 12, 2016 |
Corporate debt is at record high. Net equity issuance has been negative for the last few years. The shares buyback pattern is simply staggering. The fact that almost 70% of […]
By: John E. Charalambakis | On: August 4, 2016 |
The extraordinary global increase in the debt-to-GDP ratio requires a growth rate of at least 4% in order for the debt to be sustainable. The unfortunate thing is that such […]
By: Thierry Malleret | On: July 29, 2016 |
July 2016 The “risky trinity” (in the words of the BIS) of (1) unusually low productivity growth, (2) historically high global debt levels and (3) remarkably narrow room for policy manoeuver explains […]
By: Joel Charalambakis | On: July 24, 2016 |
Market Action Another week of positive performance for U.S. equities comes in the midst of earnings season. So far, corporate profits have come in stronger than analyst expectations but still […]
By: John E. Charalambakis | On: July 20, 2016 |
Somewhere in the middle of the Pacific last weekend over dinner with Bob Zimmerman the lyrics of his song “A Series of Dreams” echoed in my ears. The attempted coup […]
By: Joel Charalambakis | On: July 16, 2016 |
Market Action US equities followed up on last week’s highs by resoundingly breaking out of their range bound trading zone of the past couple of years to set brand new […]
By: John E. Charalambakis | On: July 14, 2016 |
It seems that the bond and equities markets are telling us two different stories. The former with the declining – and in some major cases negative – yields is like […]
By: John E. Charalambakis | On: July 7, 2016 |
It is the argument of this commentary that following the Brexit vote we may be entering into a period of regime uncertainty. By the latter we mean political, economic, and […]
By: John E. Charalambakis | On: August 18, 2016 |
Reconciling Market Signals
In last week’s commentary we pointed out that the accumulation of debt by corporations may be behind the market upswing (through shares buyback programs while the fundamentals do not support […]