Tuesday, August 20, 2013

Rising gold lease rates and the front-end backwardation

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Gold lease rates have risen dramatically this year. In fact on the short end, lease rates are now higher than US dollar interest rates - w...
Monday, August 19, 2013

Are mortgage rates impacting construction? A couple of signals from the markets

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Here are three charts to consider: 1. Mortgage rates this month - Source: MND 2. Lumber futures prices this month - Septemb...

India, Brazil should thank Bernanke for their currency woes

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India and Brazil are struggling to regain control of their currencies as both the rupee and the real touch new lows (all-time record for t...

Weaker earnings will result in higher corporate default rates; "zombie companies" yet to be hit

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Credit Suisse is ringing alarm bells on corporate earnings - both in the US and Europe. The Wal-Mart negative earnings surprise last week...
Sunday, August 18, 2013

Further fiscal drag poses risks to the US economy

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One of the reasons for the slow US recovery has been weaker than usual government spending. The weakness started with fiscal consolidation...

Mortgage refinance boom ending

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While there is still some debate about the degree to which higher rates are impacting housing demand ( see post ), there is no question ab...

China's "flash rally" will further erode confidence in domestic markets

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China's stock market has experienced another setback to its credibility when Everbright Securities' trading error caused China...

Treasuries increasingly drive stock market performance

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In recent months the US equity markets have become increasingly sensitive to movements in treasury yields. BMO Capital Markets: - U.S. e...