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China bond defaults head for another record year

China bond defaults head for another record year

With 15 defaults in November, total onshore bond defaults have hit $120.4 billion yuan ($17.1 billion)in 2019, according to Bloomberg. That’s close to the 121.9 billion yuan record set in 2018. While the $17.1 billion in onshore defaults seems insignificant...
OPEC does nothing and markets seem to be ok with that

OPEC does nothing and markets seem to be ok with that

OPEC reached an agreement today to cut an additional 500,000 barrels a day from production. In reality that action is close to “no action” since OPEC has been informally making those supply reductions for most of the year thanks to voluntary cuts by Saudi...
Oil climbs ahead of December 5 OPEC meeting

Oil climbs ahead of December 5 OPEC meeting

Call it very, very cautious optimism. Maybe. Oil prices climbed ahead of the December 5 meeting of OPEC in Vienna. The oil market got a boost from a report today, December 4, from the U.S. Energy Information Administration that showed U.S. crude inventories fell by...
Earnings retreat for the fourth quarter?

Earnings retreat for the fourth quarter?

Wall Street analysts always cut their earnings estimates as a quarter progresses. (Which then lets lots of companies beat forecasts when they actually report.) But for the fourth quarter of 2019, the cuts to earnings estimates for the companies in the Standard &...
Gobble, gobble, have a great Thanksgiving

Gobble, gobble, have a great Thanksgiving

Along with the rest of the United States, I’m on the road today headed to grandma’s house over the hills and through the woods for Thanksgiving. Hope you get to be thankful with all those you love. (And travel safely.) I’ll be back posting after the...
Does Fed, market complacency make you nervous?

Does Fed, market complacency make you nervous?

“The U.S. economy is the star economy these days,” Fed chair Jerome Powell told the House Budget Committee today, November 14. “There is no reason to think that I could see that the probability of a recession is at all elevated at this time.” “Our forecast is, and our...