Category Archives: Emerging Markets

Bank of England, Bitcoin, BOJ, Budget, Central banks, Commodities, CPI, Crypto, ECB, Emerging Markets, Equities, Europe, Federal Reserve, Fiscal policy, Fixed Income, Government, Inflation, Japan, Keynesianism, Macro, Metals, money supply, Politics, Production, Revenues, Tech, UK, UK Treasury, US Treasury, USA

Burning Holes in Idlers’ Pockets

Posted on by Sean Corrigan

Inflation, Milton Friedman famously said, is a monetary phenomenon. But it is also one given the readiest of outlets through recourse to what we call ‘fiscal’ policy – i.e., by spendthrift governments borrowing money created at their call and forced into the system by means of warfare, welfare, contracting, cronyism, bureaucratic expansion and plain old boondogglery. Arguably, this is where we find ourselves today, in a world where supply is no longer likely to meet demand as abundantly and as effortlessly as has been the case these past twenty years.

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Bonds, Central banks, China, Emerging Markets, Fixed Income, Forex, Macro, Metals, Money, money supply, Profits, Trade, Yield Curve

The Ship of Fools

Posted on by Sean Corrigan

China’s ports are humming, its exports booming to the point that it is causing evident stress in maritime trade. Freight rates are soaring and dockside space is becoming limited, threatening production and raising costs across the board. Despite the macro strength – and the vote of confidence this has received from forex and equity markets – the last few weeks have been testing ones in credit. Once more the nation’s vast superstructure of debt has creaked and groaned – but just about held firm, once more. One of these fine days…

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Banking, Central banks, China, Emerging Markets, Equities, Trade Wars

A Crack in the Dam?

Posted on by Sean Corrigan

Back in 2017, a minor diplomatic spat erupted when seemingly credible allegations were made that billionaire Xiao Jianhua had been abducted by agents of Chinese state security from the Four Seasons hotel in Hong Kong where he was staying. Indistinct video showed the figure, said to be Xiao under the blanket covering his head, being […]

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Banking, Budget, China, Commodities, Deficit, ECB, Emerging Markets, Energy, Equities, Federal Reserve, Fiscal policy, Fixed Income, Forex, Gold, Inflation, Japan, Macro, Money, Oil, Trade, USA, Yield Curve

Trade Wars: Blue-on-Blue

Posted on by Sean Corrigan

The so-called ‘war’ over trade being conducted by the US & China has given rise to much ill-informed commentary about its supposed benefits, its prospective victims, and China’s putative responses.

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Austrian Theory, Central banks, China, Commodities, Credit, Cycles, Donald Trump, ECB, Emerging Markets, Energy, Equities, Europe, Fixed Income, Forex, Gold, Inflation, Macro, Money, Oil, UK, USA, Volatility, Yield Curve

The Turn of the Tide

Posted on by Sean Corrigan

Have we finally reached the high-water mark of the current bull run? Is all the good news in – and the last, most shaky, marginal buyer along with it, inveigled in by the bounce from February’s brief Vol-au-Vent? If so, what are the implications? Where are the trigger points? How will any weakness manifest itself? 

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Banking, Central banks, China, Commodities, Credit, Cycles, Emerging Markets, Equities, Fixed Income, Macro, Money, Yield Curve

Breaking China

Posted on by Sean Corrigan

For some months now, we have been warning of the stresses building in China’s credit structure and warning that, if unaddressed, they would lead to pain in asset markets and potentially to weakness out in the real economy. Here, we lay out the arguments in detail. 17-11-28 China  

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Central banks, Credit, ECB, Emerging Markets, Europe, Fixed Income, Forex, Japan, Macro, Money, USA, Volatility

Where’s the Off Switch?

Posted on by Sean Corrigan

In our latest piece we look at the ECB’s overkill and all manner of possible over-valuations at work in different markets around the world – the two not being entirely unconnected, the reader might note!

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