Category Archives: Europe

The Fall Approaches

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It’s not just the leaves that often turn when the year begins, with gathering pace, to slip towards its chilly end. Markets often do, too.

Given this backdrop, the sell-off in the Nasdaq – in the marvelled-at ‘Growth’ stocks, in the FAANGs, and in Tesla – comes at a moment which is particularly intriguing for reasons which go far beyond whatever coup SoftBank may or may not have attempted and whether those irritating Lockdown Livermores have finally gotten their comeuppance.

Don’t Bank On It

On April 13th, a financial pundit with a wide media following made the following (loosely transcribed) proposition about US banking stocks: Banks won’t rally because rates -long and short- are too low; Japan is our marker – banks there falling while their US/EZ peers rose pre-GFC and have not made any ground since; vis-à-vis their EZ peers, US bank returns have long been anomalous, ergo their out-performance won’t be repeated. We demur in the main.

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Whatever it doesn’t take

On March 15th, the Eurozone branch of the Throw-more-money-at-it lobby were making themselves heard, calling for the ECB to run the printing presses for a limited (author pulls down lower eyelid with index finger) period as a supplement to the to the €120 billion in extra security purchases already made to that point. [NB total ‘assistance’ to April 17th had reached to €275bln in RP, €148bln in securities, and €126bln in FX swaps for a total of €550bln in five short weeks].We responded:-

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The Turn of the Tide

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How the VIX Seller Lost his Shirt (updated)

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Where’s the Off Switch?

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Once through with feeling

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Ten Years After

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