5 Aug 2024
Deutsche Bank: "Why the BOJ has no choice and is merely prolonging the inevitable*
"at a gross balance sheet value of around 500% GDP or $20 trillion, the Japanese government's balance sheet is, simply put, one giant carry trade."
5 Aug 2024
Japan Equities Crash, how significant?
Nikkei 225 lost 20% or more within a 3-week period? 1. 1990: -21%, (February 14 - March 7), asset price bubble plunge in Japan. 2. 2008: -23%, (September 26 - October 16) post the Lehman collapse. 3. 2013: -21%, (May 22 - June 13), economic stimulus panic. 4. 2020: -23%, (February 21 - March 13), the COVID pandemic panic of 2020. Source: Lawrence McDonald, Bloomberg
5 Aug 2024
This is the biggest 2-day drop for the Nikkei in history, surpassing Black Monday
Source: www.zerohedge.com, Bloomberg
5 Aug 2024
US earnings: The beat rate is the smallest since 4th quarter of 2022 377 S&P 500 companies (80% of index EPS) have reported, beating consensus by 2%, the smallest since 4Q22.
71%/55%/45% beat on EPS/sales/both Source: BofA, Mike Z.
5 Aug 2024
Bonds have surged higher with the collapse in interest rates and the US Aggregate Bond ETF is now up 7.7% over the past year, outperforming the Treasury Bill ETF ($BIL +5.4%)
Source: Charlie Bilello
5 Aug 2024
Cost of hedging using outright puts nears YTD highs
Source: BofA, Mike Z.
5 Aug 2024
Peter Lynch on Investment Wisdom
Source: Invest in Assets
5 Aug 2024
A worrying divergence...
Source: J-C Parets
