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Holger Zschaepitz
Holger Zschäpitz is market maniac at & Author of 'Schulden ohne Sühne?' a book on states' addictiveness to debt. Pics:
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Holger Zschaepitz 2h
Inverse relationship between Gold price and US real rates expectations, as measured by yield on 5y5y inflation-linked Treasuries, is strongest it’s ever been. Correlation measured over 60 days hit -0.7 as bullion climbed. $25tn of debt has neg real yields, Bloomberg data show.
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Holger Zschaepitz 3h
The rush heats up as Sub-Zero yields spread and the precious metal, once mocked for its lack of yield and practical use, offers something the growing pile of negative-yielding bonds doesn’t. Ray Dalio cites gold as a haven in markets paradigm shift.
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Holger Zschaepitz retweeted
Albert Edwards 4h
Replying to @Schuldensuehner
You mean priming us for a full out currency war with the US
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Holger Zschaepitz 6h
QE revival: Most economists polled by Bloomberg expect the ECB to restart bond buying in Jan next year.
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Holger Zschaepitz 6h
seen priming markets in July for rate cut after summer break. Economists predict officials will follow through in Sep. Increasing number of analysts also expect renewed bond buying.
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Holger Zschaepitz 6h
Global mkts switch into Risk On mode as Fed props up rate cut expectations and on better tech earnings. Bets rise on 50 bp reduction in Jul w/ dovish comments from Fed's Williams. US yields fall, Gold hits 6y high. Oil bounces after US Navy destroyed Iranian drone. Bitcoin >10k.
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Holger Zschaepitz 7h
Good Morning from where dividends really matter & artificially dope benchmark index Dax. Without payouts, German shares have done NOTHING since 2000. While Dax has gained 50% since 2000, Dax Price Index, which like S&P500 does not incl dividends, trading at 2000 level.
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Holger Zschaepitz 15h
Wall Street’s trading desks endure worst first half in a decade as trading clients sitting ‚on the sidelines.‘ US results are a bad omen w/European firms set to report.
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Holger Zschaepitz 24h
studies revamping goal in twilight of Draghi era. ‘Below, but close to, 2%’ definition of mandate is questioned. President Mario Draghi wants more ‘symmetry’ around the target.
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Holger Zschaepitz Jul 18
The world’s almost $13tn pile of negative-yielding bonds is looking like “quicksand” that risks trapping much of the fixed-income universe, including the US. JPM sees risk that US yields neg within 3yrs, & the whole market is sitting at zero & neg yields.
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Holger Zschaepitz Jul 18
goes global! Hedge Fund Manager Kyle Bass wagers Fed policy will turn Japanese. Betting man who called US subprime mortgage crisis and successfully bets against Greece & Iceland predicts US rates will touch zero.
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Holger Zschaepitz Jul 18
Geopolitical risks in Q3 are centred on , Middle East & trade tensions, SC says. Turkey’s escalating confrontations w/US & EU raising fears of a repeat of last summer’s mkt rout. Trade tensions likely to persist; US-China truce may not last, US is now also targeting EU.
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Holger Zschaepitz Jul 18
TOO LATE! French central bank chief says should not be driven by markets. Says MonPol must remain independent of mkt inflation expectations as well as political pressure, and pushed back at suggestions ECB should cut rates at its July meeting.
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Holger Zschaepitz Jul 17
’s unemployment rate has not yet risen, but this is because German companies have not yet adjusted their payroll, as shown by the decline in labour productivity, Natixis says.
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Holger Zschaepitz Jul 17
Due to the lasting decline in production of internal combustion vehicles, chemical products and industrial capital goods, could be facing a prolonged recession, Natixis says as latest cyclical indicators are very poor.
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Holger Zschaepitz Jul 17
Global mkts turn into Risk-Off mode on earnings woes w/big slide for freight operator CSX front & centre. Netflix sinks as comp had lost 130k US-based subscribers. Trade battle betw Japan & Korea additionally dampens mood. Bonds gain w/US 10y ylds at 2.04%. Bitcoin gains to $9.9k
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Holger Zschaepitz Jul 17
Good Morning from where the decline in industrial activity since the start of 2018 has been very pronounced, & far more serious than that seen in other major Eurozone countries due to automotive sector crisis, loss of competitiveness & the decline in global trade.
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Holger Zschaepitz Jul 17
Netflix shares sink >10% in after-hours as new subscriptions fall short in latest quarter. 2Q streaming paid net change +2.70mln, vs +5.06 mln exp. Subscriber growth dented by price hikes. Comp blames slower-than-exp growth on its programming lineup.
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Holger Zschaepitz Jul 17
In case you missed it: Shipping activity throughout the US via highways, railways, airways and seaways points to a sharp slowing in GDP growth. Correlation of growth rate of the quarterly-avg in the Cass freight index w/US real GDP is 0.63, which is reasonably high, Natixis says.
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Holger Zschaepitz Jul 17
Replying to @Markus_Krall
European Banks: "Deeper below zero, tiering becomes critically important“
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