Blackstone Group And Bank Of New York Mellon Report Q2 Earnings
The Blackstone Group (BX) Q2 2017 and Bank of New York Mellon (BK) Q2 2017 earnings reports were released before opening bell this morning. Blackstone reported economic net income of 59 cents per share on in revenue, compared to the 62 cents per share Wall Street was expecting. The Bank of New York Mellon Q2 […]
Millennials Can Punt On Bitcoin, Own Gold And Silver For Long Term
– Bitcoin volatility shows not currency or safe haven but speculation – Volatility still very high in Bitcoin and crypto currencies (see charts) – Bitcoin fell 25% over weekend; Recent high of $3,000 fell to below $1,900 – Bitcoin least volatile of cryptos, around 75% annualized volatility – Gold much more stable at just 10% annualized […]
Oil Supply Falling And Geo-Political Worries Rising
Major oil draw and a Saudi Arabian coup? The Energy Information Administration (EIA) reported another major 4.727-million-barrel drawdown in crude supply even as US shale production rebounded last week causing US oil production to rise to 9.43 million barrels per day, up from 9.4 million barrels which puts it at a two-year high. We know […]
Why Wage Growth Will Remain Elusive
Just recently, Bloomberg ran a fascinating article discussing a new study from the McKinsey Institute. “American manufacturing could be poised to rebound as technological disruption shakes up global production chains, but that will offer little relief to displaced factory workers, according to new research by the McKinsey Global Institute. Now, McKinsey sees conditions changing in a way that […]
ECB Keeps Everything Unchanged, Language Seems Dovish
Ok, well the euro may have come off a little in the past 24 hours on profit-taking and general angst as to whether Draghi will have the balls to follow through and “assume Sintra”, but the setup for Thursday was clear. Euro at a near 15-month high… …European stocks that are starting to […]
Sensex Ends Flat; Mindtree Slumps Over 4%
Indian share markets lost their growing momentum and finished marginally lower in the afternoon session. At the closing bell, the BSE Sensex stood lower by 51 points, while the NSE Nifty finished down by 26 points. The S&P BSE Mid Cap finished down by 0.5% while & S&P BSE Small Cap finished up by 0.2%. Losses were largely seen in metal stocks, software stocks and pharma stocks. Asian […]
ECB Keeps Rates, QE Unchanged; Ready To Increase QE “In Size And Duration”
While nobody was expecting much from the ECB’s policy statement this morning, with all eyes on Draghi’s press conference in 45 minutes, judging by the disappointed market reaction to what were largely canned remarks by the ECB which sent the EUR/USD in knee-jerk reaction lower, positioning is indeed stretched and unless Draghi comes out with […]
Will Climate Change Destroy The Global Economy?
Climate change is on course to do a lot of harm to our planet. That is why concerned economists like myself advocate measures that would at least slow the pace of damage and give us more time to adapt. Paradoxically, though, economists rarely discuss what global warming is likely to do to the economy itself. […]
Morning Call For Thursday, July 20
OVERNIGHT MARKETS AND NEWS Sep E-mini S&Ps (ESU17 +0.03%) this morning are up +0.05% at a fresh all-time nearest-futures high. European stocks are up +0.36% ahead of the conclusion of the 2-day ECB policy meeting and press conference from ECB President Draghi. Signs of strength in the global economy are positive for world stock prices after […]
Euro At Risk As The ECB Disappoints Stimulus Withdrawal Hopes
All eyes are on the European Central Bank. Recent comments from ECB officials have confounded the markets, stoking volatility. First, President Mario Draghi hinted that maintaining a neutral policy stance amid improving economic conditions may require tweaks, which the markets read as hinting at a reduction in QE asset purchases. The very next day, other ECB […]
