Hints and tips:
...Ramki Muthukrishnan and Ruth Yang, who cover leveraged finance for S&P, agree this is best understood as the gradual restoration of competition, rather than banks surging into the lead....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...And the bank expects Japanese P/B ratios to hit an average of 1.8 by 2025, versus 1.4 at the moment and just 0.95 in late 2012....
...S&P says Cameroon also made some late payments on some “noncommercial, bilateral creditors” — we’re guessing some national or supranational development banks — but that it doesn’t classify this as a default...
...You’re looking at like a 4 per cent dividend yield on the FTSE 100 nearly versus, you know, 1 per cent on the S&P 500....
...The S&P 500, investment grade spread, high yield spread, loan spread, the level of rates, home prices, crypto, M&A activity, IPO activity; everything improved after the Fed signaled that rates are going...
...I’m Ethan Wu. Thanks for listening. [MUSIC PLAYING]...
...We haven’t mentioned the B-word yet. Bonds....
...However, if you look at something like the change in bank reserves, right, the amount of cash that commercial US banks hold at the Fed, that has a pretty strong correlation with what the S&P 500 does....
...Economic Bulletin UK: Rics House Price Balance Results: 3i Group H1, ArcelorMittal FY, AstraZeneca Q3, Auto Trader H1, B&M European Value Retail H1, Flutter Entertainment Q3, Leonardo Q3, National Grid...
...When I threatened to complete my £200 shop for a family party in the M&S Simply Food nearby, a plastic token was swiftly produced....
...Here’s what else I’m keeping tabs on today: Economic data: The S&P Case-Shiller index of US house prices, durable goods orders and consumer confidence data are all released today....
...So for 2bn points, Team Alphaville, tell me, when did the Bank of Japan last intervene to weaken the yen? Alexandra Scaggs You know this one. Robin Wigglesworth I’m talking the ’80s, probably?...
...“Some people will be saying ‘I’m not going to buy Swiss risk because I don’t trust the regulatory backdrop’.”...
...I don’t know what became of those companies, but I’m assuming it wasn’t good, and that it took less than five years....
...That’s B-O-L-A underscore S-O-L. Claer Barrett And Damien? Damien Jordan If you just put Damien Talks Money into Google, or Making Money is the podcast if that’s more your thing....
...Ian Harnett of Absolute Strategy Research sends over this slide of the S&P 500; the upper-rightmost chart breaks out p/b ratios by sector....
...So B&M, which also reports on Wednesday, should be lifted by shoppers trading down....
...“I’m not prepared to go to PizzaExpress and spend £100 on a meal, when I can go to M&S and buy a pizza deal for £12 with two sides and a nice bottle of wine,” says Catherine Shuttleworth, who runs digital...
...So take me from A to B. Why do these market conditions make it so much easier for US companies to raise money?...
...After thinking about banks on and off for more than a decade — sometimes as a full-time job! — I still feel I’m in over my head much of the time....
...I look at high-yield and I’m neutral to slightly positive....
...There is empirical evidence that uninsured depositors flee banks that run into trouble and insured depositors do not (see here and here for evidence from the S&L crisis)....
...His family regained control of his affairs, though not before “S&M” had lightened the mogul’s bank account by about $150mn....
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