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...Americans have run through their savings and are falling behind on their loans....
...In March 1989 US Treasury secretary Nicholas Brady launched a plan to resolve the festering Latin American debt crisis by helping governments via the issuance of “Brady bonds.”...
...Across the Atlantic, the American Rescue Plan, the Chips Act and the Inflation Reduction Act have played a significant role in driving growth....
...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)....
...If anything, Kraemer argues, the credit rating agencies have been rating too generously, evidenced by figures showing the default ratio for B-rated African countries has historically been much higher than...
...The S&P 500 hit a new record last week, in part down to the rosy economic outlook....
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...Shepherdson argues that declining S&L tax revenue augurs poorly for future S&L spending, as this chart shows: It’s a reminder to investors that markets are sensitive to changes, not levels....
...Also, S&P Global November PMI data for manufacturing and services UK: GfK Consumer Confidence Survey US: S&P Global November PMI data for manufacturing and services....
...Banks will have to raise capital or merge. From the point of view of American banks, we are not particularly worried about this....
...Joydeep Mukherji of the credit rating agency S&P points out that the government has regained market access, which it is using to reprofile its debt....
...Long before that, medical papyri show that the ancient Egyptians were working on an elixir of eternal youth (mummification was merely Plan B)....
...One good read Great news about American wealth....
...Chart of the day The S&P 500 rose 3.1 per cent in July after closing up 0.2 per cent yesterday at 4,588.96....
...Most analysts predict the central bank will make its first rate cut in either June or July....
...That compares with the S&P 500’s 14 per cent gain. The wild swings in bank stocks seen in March are over. But the sector’s challenges remain. Enjoy the rest of your week. Pan Kwan YukLex writer...
...You see the same thing when you look at savings — the amount of money people have in checking and savings accounts across the income distribution. Look at people who make less than $25,000 a year....
...And money market funds, which use the same structure as investment mutual funds but compete with banks for cash savings, currently hold an additional $6tn in assets, an all-time high....
...The S&P 500 is also expensive relative to other markets and history — the reason I sold all my shares three months ago....
...We haven’t mentioned the B-word yet. Bonds....
...Liddy joins from Deutsche Bank and was previously at Moelis....
...China’s benchmark stock index, the CSI 300, has lost 32 per cent since the start of 2021; America’s S&P 500 has gained 39 per cent in the same period....
...Other dividend payers to feature prominently in top 10 charts include Phoenix Group, the UK’s largest savings and retirement business....
...Space-age design II Up 1 (1969) Created by Gaetano Pesce for B&B Italia, this vacuum-packed foam chair came flat....
...A train company might be the only operator that can take you from A to B (though some days you might be quicker walking)....
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