Hints and tips:
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...A banking crisis was contained but Credit Suisse and Silicon Valley Bank were washed away....
...What about how concentrated the stock market gains are with Nvidia, Microsoft, Google et al? I mean, shouldn’t that weigh against this rally? What about that? Katie MartinMaybe yes....
...Joe Biden was wrapping up his annual State of the Union speech to Congress on Thursday night when he decided to take his final dig of the evening at Donald Trump....
...This has been driven in part by the Federal Reserve’s aggressive programme of interest rate rises to try to curb inflation in the US....
...Its $440bn credit arm makes more business loans than some midsize banks, making it not so much an investment outfit as an alternative financial system....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
...Credit Suisse has promoted 183 people to managing director....
...Does that mean already anxious investors have little to fear as the Fed et al embark on QT?...
...Monday, July 13 from 12pm-1pm ET. Sign up here....
...A macroprudential-bulletin by ECB staff (Adachi et al, May 2020), noted that Libra could become a US$3tn collateral silo. Another alternative exists....
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...There’s not much precedent to support the idea that Shina et al can walk away based on a MAC clause: WPP was forced against its will to buy Tempus in 2001, Guy Hands couldn’t scrap a bid for East Surrey...
...Relative forward P/E of software v semis, commercial & professional services v capital goods and C&P v transportation Bank of England stuck on hold — On Thursday there was consensus among UK policymakers...
...That’s well shy of the double-digit gains seen in 2017....
...Liikanen remains a probable alternative and would also be a good leader for the ECB for many of the same reasons as V. de Galhau....
...The package carries a series of reforms for smaller banks and credit unions, including simpler capital requirements....
...The writer is a former chair of the Federal Deposit Insurance Corporation...
...I will discuss the economic effects of protectionism another time. —————————————————————————————————— Footnotes [1] Ricardo Caballero et al have published similar work, and John Cochrane has responded...
...The company said it would use the funds raised to build its balance sheet and gain more financial flexibility....
...Funds may have sold out of Valeant, Apple et al before the rot set in....
...Fewer interpreters and more women in the workforce — think of the gains in productivity!...
...Sensible sentences from Citi’s Buiter et al on China’s valuation shock (with our emphasis): This decision by the PBOC is a significant event, even if its implications and motivations are not yet fully clear...
...Unsurprisingly, Borio et al also find that the impact of a given decline in asset values is related to the amount of debt outstanding before the bust....
...Robert Parker is senior adviser to Credit Suisse...
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