Once again it seems Japan has a lot to teach the Europeans and Americans of the unstoppable reality that bond markets again and again are “correct in the ‘end’”. As risky- and ‘non’-risky-assets become more scarce (thanks to a central bank bid to monetize or collateralize any and all of it), so equity (and risk) markets become more and more distorted – temporarily suspending normal market relationships – until something triggers [...]
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Bill Gross, co-CIO of PIMCO, appeared on Bloomberg TV’s “In the Loop” with Betty Liu and said that Mario Draghi disappointed investors by not offering concrete policy steps: “we were hoping for, at least temporarily, some type of specific effort on the part of the central banks.”
Gross also responded to Jeremy Siegel’s comments on Bloomberg TV earlier today that Gross doesn’t know economics by suggesting that he “hasn’t even read [...] The reason for the ramp in risk as attributed by various buyside desks as to what recently has become the trademark of more hope, prayer and magic from Jefferies’ (yes, Jefferies is driving the market for once, who wouldathunk it) David “SPOOS” Zervos, whose latest note that the Fed will follow the ECB and cut its overnight excess reserves rate to -0.25% has picked up some traction, and is causing a modest [...] by GoldCore Gold’s London AM fix this morning was USD 1,590.25, EUR 1,245.20, and GBP 1,005.34 per ounce. Friday’s AM fix was USD 1,588.00, EUR 1,251.08 and GBP 1,005.13 per ounce. Silver is trading at $28.45/oz, €22.37/oz and £18.06/oz. Platinum is trading at $1,470.50/oz, palladium at $616.00/oz and rhodium at $1,325/oz. Gold rose $17.70 or 1.12% in New York on Friday and closed at $1,591.40/oz. Gold has been trading up and down in Asia [...] From Bloomberg: Pacific Investment Management Co.’s Bill Gross and Jan Hatzius at Goldman Sachs Group Inc. (GS) say investors should prepare for additional bond purchases by the Federal Reserve to combat a slowing U.S. economy. A decision to buy more debt is “getting closer,” Gross, who runs Pimco’s Total Return Fund, the world’s largest mutual fund, wrote on Twitter yesterday. Hatzius, the chief economist at New York-based Goldman Sachs, predicted in a [...] Overnight excitement from the RBA (no rate cut) and concerns at China’s GDP growth given a European recession did nothing to initially slow risk markets early on as they reached up to yesterday’s highs as ES (the e-mini S&P 500 futures contract) and BE500 (the broad Bloomberg equity index for Europe) pushed higher out of the gate (as AUD strength sustained carry trades – which appear now to be leaking [...] PIMCO’s Bill Gross spoke to Bloomberg TV’s Trish Regan this afternoon, saying he’s “very worried” about the global economy and that U.S. Treasuries are an “safe haven.” Watch Bill Gross interview here: BLOOMBERG TELEVISION
Bill Gross on the global economy:
“We’re very worried [about the global economy]. Aside from recent action in risk markets, which has been very good, we think the global economy and the global financial markets are at risk in 2012 [...] by ZH Like a Swiss watch, Goldman’s Jim O’Neill, who refuses to acknowledge that decoupling between the US and the BRICs not only never existed, but was always a flawed premise to begin with, has released his latest dose of Kool-Aid, in which he bets the horse track on, you guessed it, Chinese decoupling…. Sigh. Then again what can one expect: just like Bernanke will keep [...] From Rodrigo Serrano of Rational Capitalist Speculator Weekly Bull Bear Recap: August 29 – September 2 Bull + Factory orders surprise to the upside and is further confirmation that a double-dip is only wishful thinking for the bears. Moreover, contrary to dismal regional manufacturing surveys, the national ISM number posted a surprise expansion reading, well above gloomy estimates. The US economy has withstood yet another exogenous shock and [...] The dollar sank further Wednesday and gold and silver prices surged as Federal Reserve Chairman Ben S. Bernanke signaled the Fed was in no hurry to tighten credit. The DXY index of the dollar’s value against six other major currencies (charted below) fell to 73.29 at about 1:05 p.m. PDT, down nearly 0.8% from Tuesday and its lowest level since Aug. 2008. The index now is down 7.3% [...] |
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