Having rallied all the way back to unchanged for the year thanks to yesterday's China re-opening "adjustment," the Yuan selling has resumed with onshore down by the most in a month and offshore fading also.
With Crude and USDJPY holding gains (for now)...
US and Asian equities are in the green as hope springs eternal that tomorrow's oh-so-secret Russia-OPEC meeting solves the world's energy problems.
‘Ustina,’ by Matthew Teter
Above, the first winner of the Laurus contest: a portrait of the character Ustina from the celebrated Russian novel. Matthew Teter, the San Antonio, Texas, art teacher who produced the striking image above, writes:
Submitted by Raul Ilargi Meijer via The Automatic Earth blog,
Financial bubbles blown on the back of massive amounts of debt, of necessity lead to debt deflation (it’s just entropy, really). Fighting this is futile, and grossly costly to boot. The only sensible thing to do is to guide the process as best you can and try to minimize the damage, especially at the bottom rungs of society, because that’s where the deflation first takes hold, and where it spreads out from.
Submitted by Keith Dicker of IceCap Asset Management
What goes up can also come down
Whether unknowingly or not, the media and the investment industry has created an information gap wedging the 2008 debt crisis with today’s debt crisis. Chart 4 shows the difference in debt outstanding from 2008 compared to today. The Public Sector consists of government and tax payers, while the Private Sector is made up of individuals and companies.
“What is going on?”, Deutsche Bank asks, in the bank’s latest European equity strategy snapshot.