Authored by Kevin Muir via The Macro Tourist blog,
Lately there has been all sorts of chatter about the collapse of Chinese Iron Ore prices. There can be no denying, the chart looks like death.
A move from 95 to 65 is more than 30%. Given it happened in a little over a month, the decline has been horrific.
What does this mean?
Former hedge fund hotel darling Ocwen Financial plunged over 50% after the North Carolina Commissioner of Bank and state mortgage regulators from over 20 states issued a Cease and Desist order to subsidiaries of Ocwen to address mishandling of consumer escrow accounts and a deficient financial condition. Specifically, the order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing.
The summary findings from the C&D (link)
In Crispin Odey's latest letter to investors, the billionaire hedge fund manager laments "how quickly everything has changed", notes that "without the reflation fireworks, equity markets feel vulnerable", and concludes that while a year ago it was easy to be bearish - China was slowing, world trade was creaking, Europe was not recovering and the oil price was hitting new lows - "a year later to be bearish feels lonely, despite the fact that the reflationary story of the past year looks difficult to sustain and auto loan lending has joined a long list of risks along with Trump and Br
While Verizon, the largest US wireless carrier by subscribers, reported earnings which missed on both the top and bottom line, it was another data point that has caught the market's attention this morning making VZ the leading decliner in the DJIA: in the first quarter of 2017, Verizon posted its first ever quarterly net loss of wireless subscribers.
Authored by Lance Roberts via RealInvestmentAdvice.com,
Doug Kass wrote a very interesting piece this week on the bond market:
“As overvalued as I believe the U.S. stock market may be, fixed-income instruments may be even more overvalued.