Two weeks ago, we reported that even as U.S. lenders were professing to their investors that there is no risks with their energy exposure and that they are comfortably reserved for any potential losses, they were reducing their unfunded (and total) exposure to oil and gas exploration companies due to balance sheet, default and contagion concerns.
Last week we asked (and answered) whether capitulation was close (the answer - no). Earlier this week, we noted that the equity market remains stubbornly in denial that things could get much worse (even as credit and eurodollar markets suggest otherwise). Today we get a double whammy of confirmation as Goldman warns that the current drawdown could be significantly worse than August's (and markets are not pricing in the risk) and then DoubleLine's Jeff Gundlach warning that "this is not stopping any time soon."
China’s slowing growth has crushed shipping rates to such an extent that hiring a 1,100-foot merchant vessel would set you back less than the price of renting a Ferrari for a day.
As Bloomberg reports,
William White is one of the world's top economists.
He was the head economist for the Bank for International Settlements (BIS) - the world's most prestigious financial institution, called the "central banks' central bank - comprised of the world's central banks. He is now the chief economist for OECD, made up of most of the world's richest and most powerful countries.
As chief economist for BIS, White predicted the 2008 crash.
If you shop online with Asda supermarket then a cyber security flaw might have left your personal details exposed to hackers looking to steal your identity and bank details. Trusted Reviews reports: A vulnerability on Asda’s website left countless customers’ personal data exposed. The flaw was spotted by security expert Paul Moore, who says that because Asda currently processes north of 200,000 online orders each week, over 19 million transactions could have been at risk. Moore says he first spotted the problem as far back as March 2014, and let Walmart-owned Asda know about the issue.