European Stocks Enter Bear Market
When "whatever it takes" meets "get me out now!"...
Europe's broadest Stoxx 600 Index is down 21% sicne the April 2015 highs...
A Q€-driven Bear Market has begun.
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US Freight Volumes Fall For First Time In 3 Years As Baltic Dry Crashes Under 400
It was just two weeks ago when we highlighted a Morgan Stanley note which showed that US trucking has not been this bad since 2009. That revelation came on the heels of an abysmal November for Class 8 sales.
Trucking, apparently, is just another casualty of slumping trade, falling commodity prices, and mediocre, double-adjusted economic “growth.”
On Friday we get the latest sign that trade is grinding to a halt.
No, Goldman Is Not Calling For An "Oil Bull Market": Here Is What It Really Said And Why It's Bad News For Banks
There has been some confusion overnight whether Goldman, in a note released overnight, is calling for a new "bull market" in oil and commodities in general.
Goldman did not call for a bull market. This is what it did say.
While Goldman has long been one of the bigger bears on commodities in general, and oil in particular, earlier today, the firm's energy analyst Jefferie Currie released a note that offered a faint glimmer of hope for oil bulls. This is what he said:
If It Walks Like A Bear, Growls Like A Bear...
BofAML's Michael Hartnett says that clients are no longer in "denial" about recession/bear market risks; but clients not yet willing to "accept" we are already well into a normal, cyclical recession/bear market.
How about now?
As Hartnett warns, if it walks like a bear, and growls like a bear...
US 5y5y forward breakeven (USGG5Y5Y) collapses to lowest level since Mar’09.
Recession Imminent As Business Inventories-To-Sales At Cycle Highs
Just as Wholesale inventories-to-sales ratios flash recessionary signals so Business inventrories-to-sales point to US heading towards an inventory-dump recession. At 1.38x, the ratio is the highest since the last crisis as both sales and inventories fell Mom but year-over-year, sales tumble (-1.4% YoY) and inventories rise (1.6% YoY).
And the breakdown shows the drop in sales and inventories (but no reduction in the overhang)