Greek Central Bank Warns Country "Unlikely To Survive Another Bout Of Instability" As Bank "Jog" Accelerates
Something unexpected happened on the road to the latest Greek "recovery": the local population no longer believes one is coming.
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This Time Isn't Different
Submitted by Jim Quinn via The Burning Platform blog,
The Best And Worst Performing Assets Of 2015
Late in 2015, Germany's Handelsblatt reported, erroneously, that Venezuela was the best performing asset class of 2015.
It wasn't. The reason this was in error is because if one adjusts the returns into the real currency exchange rate, one which reflects the true implosion of the economy, instead of the government "mandated" one, the result is very different, one which shows that contrary to popular wisdom, during hyperinflation stocks are not a good store of value.
JPMorgan Crushes The BTFDers: "Sell Any Rallies"
It didn't take long for the momentum-chasing fundamental strategists to readjust their immediate stock price targets on the heels of the i) failure of the Santa Rally and ii) the worst start to the year in Chinese stock market history. Case in point, moments ago JPM's equity strategy team released its first note for the year in which it says that "we take the view that equities are unlikely to perform well on a 12-24 month horizon" adding that "the regime of buying the dips might be over and selling any rallies might be the new one."
Frontrunning: January 4
- China stocks tank, triggers circuit breaker (Reuters)
- Stocks Slump Across Europe and Asia Following Shanghai's 7% Crash (BBG)
- China Halts Stock Trading After 7% Rout Triggers Circuit Breaker (BBG)
- Iran says Riyadh thrives on tension after relations cut (Reuters)
- Saudis and Bahrain Face Off With Iran in Worst Clash Since 1980s (BBG)
- Syrian rebel group backs Saudi move to cut ties with Iran (Reuters)
- Iraqi Sunni mosques attacked in apparent retaliation for Saudi execution (Reuters)