It has been an odd year for retail: with an estimated 6,000 store closures, and 65,000 fewer retail jobs than at the start of the year, many have said shorting retail, and especially malls, is the next "big short" trade. Indeed, one look at the performance of the mall heavy CMBX 6 BBB- tranche confirms that the bottom has fallen out of the legacy "bricks and mortar" space.
Following its big surge Thursday, Ethereum has broken through the psychologically important threshold of $400, establishing a new all-time high - currently hovering above $450.
image courtesy of CoinTelegraph
As CoinTelegraph reports, despite some market stagnation caused by the news of the $280 mln Parity wallet hack in early November, the second-most-popular cryptocurrency looks stronger than ever, now with a market cap over $43 billion.
Yesterday we laid out the reasons why French bank SocGen unveiled a surprisingly contrarian forecast, according to which the S&P would tumble from its current level over 2,600 to 2,000 in 2018, representing a more than 20% bear market drop...
... the drop catalyzed by rising interest rates pressuring P/E multiples, a late cycle economy nearing recession, equities trading at record valuations, and with everyone short vol begging for a vol short squeeze. Not surprisingly, SocGen's unspoken advice was to get out now.
After reassuringly positive Eurozone PMIs, US Manufacturing and Services disapointed with the composite PMI slumping to 5-month lows in November.
It's not exactly clear what message the following Black Friday offer from Royal Yacht Brokers is meant to send: that billionaires are becoming hesitant with their yacht charters, which would seem at odds with someone recently laundering $450 million using a rare Da Vinci painting, or that Credit Suisse's ultra high net worth clients who comprise the peak of this pyramid...