Will he, or won't he?
Tomorrow was supposed to be the ECB meeting when Mario Draghi unveils the "guidance switch", hinting if not at the (eventual) interest rate increase then at least a small step toward a QE exit. And then today's Bloomberg trial balloon hit.
Short-seller Carson Block sent shares of Man Wah Holdings Ltd. plunging 10% before trading in the stock was halted on Wednesday after he alleged that the Hong Kong-listed furniture maker has inconsistencies in its taxes and undisclosed liabilities.
This isn’t the first time that Block, who delivered a presentation about the company at Sohn Hong Kong, has taken aim at a Hong Kong-listed firm. China Huishan Dairy Holdings Co. sank 85% in March, a few months after he published a report alleging fraud at the company, Bloomberg reported.
While a June rate-hike is baked in the cake no matter how badly the economic data that The Fed is "dependent" upon collapses, it appears traders are losing faith in the rest of the year as the odds of a hike occuring in December is now above that of September (as both drop to around 25%).
As economic data has crashed since The Fed hiked rates in March, so the markets expectations has dropped to just 1.44 rate-hikes this year (one in June guaranteed), well below The Fed's guidance of 2 more rate-hikes minimum...
Shortly after the most famous PIMCO alum, Bill Gross, unleashed today's dose of doom and gloom when he warned that market risk is the "highest since before the 2008 financial crisis" and warned that “instead of buying low and selling high, you’re buying high and crossing your fingers,” his replacement and current PIMCO CIO, Dan Ivascyn shared a similar dour outlook on the economy at the Bloomberg Invest summit, where he predicted that U.S.
Overheard at today's Intel Official hearing...
An extremely volatile day in FX markets highlights the sensitivities ahead of tomorrow...
But there was on driver for today's gains...