The EU in Brussels has now given official powers to its top Brexit negotiator, but former French diplomat Michel Barnier is not expected to begin talks until after the UK general election in June. As Statista's Dyfed Loesche notes, Banks and financial institutions are already preparing for the world after Brexit and planning to pull some of their staff from the finance hub in the City of London...
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The effects of China's rules-change proposals around the Yuan Fix are already starting to show in the FX, money markets as one-week funding costs have exploded to the annualized equivalent of 14%...
Iran signed an agreement with Russia under which it has broken free from the petrodollar, and will "sell", or rather barter crude oil to Russia in exchange for products. The announcement was made by Iran’s Oil Minister Bijan Zanganeh, as reported by Russia’s RIA and TASS news agencies.
Authored by Lance Roberts via RealInvestmentAdvice.com,
Since the election, much of the reasoning behind the surge higher in asset prices has been the expected tax cut/reform from the Trump administration which, as the theory goes, would lead to a surge in economic growth, higher inflation, and subsequently higher bond yields.
Last week, BofA's HY credit strategist Michael Contopoulos, laid out a list of the four things that keep him up at night, which included:
1. Zombie Companies And Massive, Rising Student Debt Loads
2. Sliding Used Car Prices, Rising Delinquencies And Subprime Defaults
3. Declining Loan Growth, Lack of commodity rebound and tighter balance sheet
4. Lack of Investment, No Small Business Creation And No Earnings growth
(there was more in the full article)