Hayman Capital's Kyle Bass made a brief media appearance today, when he confirmed to Reuters that unlike some other "China tourist bears", he remains staunchly negative on China, saying he is still short the Yuan because problems from China’s credit bubble are "metastasizing."
As reported earlier this week, overnight Bloomberg confirmed that Wu Xiaohui, the chairman of China's insurance conglomerate which recently made headlines in the US for nearly reaching a deal with Jared Kushner over 666 Fifth Ave., was detained by a joint team of Central Commission for "Discipline Inspection" and police for questioning.
Is it going to be another May 17, when US stocks tumbled as concerns of a Trump impeachment over obstruction of justice and impeachment surged ahead of Comey's tetimony?
Overnight, S&P500 futures accelerated their decline following yesterday's WaPo report that Special Counsel Mueller has launched a probe into potential obstruction of justice by Trump...
One month ago, we first highlighted a troubling development for China's banking system, one which we called the "Great Shadow Unwind" and which showed that entrusted loans, a broad proxy for China's unregulated ‘shadow banking’ system, contracted for the first time since 2007, confirming Beijing's ongoing crackdown of China's runaway $8.5 trillion shadow banking system. Well, overnight, the PBOC released its latest Chinese loan data, and it had several notable highlights, most of which got lost in today's overall noise.
With last Friday's "tech wreck" now a distant memory, this morning the "FOMC Drift" described yesterday, which "guarantees" higher stock prices and a lower dollar heading into the Fed announcement is in full effect, with European and Asian stocks rising for a second day, led by rebounding tech shares, while S&P futures are modestly in the green and stocks on Wall Streets hit a record high overnight.