Michael Pettis's picture

Last Tuesday the PBoC surprised the markets with a partial deregulation of the currency regime, prompting a great deal of discussion and debate about the value of the RMB. Part of the discussion was informed by...

Jeff Rubin's picture

Popular opinion suggests any slowdown in resource demand from China, which is becoming more desperate in its attempts to revive its flagging economy, will be especially bad for a commodity-dependent economy...

Urban Carmel's picture

The apparent divergence between credit-risk, as seen in rising high-yield bond spreads, and equities is due primarily to the 60% drop in oil prices over the past year. There's been no remarkable rise in spreads outside...

Andrew Zatlin's picture

A hallmark of every recession has been the surge in initial jobless claims. Specifically, more claims are filed than the previous year. The opposite is also true: recoveries are led by a drop in claims year over year.

Kurt Kallaus's picture

Stock valuations change primarily upon future expectations. The US Stock market has traded sideways all year waiting for clarity on future trends with the US Central Bank (Fed) assumed to be the weather vain.

Urban Carmel's picture

In February, we took a look at prior times over the past 30 years when the price of oil had fallen by more than half. Our conclusion was that oil had probably not bottomed. In the event, oil formed a low...

John Mauldin's picture

The sluggish economic growth here and abroad has spawned three significant developments – falling commodity prices, looming deflation and near-universal currency devaluations against the dollar. With slowing to negative economic...

Charles Hugh Smith's picture

Don't rely on the declining value of credentialing signals: demonstrate you have the skills. My recent conversation with Max Keiser on Summer Solutions (25:45) included three bits of advice: 1. Stop financializing the human experience...

Michael Shedlock's picture

Yesterday, I reported China Joins Currency War With Surprise Devaluation, Biggest One-Day Move on Record. The yuan fell about 2% vs the dollar yesterday, the biggest one-day currency move since 1993. Economists surmised...

Sheraz Mian's picture

The China currency issue continues to drive market sentiment all over the world, with investors likely interpreting the move as indicating an even weaker state for the underlying economy than has thus far been generally understood.

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