“Goldman Sachs Group Inc. predicted a rally in commodities from iron ore to gold will falter and forecast copper and aluminum prices will slide as much as 20 percent over the next year,” Bloomberg says. According to the news agency: Any increase in raw material prices will prompt more supplies to enter the market, making … Continue reading
“Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies,” Bloomberg reports. The deal: is preliminary, doesn’t include Iran, includes Qatar and Venezuela, is to fix production at January levels. Saudi Arabia said … Continue reading
Kazakhstan’s currency fell by a record 23% in trade on Thursday, August 20th, after the country abandoned control of its exchange rate, as it became the latest emerging market to scrap efforts to prop up its currency before the U.S. Federal Reserve hikes interest rates. Vietnam’s Central bank has devalued the nation’s currency on Wednesday, August 19th, for the … Continue reading
“Brazil President Dilma Rousseff is poised to face another key test as allegations of corruption and incompetence swamp her government, and plummeting commodity prices sap the country’s economy,” Seeking Alpha reports. According to Bloomberg: As allegations of corruption and incompetence swamp Brazil’s government, and plummeting commodity prices sap its economy, hundreds of thousands of angry … Continue reading
China’s benchmark stock index has just made its biggest weekly gain in two months. Investors bet that the weaker yuan will help to boost the economy. The Shanghai Composite Index rose 0.3% at the close today and this week the index advanced by 5.9%. The yuan lost 3% for the week as a result of Tuesday’s surprise devaluation. Gerry Alfonso, a sales trader at Shenwan … Continue reading
In the past 12 months investors traded $18.2 trillion worth of ETF shares, according to data from the New York Stock Exchange and Bloomberg, a senior ETF analyst for Bloomberg, Eric Balchunas, reports. The amount is three times what is was 10 years ago and is now more than the U.S. gross domestic product (GDP), … Continue reading
Originally posted on Kyle Wingfield:
People celebrate the outcome of the bailout deal referendum at Syntagma Square in Athens, Greece, July 5. (Eirini Vourloumis / The New York Times) Greece is in the headlines today, after voters there rejected the “austerity” measures other European nations had demanded in exchange for yet another bailout of the…
“As China enters a bear market, it’s become the No. 1 question on everyone’s mind: Is this just a dip, like when equities fell 17 percent in mid-2007 before skyrocketing to an all-time high, or the start of something a lot worse, like the selloff that would begin just three months later and wipe 72 … Continue reading
China investment is pouring into Europe and that’s why it needs a strong euro and the Old Continent united as the latest Greek financial crisis may undermine its credibility. Chinese companies are buying European assets like crazy. It looks like Europe is a very popular destination for China’s large caps. This shift reflects a new trend … Continue reading
“Prices on Puerto Rico’s newest general obligations sank to record lows after Governor Alejandro Garcia Padilla said investors should be prepared to sacrifice if they want the cash-strapped island’s economy to grow,” Bloomberg reports. “With two days left in Puerto Rico’s fiscal year, the commonwealth is struggling to pass a budget that would allow it … Continue reading