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Markets
US-auto-loans-2016-Q4-marketexpress-in

“Seriously Delinquent” Auto Loans Surge

The New York Fed, in its Household Debt and Credit Report for the fourth quarter 2016, put it this way today: “Household debt increases substantially, approaching previous peak.” It jumped by $226 billion in the...

india-tata-motors-marketexpress-in

India’s cash move nearly wipes out Tata Motors profits

Indian automotive giant Tata Motors has seen its business suffer as a consequence of the government’s recent decision to bar high-value bank notes. The company’s profits for the past quarter took a drastic dip. Tata...

greece-debt-marketexpress-in

Greece and the Return of the Repressed

Freud warned that unresolved psychological conflicts might be repressed but they keep returning. So too with Greece’s debt problems. A new crisis is at hand. Investor nervousness is evident in the surge in the two-year...

yen-trump-usd-marketexpress-in

Trump is Right About Yen

The Trump administration seems to be stepping up the pressure on the Japanese yen, accusing Japan of manipulating the exchange rate to its advantage. In our view, the accusation is essentially valid. Japanese policy makers...

trump-trade-tpp-marketexpress-in

Trade is Trump’s Centerpiece

Investors are anxiously awaiting more details on the new US Administration’s economic policies and priorities. Part of the challenge is that the cabinet represents a wide range of views and it is not clear where...

us-dollar-otterwood-boFA-most-crowded-trade-marketexpress-in

The Dollar, “the Most Crowded Trade,” Gets Less Crowded

On Tuesday, the dollar fell 1.25% against the basket of currencies in the Dollar Index. The index is down 3% since its peak at the end of 2016. US companies that report in dollars but...

saudi-arabia-kuwait-crude-oil-marketexpress-in

Saudi Arabia Cut More than Commitment, Lifts Prices

Oil prices rallied yesterday following the EIA weekly data and are up further today. Despite the rise in US inventories (4.1 mln barrels) more than four times greater than expected, participants focused on other details....

china-producer-index-marketexpress-in

Get Ready for China’s Hot New Export Product: Inflation

China’s producer prices – which measure what is sometimes called “inflation at the factory” – soared 5.5% in December, from a year ago. This was far hotter than economists had expected, though they’d expected a...

imf-figures-marketexpress-in

A Few Takeaways from the Latest IMF Reserve Figures

The IMF is the most authoritative source for reserve holdings of central banks. It reports the data at the end of each quarter with a quarter lag. At the end of last year, the IMF...

q4-correction-dollar-equities-yields-fall-marketexpress-in

Dollar, Equities and Yields Fall

In thin holiday markets, a correction to the trends seen in Q4 has materialized. The US dollar is heavy. Japanese and European equities are lower. Bonds are firmer. Some reports try to link the moves...

japan-difference-gdp-marketexpress-in

Research and Development boosts growth in Japan

On December 8, Japanese government revised its GDP statistics to conform to the latest standard of national accounts, SNA2008. Before the revision, Japan was one of the last countries, among OECD members not to be...

greek-bond-ecb-marketexpress-in

Greek Bonds may Soon be Included in ECB Purchases

The ECB does not include Greek bonds in its sovereign bond purchase operation. However, the progress is being made, and it is possible that starting early next year, the ECB will buy Greek bonds. Greece...