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Billionaire Investor Howard Marks Warns on Commercial Real Estate Wave of Mortgage DefaultsApr 19, 2023 - 06:01:26 PDT
The Oaktree Capital Management CEO warned of mortgage defaults in the face of higher interest rates, tighter lending, and remote work trends.
Why Morgan Stanley’s Top Equity Strategist Is Staying Bearish on Stocks Despite the Latest RallyApr 19, 2023 - 05:58:02 PDT
"We think the recent collapse in breadth is the market's way of warning us we are far from out of the woods with this bear market," Mike Wilson said.
A liquidity crunch looms for Europe’s lenders, testing their ability to stand on their own after more than a decade of easy money from the European Central Bank.
Bank of America Reassures Investors About $99 Billion of Unrealized Bond LossesApr 19, 2023 - 05:48:14 PDT
The bank's CFO emphasized that the bank's net interest income would rise in higher-rate income, even as it was hit by losses on its bond portfolio.
U.S. Auto Sales, a car dealer that caters to consumers regardless of their credit history, has temporarily closed its dealerships as pressures in the auto market rapidly mount.
Bank of America Corp. joined its largest rivals in setting aside more reserves as a growing number of consumers couldn’t keep up with their loan payments, even as executives dialed down fears of a looming crisis.
Hong Kong’s interbank liquidity is falling toward its lowest level since the global financial crisis, following a series of intervention by the city’s de facto central bank to defend the local currency’s peg to the dollar.
Uncertainty over the Federal Reserve’s interest-rate path is widening the gulf between wagers on the Treasury bond market’s direction.
Bank of Japan officials are wary of tweaking or scrapping their yield control stimulus at a policy meeting next week so soon after the banking crisis overseas clouded the outlook, according to people familiar with the matter.
The chorus of stock bulls predicting US equities will weather a recession has got it wrong, if history is any guide.
Bank of America Corp. clients pulled out of US equities for a third consecutive week, even as the stock market extended this year’s push higher.
$1 Billion Sale Marks First Major Bank’s AT1 Bond Offer Since Credit Suisse WipeoutApr 19, 2023 - 05:35:08 PDT
The market for Additional Tier 1 bonds is back in business with a big offering by a Japanese bank just weeks after Credit Suisse Group AG’s collapse hammered the notes.
Morgan Stanley Slides As Credit Loss Provisions Surge Due To Commercial Real Estate ExposureApr 19, 2023 - 05:32:56 PDT
On the surface, Morgan Stanley's earnings should have been strong enough to prompt a boost in the stock price: unlike its biggest competitor Goldman, which yesterday tumbled after reporting lousy Q1 numbers including a rare miss in FICC, MS not only beat across the board but also saw its investment bank generate stronger than expected results; even so, both revenue and profits...
Equities and other risk assets will take a hit when central banks withdraw as much as $800 billion of stimulus deployed to prop up the global economy, according to Citigroup Inc.
US equity futures fell following hawkish comments from FOMC non-voter Jim Bullard and another double digit CPI print out of the UK; China was weak with property names dropping -2% led by Hong Kong developers which dropped after city leader John Lee dismissed calls by the industry to scrap property cooling measures.
Silver demand set a record in every category last year based on final data released by the Silver Institute this week.Total global silver demand in 2022 came in at a record $1.242 billion ounces. This represented an 18% increase in silver demand over 2021.
There has been a lot of talk lately about de-dollarization. As just one example, the BRICS nations recently announced they are developing a new currency. Peter Schiff recently appeared on Commodity Culture with Jessie Day to talk about the trajectory of the dollar. He said that the death blow for the dollar is coming. And when it does, people will run to gold.
Arkansas Gov. Sarah Huckabee Sanders has signed a bill into law making gold and silver legal tender in the state. The new law also effectively repeals the state capital gains tax on gold and silver. Enactment of this legislation will relieve some of the tax burden on investors, and take a step toward treating precious metal bullion as money instead of a commodity.
Gold has alternately rallied and tanked over the last week based primarily on how investors view the inflation fight. When they think the Fed is about to win, they buy gold. When they think the fight may have to continue, they sell.In a recent podcast, Peter explained that investors are right to buy gold based on inflation. But they're completely backward in their reasoning.
Crescat’s Portfolio Managers, Kevin Smith and Tavi Costa, provide insight on their current views of the economic environment and how their strategies are positioned to create value for Crescat clients.