COVID-19 is expected to produce a global recession depression as nearly all of the world’s major economies have ground to a halt between February and March, expected to continue through April. The crash in China’s economic activity, shown last month, suggests that Europe and the US will face similar outcomes. There is some concern that the longest economic expansion on record will end this quarter as the global economy […]
Trade
43 posts
When the Senate unanimously passed a $2 trillion economic rescue plan late last night, it was targeting tens of millions of middle-class American households many of whom had lost their jobs, and whose lives had ground to a halt due to the global coronavirus pandemic and lockdown. It certainly wasn’t targeting Wall Street bankers. Naturally, the Congressional stimulus plan which is set for House passage tomorrow, […]
Russian President Vladimir Putin has urged the creation of ‘green corridors’ to transport essential goods and technologies without sanctions as the world continues to battle the Covid-19 pandemic. Speaking to a video-summit of G20 leaders on Thursday, Putin said a common plan was needed to support their countries’ economies, many of which are taking a major hit amid the coronavirus crisis. The Russian leader said joint […]
Back in March 2017, a bearish trade emerged which quickly gained popularity on Wall Street, and promptly received the moniker “The Next Big Short.” As we reported at the time, similar to the run-up to the housing debacle, a small but growing number of bearish funds were positioning to profit from a “retail apocalypse” that could spur a wave of defaults. Their target: securities backed not […]
Back in December, when the world was still confused about what exactly precipitated the September repocalypse – which has since exploded thousand-fold resulting in the Fed now doing daily $1 Trillion repo operations – we said that in addition to the implicit bailout of JPM (which we described here first, and subsequently others), by restarting its repo operations the Fed was also bailing out dozens of […]
While we have certainly had our share of dismal fund returns in the past two weeks, in the aftermath of a market crash that is now worse than the Great Depression, so far one thing was missing: a big blow up, where a fund is margined out and forced to liquidate Friday morning. Think “Duke & Duke.“ Well, no more: according to CNBC’s Scott Wapner, one […]
While the coronavirus pandemic is wreaking havoc on global trade, cargo volume between Russia and its biggest trading partner, China, is growing, according to the Russian consul general in Harbin, Vladimir Oschepkov. “According to our estimates, the volume of cargo transportation between our countries is gradually increasing,” the diplomat told RIA Novosti. More than 300 trucks and up to 35 trains cross the border in both […]
Opening a long-pending multi-modal transportation corridor via Iran will be a big boost for bilateral trade between Russia and India, but it’s not just the economy at stake. This is a bold move against the threat of US sanctions. India’s state-owned Container Corporation of India (Concor) and Russian Railways Logistics Joint Stock Company (RZD) have signed a Memorandum of Understanding to transport cargo between India and […]
The United States on Wednesday named seven companies that it has blacklisted for trade-in Iranian petrochemicals, three based in mainland China, three in Hong Kong and one in South Africa, the State Department said in a statement, Reuters reports. US Secretary of State Mike Pompeo had said on Tuesday the agency was targeting such entities but did not name them. His announcement appeared designed to signal […]
With the Fed’s cutting rates three days ahead of the regular Wednesday FOMC announcement by 100bps to 0%-25bps, while also announcing a fresh $700BN QE as well as enhanced FX swaps, panic is in the air as reflected in the S&P futures which have been locked limit down since the open, and with equity traders frozen out and unable to do anything all the attention has […]
After collapsing to fresh cycle lows overnight, US equity futures have staged a remarkable comeback and S&P is now trading limit up, stuck at 2,582 (or up 5%). SPY (S&P 500 ETF) indicates buying pressure continues… Bonds and stocks are completely decoupled in terms of their correlation regime – after bonds puked their guts out overnight, they are now rallying alongside the equity gains… Is it […]
The worst-case coronavirus scenario is now being realized for German ports, as collapsing trade volumes from China could push Europe’s largest economy into recession. For the last three weeks, global markets have been obsessed with economic paralysis that is quickly spreading across Asia, Europe, and the Americas. An economic shock combined with a virus outbreak is what triggered a macro matters moment for investors, who sold […]
US President Donald Trump said that trade in “no way” will be impacted by the 30-day Europe travel ban, despite saying less than an hour earlier the restrictive measures would apply to the “tremendous amount of trade and cargo.” Trump has baffled traders and ordinary netizens after he took to Twitter in wake of his national address earlier on Wednesday to assure the public that his order […]
Iran’s Minister of Industry, Mines and Business Reza Rahmani recovered from the novel coronavirus Tuesday after receiving treatment at a hospital, according to media reports. He was transferred to the intensive care unit after his health deteriorated, and the doctors’ efforts improved his condition and he was discharged from the hospital, according to the semi-official Fars news agency, which cited the Rahmani’s advisor Ali Akbar Rezaei, who said […]
The United Kingdom’s trade negotiators want to influence global blockchain regulation in its upcoming free trade talks with the United States, according to the negotiating objectives released by the U.K.’s Department for International Trade (DIT). The plan is straightforward and the “opportunity,” as DIT called it, is clear. In its 184-page action plan released March 2, U.K.’s post-Brexit trade broker said it will “seek to deliver” […]
DETROIT—When Haley Levinsky arrived at Renaissance High School to volunteer at former Vice President Joe Biden’s final rally before Michigan goes to the polls on Tuesday, she did not expect to be assigned to Purell duty. “I don’t know what other campaigns’ strategy is to fight coronavirus,” Levinsky, a 21-year-old from Wilmington, Delaware, said as she squirted a dollop of hand sanitizer into the open hand […]
The Chinese government has earmarked additional funding for a blockchain-based trade finance platform developed and led by the country’s central bank. The People’s Bank of China (PBoC) is to receive 32.35 million yuan (around $4.7 million) in “special funding” from the government over a three-year period for research and development into the trade initiative, officials confirmed to local media. Known officially as the Bay Area Trade […]
Ties between Turkey and Russia have reached the highest level in defense and trade areas, and it is necessary to go further in this direction, President Recep Tayyip Erdogan said in Moscow on Thursday. He made the statement at the start of the talks on Syria with Russian President Vladimir Putin in the Kremlin. Putin said that a face-to-face meeting was necessary amid the escalation in […]
A little over a month after the UK approved Huawei’s limited involvement in the British digital market, concerns have reportedly arisen as to whether a long sought after trade accord with Washington is still on the table. A group of around 40 Tories are set to call on Boris Johnson to rethink what they consider to be the controversial decision to allow 35 percent Huawei involvement […]
Investors are grossly underestimating the potential economic impact of Covid-19 as the first signs of China’s supply chain meltdown are now washing ashore on US West Coast ports. The Port of Long Beach, the second-largest containerized port in the US, has had two top officials warn in the last several weeks of chilling effects of supply chain disruptions from China. Last week, the Deputy Executive Director of Administration […]
The UK will not sell out its fishermen as part of a trade deal with the European Union, nor will it lower its food standards for a trade agreement with the US, British International Trade Secretary Liz Truss said on Monday. President Emmanuel Macron said last month that he will fight for French fishermen in post-Brexit trade negotiations, and that France will seek compensation if it […]
The UK left the European Union on 31 January, making Brexit a reality, and entered a transition period that gives London and Brussels until the end of the year to conclude a spate of crucial agreements, including a free trade deal. Britain and the European Union are finally launching post-Brexit negotiations on Monday, 2 March, to flesh out the future relationship between the two sides on […]
Authored by Lydia Saad via Gallup Story Highlights Nearly four in five Americans now see trade as mainly an opportunity Fewer than one in five consider trade an economic threat, an all-time low New U.S.-Mexico-Canada Agreement on trade is favored by both parties More Americans than Gallup has seen in a quarter century view foreign trade positively, with 79% calling it “an opportunity for economic growth […]
The United Kingdom cannot have a trade deal akin to the one Canada enjoys with the European Union, the bloc’s Brexit negotiator said on Wednesday. Michel Barnier’s statement came as the two sides gear up for fraught talks on a new relationship after Britain’s departure. The new round of EU-UK talks starts on Monday, and Barnier said the UK had to accept level-playing field guarantees of […]