Lost in the Good Friday holiday and the jobs report was the weekly report on bank lending, deposits and securities holdings. Keeping in mind this data is always a week old, it shows the retreat from banks continues. Small banks have now experienced about $250…
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As banks back away from credit creation, we think certain assets could reassert their leadership. In our Quarterly Strategy Report, we analyze the Credit Crunch. Prefer to download this presentation in PDF? Please click here. 1. Summary -The recent banking crisis, with several banks being…
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Pharma and biotech in developed Asia has been among the region’s worst performing industry groups in the last year, but our research suggests that their recent underperformance may be somewhat overblown. Recent performance places these companies squarely in the bottom fifth of industry groups for…
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The failures of Silvergate Bank, Silicon Valley Bank, Signature Bank, and the current struggles of First Republic and Pacific Western Bank have seen bank deposits flee to the perceived safety of large banks. In the chart below, one can see the flight of deposits from…
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BioMérieux is a world leader in “in vitro” diagnostics. That’s Latin for diagnostics “in the glass,” meaning testing that takes place in a test tube or culture dish. With a mission to make the world a healthier place, BioMérieux was founded in 1963 just outside…
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The Federal Reserve’s balance sheet grew by $394B in the past two weeks. In the context of all G4 central banks, this move alone erases half of all quantitative tightening (QT) progress since the beginning of the year. A directional change like this could indicate…
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Yields on 10-Year Japanese Government Bonds have fallen by about a third over the past two weeks, as shown in the chart below. Given the tumult surrounding banks recently, and a series of relatively dismal economic data releases out of Japan, this isn’t exactly surprising….
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To shore up Silicon Valley Bank and the other failed banks, the Federal Reserve extended an open-ended line of credit via its Bank Term Funding Program (BTFP) and discount window borrowings. So far, this program has increased the Fed’s balance sheet equal to roughly half…
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Based in Yokohama, Japan, Lasertec makes advanced inspection tools for semiconductor manufacturing. Using optical technology, its systems find defects too tiny to be seen by the human eye. In the semiconductor manufacturing process, defects may appear first on the photomask layer of a chip. If…
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The chart below demonstrates the multi-year decline in Credit Suisse’s business. Credit Suisse’s problems revealed today stem from issues the company discussed last June in a profit warning. Below is a chart of Credit Suisse’s assets under management discussed during that profit warning. According to…
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