Archive | July, 2015

More Evidence of China Slowing Permeating Asia – 7/28/2015

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Today’s edition of our diary of weak Asian economic stats focuses on the recently released trade and industrial production numbers out of Thailand and the trade numbers from Hong Kong. The Thai economy is feeling the pain of the Chinese slowdown acutely even in the most high level economic statistics. Meanwhile the Hong Kong trade figures, […]

Is The Biotech Bull Market Still Intact?

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Biogen’s $85 (or 22%) drop on Friday has put a spotlight on the biotechnology sub-industry as a whole. And rightfully so, as biotech has been the best performing sub-industry in the United States over the past four years (as always, this data is on an equal-weighted basis). Biogen, which was the third largest biotech stock by market […]

Let’s Put Some Context To This Stock Buyback Craze

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According to this CNBC article, “twenty percent of the S&P 500 have reduced their share count by 4% year-over-year in each of the last five five quarters” with the trend continuing in the second quarter. There are plenty of large buyback programs being undertaken by large-cap companies such as Intel and McDonalds and in that CNBC […]

European Government Debt

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Data released yesterday showed a further increase in debt levels in the Eurozone in Q1, albeit at a slowing rate of change: It will come as no surprise that the country with the highest debt to GDP ratio is Greece, followed by Italy and then Portugal: 1Q2015 marked the first quarter since 2012 in which debt […]

US Inflation Expectations Have Rolled Over

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Given the decline in commodities, perhaps it shouldn’t be too surprising to see breakeven inflation rates rolling over once again. 5-year TIPS implied breakeven inflation currently sits at 149 basis points, 23 basis points off the year-to-date high made in May. 10-year TIPS implied breakeven inflation is at 182 basis points, 12 basis points off […]