The euro slumps below 99 US cents as Europe’s deepening energy crisis is set to accelerate inflation and hurt growth in Europe.
Bottom-line: 하루 10만 배럴은 전세계 생산량의 0.1%에 불과하지만, 3개월 간 -20% 하락한 가격을 민감하게 신경쓰고 있다는 메시지를 주는데 충분했음.
OPEC+ ministers agreed to a surprise oil-supply cut of 100,000 barrels a day for October, reversing the increase announced at last month’s meeting. It’s a minuscule amount -- roughly 0.1% of global production -- but sends a message to traders that the group’s serious when it says output reductions may be needed to stabilize crude prices. Futures have slid about 20% in the past three months to below $100 a barrel.
OPEC+ ministers agreed to a surprise oil-supply cut of 100,000 barrels a day for October, reversing the increase announced at last month’s meeting. It’s a minuscule amount -- roughly 0.1% of global production -- but sends a message to traders that the group’s serious when it says output reductions may be needed to stabilize crude prices. Futures have slid about 20% in the past three months to below $100 a barrel.
Bottom-line: 지난 6월이 최악의 구간이었고, 이제 지나갔단 주장이 설득을 잃고 있음.
The view that global shares already hit their bear-market low back in June is looking increasingly precarious. Europe’s intensifying energy crisis is the latest hit to sentiment, which was already under pressure from a wave of monetary tightening.
The view that global shares already hit their bear-market low back in June is looking increasingly precarious. Europe’s intensifying energy crisis is the latest hit to sentiment, which was already under pressure from a wave of monetary tightening.
Bottom-line: 달러가 지속 상승 함에 따라 신흥국 내 달러 표시 채권과 현지 통화 채권 등가물 간 스프레드가 금융위기 이후 최대치로 확대 됨. 이는 달러 표시 부채에 대한 요구수익률 상승에 따른 채권 가격 하락을 야기함. 이미 에너지와 인플레이션 위기, 성장률 둔화가 투자 매력을 낮추고 있기에 신흥국 투자의 이유가 점점 약해진다 할 수 있음.
The runaway dollar is putting a mighty squeeze on developing nations bond markets. The spread between emerging-market dollar-denominated government bonds and local currency equivalents has climbed to the highest level since the financial crisis, according to Bloomberg indexes. As the greenback rises, it becomes more expensive for countries to service their US currency debt, so the price of the bonds fall as investors demand higher yields to compensate for the extra risk. Coupled with an energy crisis, rising inflation, slowing economies and the threat of increased social unrest, that’s an unattractive mix. Bloomberg’s hard currency EM bond gauge has fallen 15% this year, compared with a 10% slide in the local-denominated equivalent, and is on track for its worst annual performance since 2008.
The runaway dollar is putting a mighty squeeze on developing nations bond markets. The spread between emerging-market dollar-denominated government bonds and local currency equivalents has climbed to the highest level since the financial crisis, according to Bloomberg indexes. As the greenback rises, it becomes more expensive for countries to service their US currency debt, so the price of the bonds fall as investors demand higher yields to compensate for the extra risk. Coupled with an energy crisis, rising inflation, slowing economies and the threat of increased social unrest, that’s an unattractive mix. Bloomberg’s hard currency EM bond gauge has fallen 15% this year, compared with a 10% slide in the local-denominated equivalent, and is on track for its worst annual performance since 2008.
Bottom-line: 인민은행이 2004년 이후 최대치의 은행 외환 보유액 비율 하향 이후 10일 연속 위안화를 시장 거래보다 절상 고시하며 통화 약세를 저지하려는 안간힘을 쓰고 있음.
China set a stronger-than-expected fixing for a 10th day and said it will allow banks to hold less foreign currencies in reserve, its most substantial moves yet to stabilize a weakening yuan. The People’s Bank of China set the yuan’s reference rate at 6.9096 per dollar on Tuesday, trailing behind the currency’s move to a two-year low. That came a day after the central bank said financial institutions will need to hold just 6% of their foreign exchange in reserve from Sept. 15, effectively increasing the supply of dollars and other currencies onshore. The decrease of 2 percentage points is the biggest in data going back to 2004.
China set a stronger-than-expected fixing for a 10th day and said it will allow banks to hold less foreign currencies in reserve, its most substantial moves yet to stabilize a weakening yuan. The People’s Bank of China set the yuan’s reference rate at 6.9096 per dollar on Tuesday, trailing behind the currency’s move to a two-year low. That came a day after the central bank said financial institutions will need to hold just 6% of their foreign exchange in reserve from Sept. 15, effectively increasing the supply of dollars and other currencies onshore. The decrease of 2 percentage points is the biggest in data going back to 2004.
Bottom-line: 화웨이가 애플에 앞서 2년 만에 대표 제품을 공개했는데, 격화되는 미국과 중국 간 갈등으로 인해 운영체제부터 디스플레이까지 중국 내재 기술로 대체 된 모습임.
Huawei Technologies Co. on Tuesday unveiled a phone that features a number of Chinese innovations designed to replace American technology, leaning into Beijing’s localization effort as US tensions escalate. The new Mate 50 lineup has Huawei’s own Android-like Harmony OS and in-house shatterproof glass as well as satellite-based messaging using China’s alternative to GPS, the BeiDou Navigation Satellite System. It comes mere days before Apple Inc.’s next iPhone event, which is expected to showcase similar technology. The BeiDou system’s communication capabilities are intended as a fallback measure to share location or emergency short messages in cases of poor connectivity. Beside its headline feature, the 6.7-inch Mate 50 features a new protective screen developed by Huawei called Kunlun Glass, intended to replace US supplier Corning Inc., whose Gorilla Glass is the industry standard among mobile device manufacturers.
Huawei Technologies Co. on Tuesday unveiled a phone that features a number of Chinese innovations designed to replace American technology, leaning into Beijing’s localization effort as US tensions escalate. The new Mate 50 lineup has Huawei’s own Android-like Harmony OS and in-house shatterproof glass as well as satellite-based messaging using China’s alternative to GPS, the BeiDou Navigation Satellite System. It comes mere days before Apple Inc.’s next iPhone event, which is expected to showcase similar technology. The BeiDou system’s communication capabilities are intended as a fallback measure to share location or emergency short messages in cases of poor connectivity. Beside its headline feature, the 6.7-inch Mate 50 features a new protective screen developed by Huawei called Kunlun Glass, intended to replace US supplier Corning Inc., whose Gorilla Glass is the industry standard among mobile device manufacturers.
Bottom-line: 바이낸스에서 거래하기 위해 자체 스테이블 코인인 BUSD로 환전해야 하는 대담하고 전례없는 결정을 내림.
Binance, the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin, according to a statement published on Monday. The conversion is scheduled to begin Sept. 29. USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether, with a market value of nearly $52 billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3 billion. The exchange said the move is intended to “to enhance liquidity and capital-efficiency for users.” Binance will also remove and stop any trading on spot pairs that involve USDC, USDP or TUSD, the exchange said in the statement. The decision “is quite bold and unprecedented,” said Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore. “Commercially it is a smart move for Binance because its service offering will now increasingly converge around its house-own BUSD product.”
Binance, the largest crypto exchange by volume, will start converting any existing user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD) into the company’s own stablecoin, according to a statement published on Monday. The conversion is scheduled to begin Sept. 29. USDC, issued by Circle Internet Financial, is the second-ranked stablecoin after Tether, with a market value of nearly $52 billion, according to data from CoinGecko. Binance’s stablecoin, BUSD, is a distant third at around $19.3 billion. The exchange said the move is intended to “to enhance liquidity and capital-efficiency for users.” Binance will also remove and stop any trading on spot pairs that involve USDC, USDP or TUSD, the exchange said in the statement. The decision “is quite bold and unprecedented,” said Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore. “Commercially it is a smart move for Binance because its service offering will now increasingly converge around its house-own BUSD product.”
Bottom-line: 과거 영국은 국채를 금테로 둘러 발행해서 이를 'Gilt Edged Securities'로 불렸고, 현재는 영국 국채를 'Gilt'라 칭한다.
Gilt yields across the curve have retreated from highs on a Bloomberg report that says the UK’s Truss is planning a £40 billion energy-aid package for UK businesses. The pound is one of the best G-10 performers today and domestic stocks are rallying.
Gilt yields across the curve have retreated from highs on a Bloomberg report that says the UK’s Truss is planning a £40 billion energy-aid package for UK businesses. The pound is one of the best G-10 performers today and domestic stocks are rallying.
Bottom-line: 에너지 및 유틸리티 기업들이 증거금 부족으로 인해 에너지 위기를 더욱 심화시킬 수 있단 우려가 부각됨에 따라 기업들에 긴급 지원을 시작하고 있음. 노르웨이 국영 석유회사인 에퀴노르에 따르면 증거금 부족액이 1.5조 달러에 달한다고 함.
European governments are patching together emergency measures to support utilities amid fears that companies will buckle under the weight of growing margin calls, worsening an energy crisis that’s sent prices soaring and left the continent short of gas. Recent days have seen a flurry of news -- from Sweden to Switzerland to the UK -- as companies and governments try to get to grips with the situation. Norway’s Equinor ASA has said that European energy trading risks collapsing under the weight of margin calls amounting to at least $1.5 trillion. On Tuesday morning, Finnish utility Fortum Oyj got 2.35 billion euros ($2.3 billion) of bridge funding to ensure adequate liquidity. Switzerland granted Axpo a credit line of up to 4 billion francs ($4.1 billion). The company, which produces and trades renewable energy, asked for the credit line but hasn’t used it yet.
European governments are patching together emergency measures to support utilities amid fears that companies will buckle under the weight of growing margin calls, worsening an energy crisis that’s sent prices soaring and left the continent short of gas. Recent days have seen a flurry of news -- from Sweden to Switzerland to the UK -- as companies and governments try to get to grips with the situation. Norway’s Equinor ASA has said that European energy trading risks collapsing under the weight of margin calls amounting to at least $1.5 trillion. On Tuesday morning, Finnish utility Fortum Oyj got 2.35 billion euros ($2.3 billion) of bridge funding to ensure adequate liquidity. Switzerland granted Axpo a credit line of up to 4 billion francs ($4.1 billion). The company, which produces and trades renewable energy, asked for the credit line but hasn’t used it yet.
Stocks sold off as the prospect of Fed tightening looms. The dollar gained, pushing the yen toward its worst day in more than two months, while gold dropped and crude wavered. Asian equity futures are in the red.
Bottom-line: 변동성 수준에 따라 주식비중을 높이거나 낮추는 알고리즘 펀드의 매도가 예상되는 가운데, 헤지펀드들은 지수선물이나 상장지수펀드 매도를 통해 체계적 위험을 헤지하고, 저가에 측은한 상태의 주식들을 매수하는 움직임이 관찰되고 있음.
After spending much of 2022 playing defense, professional speculators are reasserting themselves with aggressive equity bets on both the short and long side. Hedge funds have raised exposure in back-to-back weeks, data from Goldman Sachs Group Inc.’s prime brokerage show, increasing short sales via macro products such as index futures while buying shares of individual firms. The moves resulted in their busiest week by notional trading volume in a year. The same trends were observed by Morgan Stanley, where hedge-fund clients boosted holdings in single stocks in areas such as technology and health care, while adding shorts against exchange-traded funds. The data suggest that money mangers are both keen to pick up bargains and leery about the broader market’s direction. At least two Wall Street firms warned that rules-based funds are expected to offload billions of stocks in coming weeks.
After spending much of 2022 playing defense, professional speculators are reasserting themselves with aggressive equity bets on both the short and long side. Hedge funds have raised exposure in back-to-back weeks, data from Goldman Sachs Group Inc.’s prime brokerage show, increasing short sales via macro products such as index futures while buying shares of individual firms. The moves resulted in their busiest week by notional trading volume in a year. The same trends were observed by Morgan Stanley, where hedge-fund clients boosted holdings in single stocks in areas such as technology and health care, while adding shorts against exchange-traded funds. The data suggest that money mangers are both keen to pick up bargains and leery about the broader market’s direction. At least two Wall Street firms warned that rules-based funds are expected to offload billions of stocks in coming weeks.
Bottom-line: 달러 대비 엔화 가치가 24년래 최저치로 하락하며 1979년 이후 연간 최대 절하를 기록할 것으로 보임. 전세계적 통화정책 흐름의 저항국으로 남아있는 일본은 확대되는 금리 차이가 발생시키는 통화 절하로 지속 압박을 받을 것임.
The yen has slumped to a level that leaves it on track for its worst year on record, putting traders on alert for at least more verbal intervention from Japanese officials. The currency has slumped more than 19% this year, and edged past its previous worst annual drawdown in 1979. The renewed selloff in Treasuries this month has widened the yield gap between the US and Japan, driving up the dollar and pushing the yen to a 24-year low. Dollar-yen surged past the 143 level for the first time since 1998 Tuesday, a move which will ramp up pressure on Bank of Japan Governor Haruhiko Kuroda’s defiance of a global shift toward rate hikes and the strength of Prime Minister Fumio Kishida’s support for his stance.
The yen has slumped to a level that leaves it on track for its worst year on record, putting traders on alert for at least more verbal intervention from Japanese officials. The currency has slumped more than 19% this year, and edged past its previous worst annual drawdown in 1979. The renewed selloff in Treasuries this month has widened the yield gap between the US and Japan, driving up the dollar and pushing the yen to a 24-year low. Dollar-yen surged past the 143 level for the first time since 1998 Tuesday, a move which will ramp up pressure on Bank of Japan Governor Haruhiko Kuroda’s defiance of a global shift toward rate hikes and the strength of Prime Minister Fumio Kishida’s support for his stance.
Bottom-line: 거액 자산가들은 높은 인플레이션과 변동성 환경에서 주식과 채권, 그리고 암호화폐에서 투자를 회수해 시장 변동성에서 보호받을 수 있는 자산으로 옮기고 있음. 블룸버그가 집계하는 세계 500대 부자의 자산은 반년 간 1.4조 달러 줄어들어 대확산 이후 추세와 반대되고 있음.
With growing concerns over rising inflation and market volatility, Asia’s wealthy are turning cautious. People with more than $1 million of investable funds are repositioning toward private assets to shield their investments from market volatility, Lombard Odier’s 2022 study about high net-worth individuals in Asia Pacific found. They’ve increasingly shunned stocks and bonds to focus on their own companies or assets deemed safer such as gold and cash. At the same time, they’ve largely stayed clear of crypto, a market that’s proved particularly volatile. A slump in tech stocks and soaring inflation amid rising interest rates have shaved off $1.4 trillion from the cumulative wealth of the world’s 500 richest people in the first half of the year, according to the Bloomberg Billionaires Index. That’s a reversal from the past two years, when central-bank largesse to combat the effects of Covid-19 helped boost assets and personal fortunes with them.
With growing concerns over rising inflation and market volatility, Asia’s wealthy are turning cautious. People with more than $1 million of investable funds are repositioning toward private assets to shield their investments from market volatility, Lombard Odier’s 2022 study about high net-worth individuals in Asia Pacific found. They’ve increasingly shunned stocks and bonds to focus on their own companies or assets deemed safer such as gold and cash. At the same time, they’ve largely stayed clear of crypto, a market that’s proved particularly volatile. A slump in tech stocks and soaring inflation amid rising interest rates have shaved off $1.4 trillion from the cumulative wealth of the world’s 500 richest people in the first half of the year, according to the Bloomberg Billionaires Index. That’s a reversal from the past two years, when central-bank largesse to combat the effects of Covid-19 helped boost assets and personal fortunes with them.