With
$128 Billion In Equity Outflows, Barclays Asks "Who's Buying Stocks"
And Gives An Answer - (www.zerohedge.com) It
has been one of the greater paradoxes of the record S&P rally from the
February lows: how has the market continued to rise even with unprecedented
outflows? In other words, "Who's buying equities?" Overnight,
Barclay's chief equity strategist Keith Parker asks that very question,
pointing out that global equities have continued to rally despite $128bn
of outflows from equity funds since mid-March. His answer: futures
buying (which has traditionally been associated with central bank
intervention), whiuh since March ($60bn notional) has surpassed the amount
of buying between October 2011 and May 2013,and which together with
short-covering has more than offset the outflows.
Will
Ireland Be First Country In World To See Bail-in Regime? – (www.zerohedge.com) Deposit
bail-in risks are slowly being realised in Ireland, after it emerged
overnight that FBD, one of Ireland's largest insurance companies, have
been moving cash out of Irish bank deposits and into bonds. Revelations
regarding deposit bail-in risks came in the wake of warnings of a new property
crash centred on the housing market in Ireland. The former deputy governor
of the Central Bank warned in an op-ed in a leading international
financial publication, Project Syndicate, that Ireland is at risk of
another housing market crash. Insurer FBD has moved over €150 million out of
the Irish banking system and into corporate and sovereign bonds over the past
year. The move was prompted by low returns offered by bank deposits and the
risks that deposit bail-in rules could see deposits confiscated. FBD chief
executive Fiona Muldoon told the Irish Independent that the "extremely low returns
offered on term deposits by banks, coupled with fears that new bail-in rules
introduced this year by the European Union could expose bank bondholders and
depositors to bailing out a failed lender, meant it has shifted investments
away from banks."
Buyout Firms Cash In on Rally - (www.wsj.com) As
U.S. stocks rally, private-equity firms are taking the other side of the trade.
The S&P 500, Dow Jones Industrial Average and Nasdaq Composite Index all notched record highs Thursday, a triple-threat that hadn’t
occurred since the dot-com boom. Meanwhile, 15 block trades, bulk sales of big
chunks of stock, raised a total of $5 billion in the biggest week for such
deals since March 2015. Private-equity firms, which use block trades to sell
out of companies they previously took public, accounted for nine of the 15
deals. Blackstone Group LP, KKR & Co., TPG and others this week unloaded
billions of dollars worth of shares in shopping-center owner Brixmor
Property Group Inc., medical device maker Zimmer Biomet Holdings Inc. and
chicken chain Wingstop Inc.
Prices of UK homes for sale see biggest fall in
9 months in August - Rightmove - (www.reuters.com) The
price of homes for sale in England and Wales fell in August, posting the
biggest drop since November, as the summer lull added to uncertainty
surrounding Britain's decision to leave the European Union, property website
Rightmove said on Monday. Asking prices fell by a monthly 1.2 percent,
according to a survey by Rightmove that covers properties put on sale between
July 10 and Aug. 6, after shedding 0.9 percent in July. The biggest drop was in
London and the South East, with asking prices falling by 2.6 percent and 2.0
percent respectively. "Many prospective buyers take a summer break from
home-hunting, and those who come to market at this quieter time of year tend to
price more aggressively," Miles Shipside, Rightmove director and housing
market analyst, said.
Odd Lots: How Billionaires Tell the Story of Brazil's Boom and Bust - (www.bloomberg.com) Alex Cuadros is the author of "Brazillionaires: Wealth, Power, Decadence, and Hope in an American Country." He tells how a commodities boom gave rise to larger-than-life Brazilian billionaires including mining mogul Eike Batista, soybean farmer-turned-senator Blairo Maggi, and beer-and-burger-king Jorge Paulo Lemann. He tells us why 'Brazillionaires' sometimes argue over their place on public wealth rankings, what happened when Batiste's Porsche went missing, and how Brazil's billionaires favor dead bugs in their decorating.
PBOC Says Don’t Look at Short Term After Money Supply Slumps
- (www.bloomberg.com)
China Says Other Topics Must Not Divert G-20’s Economy Focus - (www.bloomberg.com)
What’s Driving FX Isn’t Just Yield - It’s Reverse Carry - (www.bloomberg.com)
Give us EU visa freedom in October or abandon migrant deal, Turkey says - (www.bloomberg.com)
China Says Other Topics Must Not Divert G-20’s Economy Focus - (www.bloomberg.com)
What’s Driving FX Isn’t Just Yield - It’s Reverse Carry - (www.bloomberg.com)
Give us EU visa freedom in October or abandon migrant deal, Turkey says - (www.bloomberg.com)
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