Apple stock plunged nearly 10% on Thursday after the company cut its
revenue forecast due to slowing iPhone sales in China. Apple’s woes
dragged U.S. stock indices lower by more than 2% as fears of a more
extensive China-driven slowdown spread.
For years, no matter what was
happening elsewhere, global companies bet billions upon billions of
dollars that China’s consumers would keep spending money.
長年、他国で何が起きようとも多国籍企業は中国消費は巨額を維持することに賭けてきた。
Now, just when the world economy could use their financial firepower, they are no longer so quick to open their wallets.
今や、世界経済が金融弾薬を用いてももはや彼らの財布を緩めることはできない。
The latest sign of a slowdown in spending in China came Wednesday, when Apple unexpectedly slashed its financial forecast, citing disappointing iPhones sales in the country. The weakness followed reams of other data — declining car sales, lagging retail spending, a slumping property market, a tougher job market — that suggest Chinese consumers may be losing their once unshakable confidence.
That
could have a big impact on a world looking for engines of growth, on
companies that counted on China’s continuing expansion and on global
investors who have long viewed China as a steady source of profits.
“It’s not going to be
just Apple,” CEA chairman Kevin Hassett said in an interview on CNN.
“There are a heck of a lot of U.S. companies that have sales in China
that are going to be watching their earnings being downgraded next year
until we get a deal with China.”
「これはアップルだけに起きていることではない」とCEA議長 Kevin HassettはCNNのインタビューに答えた。「中国で大きな売上をしめている米国企業は多い、中国との交渉終結までこれら企業の収益は要注意だ。」
Hassett argued that a softer
economy in China is cutting into U.S. companies’ sales there and that
the economic pain gives Trump leverage in ongoing trade negotiations.
“That puts a lot of pressure on China to make a deal,” he said.
I agree with Kevin Hassett that many more American companies are
going to take a hit from China’s slowdown and the ongoing trade war, but
the risks posed by the ultimate bursting of China’s massive credit
bubble are far greater, yet virtually nobody is discussing it.
As the chart of China’s total debt as a percent of GDP shows, China has
been gorging on debt for the past decade. This debt binge has been
amplifying China’s economic growth and allowing its consumers to buy
Western consumer goods like Apple iPhones.
The scary truth is that Apple and other American companies
have been benefiting from China’s credit bubble, but most have no clue
that this bubble is going to burst and cause a severe recession
or depression in China, causing American exports to China to plunge.
When is society going to learn that debt binges create temporary
economic booms, but always end in terrible busts?
恐ろしい真実は、アップルやその他米国企業は中国の与信バブルの恩恵を受けていたことだ、しかしだれもこのバブルがいまはじけ、深刻な景気後退もしくは恐慌が中国に来ることを見通していない、こうなると米国から中国への輸出は急落する。債務のどんちゃん騒ぎが一時的な経済ブームを生み出すが、常にそれはひどい炸裂で終わることを社会全体がいつ気づくだろうか? Please follow me on LinkedIn and Twitter to keep up with my updates. Please click here to sign up for our free weekly newsletter to learn how to navigate the investment world in these risky times.
最後の2段落だけ訳をいれました。 Big Silver-Stock Potential Adam Hamilton February 7, 2020 2689 Words The silver miners’ stocks are looking interesting. While they really lagged silver’s surge on gold’s bull-market-breakout rally last summer, their upleg since remains intact. Gold stocks’ own upleg peaked in early September. And silver itself remains wildly undervalued relative to gold, overdue to mean revert dramatically higher. When that happens during gold’s next upleg, the silver stocks have big potential to soar. Like the global silver market is vastly smaller than gold’s, silver stocks are a proportionally-little fraction of the precious-metals miners. As a small subset of a usually-ignored contrarian sector, the silver stocks often languish in obscurity. For decades there wasn’t even a silver-stock index, making sector analysis difficult. ...
最後の二段落だけ訳をいれましょう。 Gold-Stock Head Fake? Adam Hamilton January 3, 2020 3174 Words Gold miners’ stocks blasted higher this past week, breaking out of their correction downtrend. Rapidly-improving psychology fueled such strong upside momentum that sector benchmarks are challenging months-old upleg highs. Most traders assume this is righteous, that gold stocks’ next upleg is starting to accelerate. But key indicators argue the contrarian side, that this breakout surge is a head fake within a correction. In early September, a major gold-stock upleg peaked after soaring higher on gold’s decisive bull-market breakout in late June. The GDX VanEck Vectors Gold Miners ETF, this sector’s leading benchmark and trading vehicle, had powered 76.2% higher over 11.8 months. It crested the same day gold’s own upleg did, hitting $30.95 on close. That ma...
Gold Mid-Tiers’ Q4’19 Fundamentals Adam Hamilton March 20, 2020 3250 Words The mid-tier gold miners’ stocks have been annihilated with COVID-19 fears infecting traders’ sentiment. They crashed with gold getting hammered on extreme gold-futures selling! With blood in the streets, the buy-low opportunities are phenomenal. The fundamentally-superior mid-tier gold miners have epic upside potential during gold’s next upleg. This key sector just reported outstanding Q4’19 results on higher gold. The sheer carnage in gold-stock-land has been jaw-dropping! In late February, the gold-stock sector per its leading benchmark GDX VanEck Vectors Gold Miners ETF edged up to a 3.5-year high slightly above early September’s. That was fueled by gold’s $1600 breakout surge on COVID-19 fears. Yet as I warned in an essay the trading day before GDX’s pe...
最後の2段落だけ、訳を入れておきました。 Gold Stocks’ Winter Rally 4 Adam Hamilton November 1, 2019 3158 Words The gold miners’ stocks have surged in 2019, blasting higher after gold’s first bull-market breakout seen in several years. That powerful summer rally left them really overbought, necessitating a correction to rebalance exuberant sentiment. That grinding consolidation lower has set them up nicely for their winter rally, this sector’s seasonally-strongest time of the year. These seasonal tailwinds will amplify their next upleg. Seasonality is the tendency for prices to exhibit recurring patterns at certain times during the calendar year. While seasonality doesn’t drive price action, it quantifies annually-repeating behavior driven by sentiment, technicals, and fundamentals. We humans are creatures of habit and herd, which naturally colors our trading decisions...
最後の2段落だけ訳を入れておきます。 Silver Miners’ Q3’19 Fundamentals Adam Hamilton November 29, 2019 3726 Words The silver miners are finally enjoying higher prevailing silver prices, a great boon for this sector. Silver surged this past summer after gold’s first new bull-market highs in several years rekindled enthusiasm for precious metals. The long-neglected silver stocks rallied strongly with their metal. Their recently-reported Q3’19 results reveal whether those gains are justified, and how much fundamentals improved on higher silver. Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Required by the US Securities and Exchange Commission, these 10-Qs and 10-Ks contain the best fundamental data available to traders. They dispel all the sentiment distortions inevitably surrounding pr...