In
a time when China is losing between a third and half of its pig herds
as a result of the unprecedented decimation unleashed by African swine
fever - less affectionately known as pig ebola - which has sent wholesale pork prices in China soaring to all time highs...
... China is increasingly finding itself at America's mercy.
・・・中国は米国の慈悲に頼らざるを得ないという状況におちいりつつある。
As Bloomberg reports, as China's hog herd is collapsing, Beijing's imports of U.S. pork exploded to a weekly record.
ブルームバーグによると、中国の養豚は崩壊状態だ、米国から中国への豚肉輸入は爆発的に増えている。
According to USDA data, in the week ended Oct. 3, pig imports soared
to 142,200 metric tons, more than 7 times greater than September's total
shipments of 19,900 tons.
China signaled it may import as much as 400,000 tons to stem a
domestic shortfall, and it now appears that the US may be the easiest
source of said pigs, which needless to say grants the US substantial
leverage in the ongoing trade talks. The swine fever outbreak killed
millions of pigs. The country also appeared poised to boost purchases of
agriculture products as a good-will gesture before talks between
Washington and Beijing on easing trade tensions.
Meanwhile, as BBG notes, volatility in hog futures in Chicago has
surged to a record, spurred by speculation on exactly when Chinese
demand would finally surface. The answer: right now.
米国はよく理解してませんが、日本の場合では量的緩和で日銀が国債買い上げした資金は日銀当座預金にそのままです、市中には流れていません。でもNHKのニュース等では「ジャブジャブ」という表現をアナウンサーが使い、さらに丁寧に水道の蛇口からお金が吐き出される画像まで示してくれます。これって心理効果が大きいですよね。量的緩和とは何かを７時のニュースや新聞でこれ以上丁寧に解説するのはそう簡単ではありません。一般の人も株式をやっている人も「イメージ」で捉える以上はそう簡単にできません。多くの人は量的緩和とはなにか、を理解していないと私は想像しています。 ただし、国債を買い上げるので長期金利が低下し住宅ローン金利等が下がったのは確実な効果です。一方で長短金利差が少なくなると銀行のビジネスモデルが成り立たなくなりますが。 This Is The One Chart Every Trader Should Have "Taped To Their Screen" by Tyler Durden Sat, 01/19/2019 - 18:55 After a year of tapering, the Fed’s balance sheet finally captured the market’s attention during the last three months of 2018. 一年間のテーパリング後、FEDバランスシートがとうとう市場の注目をあびることになった、２０１８年の最後の３ヶ月だ。 By the start of the fourth quarter, the Fed had finished raising the caps on monthly roll-off of its balance sheet to the full $50bn per month (peaking at $30bn USTs, $20bn MBS...
コメント欄に詳しい解説が書き込まれています。 英語でいうところの「buy back」と「insider buy」は異なる概念です。日本語の記事でどちらも自社株買いとされていることがあり、これを混同すると意味不明の記事になってしまいます。 The Great Stock Buyback Debate Written by Lance Roberts | May, 2, 2019 I recently wrote about stock buybacks in our weekly newsletter. However, a recent report from Axios noted that for 2019, IT companies are again on pace to spend the most on stock buybacks this year, as the total looks set to pass 2018’s $1.085 trillion record total. 最近私は週間記事で自社株買いに関して議論した。しかしながら、Axiosの最近の2019報告書によると、IT企業は再び今年その規模を増やしている、２０１８年は＄１．０８５Tと記録的規模だったが、今年はこれを超えそうだ。 “By the numbers: Companies so far have spent $272 billion on buybacks, data compiled by Mike Schoonover, COO of Catalyst Funds, for Axios shows. 「数値を見る限り：企業は＄２７２Bをすでに自社株買いに費やした、数値の解釈はMike Schoonoverによるものだ、彼はCatalyst FundsのCOOだ、Axiosがデータを示す。 Between the lines: The amount of spending on buybacks announced by companies in the IT sector has fallen significantly this year as other i...
このブログ左の参考図書の一つがHoward Marksの本です。初めてこの本を読んだ時、管理人は目からウロコが取れた思いでした。 Howard Marks: "We Had One Of The Most Violent Downdrafts I Had Ever Seen" by Tyler Durden Mon, 01/14/2019 - 09:28 Right around the market peaked on September 2018, Oaktree's iconic founder Howard Marks published a letter to investors in which he warned that the market conditions made it "a time for caution", to wit: 市場がピークを迎えた２０１８年９月ころ、Oaktreeの伝説的創業者 Howard Marksが投資家向けレターを発行した、この中で市場環境は「注意すべき時だ」と警告した、見てみよう： I’m absolutely not saying people shouldn’t invest today, or shouldn’t invest in debt. Oaktree’s mantra recently has been, and continues to be, “move forward, but with caution.” The outlook is not so bad, and asset prices are not so high, that one should be in cash or near-cash. The penalty in terms of likely opportunity cost is just too great to ...
コメント欄に詳しい解説が書き込まれています。ぜひ、一読を。 When The S&P Hit A Record High, The Only Buyer Was Buybacks; Everyone Else Was Selling by Tyler Durden Tue, 05/07/2019 - 14:26 Bloomberg's Michael Regan has taken a lot of heat for his Friday article " The U.S. Stock Market Can’t Stop, Won’t Stop Its Endless Rally " , which prompted some to ask if Bloomberg, with its "millennialized", click-optimized newsroom, has become the new Barron's. ブルームバーグのMichael Regan が金曜の記事で熱く語った「米国株式市場は止まることはない、止まること無きエンドレスラリーだ」、この記事を見てブルームバーグが変貌したのではないかと思う人もいた、「千年王国的か」、アクセス獲得の見せかけHPに変わったか、新手のバロン誌に変貌したか、という具合だ。 And yet, Regan's less than prescient headline notwithstanding, he made an accurate point in his teaser, namely that " regular investors are leaving. " That, as we have pounded the table week after week after week, has been ...
