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.
文章全体がZeroHedge特有の皮肉で満ちています。 Global Earnings Downgrades At Highest Level In 10 Years by Tyler Durden Thu, 01/10/2019 - 16:45 As stock markets plunged in December, asset-gatherers and commission-takers (and politicians) rushed on to every media outlet to reassure everyone that the fundamentals are "solid", "extremely strong", "very positive" ... pick your spin. The only problem is that top-down, the fundamentals are dismally disappointing... １２月の株式急落で、株式を買い集めている人、手数料狙いの人（そして政治家）はメディアに出ずっぱりで誰もにこう訴えた、ファンダメンタルズは「健全」、「とても強い」、「とてもポジティブ」・・・みなさんもこれに振り回された。唯一の問題はこれらは上意下達であることだ、実際のファンダメンタルズは悲しいかな失望するものだ・・・・ And bottom-up, the fundamentals are almost as bad as they have ever been as analysts take the ax to their outlooks... the number of analysts’ global earnings downgrades exceeded upgrades by the most since 2...
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...
