China's manufacturing PMI slumped deeper into contraction
on Thursday -- as economic growth in the country fell to its weakest
pace in three decades. The economic slowdown, coupled with massive
corporate leverage, has created a ticking debt time bomb, which could
explode in the next global recession.
The unraveling and coming debt crisis in China
will take a series of corporate debt defaults to spook investors, and
perhaps, the first series of defaults has already started.
The latest causality is Shandong-based steelmaker Xiwang Group Co.,
who defaulted on a $142 million bond last week, has sparked contagion
fear with other companies in the same region, reported Bloomberg.
直近の犠牲者は山東省鉄鋼メーカー Xiwang Group Co.だ、先週$142Mの不当たりを出した、これが当地の他企業にも連鎖するのでは、とブルームバーグは伝える。
Then on Wednesday, Shandong Sanxing Group Co.'s 2021 dollar bond and
China Hongqiao Group Ltd.'s dollar bond due 2023 plummeted to their
lowest levels ever as contagion from Xiwang's default continued to
frighten investors.
水曜に、山東省Sanxing Group Co.の2021年満期ドル建て債権と中国Hongqiao Groupのドル建て2023年満期債権が過去最低レベルの値を付けた、Xiwangの倒産が投資家を驚かせたためだ。
"Xiwang's default onshore has raised concerns that other privately
owned enterprises in Shandong, particularly those from the same
locality, may have been associated with the firm," said Wu Qiong,
executive director at BOC International Holdings Ltd. in Hong Kong, who
spoke with Bloomberg.
Fitch Ratings said the default rate of all Chinese issuers in the
first three quarters of this year was 1.03%. By historical standards,
the default rate is much higher than last year. Most of the firms
skipping out on bond payments were private entities.
The cash crunch comes at a time when overleveraged companies in China
are reeling from a global synchronized slowdown and a controlled
deleveraging period by the government to create a soft bottom in the
economy.
中国の過剰債務企業は世界同時減速と政府の債務削減政策でよろめき現金不足となっている。
"Defaults are likely to continue rising, as many medium- and
small-sized private firms are facing significant refinancing pressures,"
Zhang Shuncheng, associate director of corporate research at Fitch,
said in an interview. "Private companies suffer from many problems in
their own operations, not to mention the impact from the slowing economy
and tight credit environment."
China's corporate sector downfall is overleverage, taken on during
the global synchronized recovery. Now, a synchronized decline, these
firms are starting to deleverage, adding to the downward pressure in the
economy.
Hedge fund manager Kyle Bass, the CIO of Hayman Capital Management,
has famously said China's coming economic crash could be three to four
times bigger than the 2008 subprime crisis.
ヘッジファンドマネジャーのKyle Bass、Hayman Capital ManagementのCIOだが、彼はこれからの中国経済の破綻に言及することで有名だ、彼によるとその規模は2008年のサブプライム当時の規模の3,4倍はあるという。
Bass said in August, China's "recklessly built" banking system could come tumbling down in the next global recession.
As long as Beijing refuses to spark a massive credit injection spree,
the global economy will continue to falter -- this could usher in the
next global crisis, one where China's corporate sector implodes, well
that's at least what Bass thinks...
Amazonで買物をしてContrarianJを応援しよう 記事を紹介しようと訳を入れている間にFOMCが過ぎてしまいタイミングを逸してしまいました、前半は読み飛ばしてください。後半部分に関して、日本では一般会計と特別会計が別れていて政府財政がわかりにくいですが、米国は分離されておらず年金会計がより鮮明になります。$70Tって邦貨でいうと約7000兆円ですからね。 Whistling Past The $70 Trillion Debt Graveyard 07-26-19 Written by Lance Roberts | Jul, 27, 2019 Last week, we discussed the setup for a near-term mean reversion because of the massive extension above the long-term mean. To wit: 先週には、私どもは短期的な平均回帰のし掛けが出来上がっていることを議論した、というのも現在長期的な平均から極端に乖離しているからだ。見てみよう: “There is also just the simple issue that markets are very extended above their long-term trends, as shown in the chart below. A geopolitical event, a shift in expectations, or an acceleration in economic weakness in the U.S. could spark a mean-reverting event which would be quite the norm of what we have seen in recent years.” 「とてもかんたんなことだが、市場は長期的なトレンドからあまりに極端に上方乖離している、それは下のチャートを見れば明らかだ。地政学的出来事、期待値の変化、もしくは米国経済の弱さが加速するなら、平均回帰を引き起こすだろう、それは過去数年でみた典型的な相場の動きだ。」 This analysis is ...
Productivity: What It Is & Why It Matters Written by Michael Lebowitz | Jan, 16, 2019 The Kansas City Federal Reserve posted the Twitter comment and graph below highlighting a very important economic theme. Although productivity is a basic building block of economic analysis, it is one that few economists and even fewer investors seem to appreciate. Kansas 市FEDがツイッターにコメントを投稿した、そのグラフを下に示す、とても重要な経済テーマだ。経済分析においては生産性というのはとても重要な要素だが、ほとんどのエコノミストがこの件に言及しない、投資家は更にこのことを忘れ去っている。 The Kansas City Fed’s tweet is 100% correct in that wages are stagnating in large part due to low productivity growth. As the second chart shows, it is not only wages. The post financial-crisis economic expansion, despite being within months of a record for duration, is by far the weakest since WWII. Kansas City FEDのツイートは100%正しい、給与が停滞している原因の主要因は生産性成長が低いからだ。二番目のチャートを見ても判るように、成長鈍化は給与だけではない。あの金融危機後の経済拡大は、第二次世界大戦後で記録的長期の拡大期間だが、とても弱い拡大だ。 Productivity growth over the last 350+ years is ...
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...
この記事は投資人生を通じて有効です。 The Beginning is the End is the Beginning: A Look at Recessions Market Commentary Stocks By Liz Ann Sonders February 25, 2019 Key Points Recessions are not back-to-back negative GDP quarters; they’re instead defined using four key coincident economic indicators. 景気後退とはマイナスGDP成長四半期が連続することではない;そうではなく4つの重要経済指標で定義される。 Bear markets often overlap with recessions (and typically lead them), but not always. ベア相場は景気後退と重なることが多い(典型的には先行する)、しかし必ずそうというわけでもない。 It’s important to distinguish between leading and lagging economic indicators and to focus at least as much on trend as level. 大切なことは先行指標と遅行指標を見極めること、そしてすくなくともそのトレンドに注意せよ。 Recession chatter is abundant lately. It’s increasingly the focus of Q&A sessions at investor events at which I’ve been speaking. I also received a series of questions last week about recessions fro...