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.
Amazonで買物をしてContrarianJを応援しよう Silver Outperforming Gold 2 Adam Hamilton July 26, 2019 3232 Words Silver has blasted higher in the last couple weeks, far outperforming gold. This is certainly noteworthy, as silver has stunk up the precious-metals joint for years. This deeply-out-of-favor metal may be embarking on a sea-change sentiment shift, finally returning to amplifying gold’s upside. Silver is not only radically undervalued relative to gold, but investors are aggressively buying. Silver’s upside potential is massive. ここ2週シルバーは急騰した、ゴールドを遥かに凌ぐものだ。これは注目すべきことだ、もう何年もシルバーはひどいものだった。この極端に嫌われた金属が大きく心理を買えている、とうとうゴールド上昇を増幅するに至った。シルバーは対ゴールドで極端に過小評価されているだけでなく、投資家は積極的に買い進んでいる。シルバーの潜在上昇力は巨大なものだ。 Silver’s performance in recent years has been brutally bad, repelling all but the most fanatical contrarians. Historically silver prices have been mostly ...
Amazonで買物をしてContrarianJを応援しよう Junk Bond Bubble In Pictures: Deflation Up Next by Tyler Durden Fri, 07/19/2019 - 14:37 Authored by Mike Shedlock via MishTalk, The widely discussed "everything bubble" is, in reality, a corporate junk bond bubble on steroids sponsored by the Fed ... 幅広く議論されている「everything bubble」は実際に企業ジャンク・ボンドバブルにも言えることであり、これはFEDによりドーピング注入されている・・・ The highest grade AAA corporate bonds yield 2.75%. BBB-rated corporate bonds, just one step above junk, 3.5%. BB-rated bonds yield just 4.28%. 最高級ランクAAA企業債権の金利は2.75%だ。あとひとランク悪化でジャンク・ボンド入りするBBB債権金利は3.5%。BB格付け債権の金利でもわずか4.28%でしかない。 Corporate Bond Spreads 企業債権金利のスプレッド The spread between Prime AAA bonds and lower-medium grade bonds (see chart below) is just 0.77 percentage points. 最上位AAA債権と低中ランク債権のスプレッドがわずか0.77%しかない。 The spre...
Gold Stocks Surge Higher Adam Hamilton February 22, 2019 2932 Words The gold miners’ stocks surged strongly this week, blasting to new upleg highs. The mounting gains are naturally driving more interest in this small contrarian sector, shifting sentiment towards bullish. Despite their accelerating rally, gold stocks still remain fairly low technically and deeply undervalued relative to gold. So their strengthening upleg likely has plenty of room to run considerably higher in coming months. 今週金鉱株は力強く上昇し新高値となった。上昇が積み上がりこの小さなコントラリアンセクターはさらに注目を集めている、これが心理を強気なものにする。ラリーが加速するが、金鉱株はテクニカル的にはまだ安値で、対ゴールドでとても過小評価されている。というわけで力強い上昇は今後数ヶ月まだかなりな上昇余地がある。 The gold miners’ stocks are ultimately leveraged plays on gold, which overwhelmingly drives their profits. The much-maligned yellow metal has enjoyed a strong upleg since mid-August, when record gold-futures s...
最後の2段落だけ訳をいれておきました。 Fed’s Risky QE4 Stock Ramp Adam Hamilton January 31, 2020 3567 Words The US stock markets dramatically surged mostly in a straight line since mid-October. This extraordinary rally started when the Federal Reserve announced it would resume expanding its balance sheet for the first time in years. The deluge of new liquidity from that quantitative-easing bond buying has again acted like rocket fuel for stock markets. After shooting vertically they are in real trouble when the Fed pulls back. In early October the flagship US S&P 500 stock index (SPX) slumped to 2888. That was a mild 4.6% pullback from late July’s latest record high. The SPX was still having a great year though, up 15.2% year-to-date at that point thanks to extreme Fed easing . After the SPX had plunged 19.8% mostly in Q4’18 in a severe near-bear cor...