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Amazonで買物をしてContrarianJを応援しよう Which Chinese Banks Will Fail Next? by Tyler Durden Thu, 05/30/2019 - 15:35 Yesterday we reported that in the aftermath of the failure of China's Baoshang Bank (BSB), and its subsequent seizure by the government - the first takeover of a commercial bank since the Hainan Development Bank 20 years ago - the PBOC appeared to panic and injected a whopping 250 billion yuan via an open-market operation, the largest since January. 昨日ZeroHedgeが記事を書いた、中国のBaoshang Bank(BSB）倒産と国有化の後遺症ーー２０年前のHainan Development Bank 海南開発銀行　倒産以来の国有化ーーこれでPBOCはパニック状態になりなんと２５０B人民元を公開市場操作で注入した、今年１月以来最大のものだった。 And while the bank first failure of a Chinese bank resulted in some notable turmoil in China's interbank market, where the issuance of Negotiable Certificates of Deposit was partially frozen as overnight funding rates s...

Amazonで買物をしてContrarianJを応援しよう CNBCで自社株買いに批判的な記事が乗るというのが驚きです・・・ Corporations were the biggest buyers of stock during the bull market, but now they’re selling Published Wed, May 29 2019 1:22 PM EDT Updated Wed, May 29 2019 6:37 PM EDT Kate Rooney @Kr00ney Key Points Typically, the public is considered the “crowd” in stock markets, buying the most at the top and selling the least at the bottom. 一般的に言って、株式市場では大衆は「群れをなす」と思われている、天井で買い、底で売る。 But corporations are stepping into the role of so-called “dumb money.” Corporate stock offerings have soared in the past 40 years. They’re slowing down this year though, likely due to trade war jitters and global uncertainty. しかし企業はいわゆる「dumb money」の役割を果たす。ここ４０年企業の株式提供は急増してきた。しかし今年はこれが鈍化している、貿易戦争の懸念と、世界的不確実性のためだ。 “Strong public selling should be bullish but perhaps the crowd this cycle is corporations,” Ned Davis said. 「新規上場が多いと...

Amazonで買物をしてContrarianJを応援しよう 小規模銀行で不良債権比率が４０％を超えるというのは・・・・新銀行東京もビックリというところでしょう。 https://www.ft.com/content/06d70216-7b6c-11e9-81d2-f785092ab560 China banks and asset managers fined for masking bad debt Institutions including ICBC penalised as Beijing works to bring problem under control At least five large institutions, including a branch of ICBC, have received penalties over the past month 不良債権を隠した罪で中国大手銀行が罰金を受けた、ICBC中国工商銀行を含むものだ、北京政府は問題をコントロールしようとしている。少なくとも５つの銀行が対象だ、罰金を受けたのは先月のことだ。  China’s financial regulators are stepping up penalties on banks and asset managers caught hiding bad debts as Beijing grows increasingly wary of the country’s opaque cache of unpaid loans. 中国金管理当局は不良債権隠しに罰金を課した、北京政府は自国の不良債権の不透明さに懸念を増している。  The strengthened enforcement underlines authorities’ rising concerns over a potential runaway bad debt problem at smaller banks in the country, a trend that China’s top leaders fear could spawn financial and social instability. 強制力を強めて...

Semiconductors Are The Trade War Epicenter by Tyler Durden Tue, 05/28/2019 - 23:05 Back in December 2018, when conventional wisdom was falsely convinced by the handshake between Trump and Xi that the tariff war between the US and China would soon end, we warned that not only is the trade war nowhere near over, far from it, but that semiconductors had "become the central battlefield in the trade war between the two countries. And it is a battle in which China has a very visible Achilles heel." ２０１８年１２月を振り返ると、浅知恵で間違っていたのだが、トランプと習近平が手を握り米中関税戦争はすぐに終わると見られていた、そのときZeroHedgeはこう警告していた、貿易戦争はそう簡単に終わらないだけでなく、さらに激化し、「半導体分野が二国間貿易戦争の激戦地となるだろう。そしてこの戦争では明らかにこの分野は中国のアキレス腱だ。と」 Today, SaxoBank's head of equity strategy, Peter Garnry, not only confirms what we said nearly 6 months ago, but also notes that as the trade war evolves into a technol...

"Pig Ebola" Epidemic Threatens To Unleash Stagflation Across China by Tyler Durden Mon, 05/27/2019 - 17:30 With Chinese pigs getting slaughtering left and right to contain the breakout of African swine fever, also known as "Pig Ebola", so are pork shorts as meat processors around the world scramble to sell more pork to China to make up for sharp shortages of China's most popular protein. The consequence is tighter supplies in the U.S. and Europe, which is pushing up prices. And as the disease continues to spread throughout China - the world’s largest producer and consumer - the trend will only get worse. 中国の豚が屠殺されている、アフリカトンコレラ流行のためだ、これは「豚エボラ」とも呼ばれる、そのため世界中の食肉業者の間でポークが不足している、不足する中国市場に多量に売るためだ、中国ではもっとも一般的なタンパク源だ。米国、欧州で供給が切迫し価格が上がっている。そしてこの病気が中国全土に広まりつつあるーー中国は世界最大の生産消費国だーーこの傾向は悪くなる一方だ。 Case in point: US reta...