Alex Moffatt

The local market is trading 0.3% lower this morning with investors keeping a wary eye on the Chinese markets where we saw a 2.9% loss on the main stock index on Thursday and this morning it is down a further 2.3%, the worst losses in 18 months. The move in... Show More

Alex Moffatt

The big, fat, wet squib which Jackson Hole was for market participants who had been holding their breath, just as sensible people would have expected, might in some way mark the inflection point in the belief that the central banks hold the answers to all questions and the key to... Show More

Alex Moffatt

I am worried as I have just read an article on page 27 of Fridays Financial Review, courtesy of the London Financial Times, entitled “Hedge Funds pursue esoteric credit risk in bespoke tranches”. The article highlights a rise in investor interest in bespoke tranches, a bundle of risks expressed through... Show More

Alex Moffatt

Today the European Central Bank President Mario Draghi is slated to speak in Lindau, a particularly quiet and gentle resort on lake Constance, at the Meeting on Economic Sciences. The conference prides itself for attracting 17 Nobel laureates and 350 young economists from 66 countries who are expected to hang... Show More

Alex Moffatt

There has always been some truth in the old rule that the time to start selling is when the bears begin to get bullish. I am, and always have been, an instinctive bear, however I have to admit to having been on board the risk rally which has carried us... Show More

Alex Moffatt

Increasing tensions between the US and North Korea seem to be starting to weigh on investors’ minds which is as it should be. The US defence secretary, Jim Mattis, has warned North Korea that “It should stop actions that would lead to the end of its regime and the destruction... Show More

Alex Moffatt

It’s a funny old world. Having yesterday noted the impending 10th anniversary of the starting gun going off on the global financial crisis I subsequently tripped over a vignette on Bloomberg which read “Junk subprime auto ABS spreads at record lows”. It really was just a vignette and went on... Show More

Alex Moffatt

This is a very important week. It’s not important because of the stunningly strong US labour report last Friday or because the US dollar has begun to fight back a little or because West Texas oiI has dropped back below USD 50 pbb again. It is an important week because... Show More

Alex Moffatt

Good morning, if there is a crowded trade out there, it has to be the one which is short the US dollar. Before going any further, let’s remind ourselves that there are two parts to every currency pair and that the exchange rate reflects the relative value of the two... Show More

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