Macro
Callum Thomas

I spent a lot of time in the 2018 End of Year Special Edition looking back across the year, covering some of my best charts and calls (and some of the worst!). But this article provides a look at the most important part of that report... Show More

Collections
Livewire Exclusive

If 2018 were a boxing match, you would be Mundine and Mr. Market would be Horn. It only took you 96 seconds to be battered and bruised to the floor. What went wrong? What did you miss? Like Horn, markets have been unforgiving. Globally, we have seen one of the... Show More

Callum Thomas

This week it's a look at credit risk pricing in the Eurozone. This is a chart I've been using a lot in recent months, of course as of the last week it's looking a bit more interesting now! The reason why I've highlighted this chart in the past is that... Show More

Callum Thomas

This week it's the PE10 and the impact of the financial crisis. Specifically what we're looking at is how the PE10 or CAPE (Cyclically Adjusted Price to Earnings) ratio would look like if you excluded the impact of the crash in earnings during the financial crisis. The bottom line is... Show More

Callum Thomas

This week it's Emerging Markets sovereign CDS (Credit Default Swaps). The reason why I think this chart is really worth paying attention to is that after reaching a record low in mid-January, there has been a swift reassessment of risk in Emerging Markets. Typically when EM sovereign CDS turns up... Show More

Callum Thomas

I thought I would share some of my favourite free data sources on the internet, as I often get questions on where to find such and such or how to calculate this and that. In truth, for the overwhelming majority of my data I use Thomson Reuters Datastream (which is... Show More

Callum Thomas

This week it's the US Dollar Index. Unless you've been living under a rock (or maybe that saying should be updated - unless you've been living out of range of wifi), you will have noticed 2 key things about the US dollar index: 1. The US dollar bull market seemed... Show More

Callum Thomas

This week it's a chart of US REIT ETF Assets Under Management, but basically as a prompt to talk about some previous and upcoming changes to the ubiquitous GICS system. The previous change was implemented in September 2016 and saw the new Real Estate sector split out from financials. Sure... Show More

Oops, the video link doesn't seem to be working, here's the URL: https://www.youtube.com/watch?v=DVhi84Pjjeo

On The Base Metal Boost -

Hi James, Yes exactly. It's the net change in loan interest rate spreads to bank funding costs... essentially whether or not banks are factoring in more credit risk into the interest rates they charge their customers

On SLOOS is saying something about US High Yield Credit -