Archive for October, 2011
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China, Real Estate. 12 October, 2011, 18:24
China Real Estate: The Withdrawal Of The Withdrawal Of Purchase Restriction
Yesterday, Foshan government withdrew the plan to withdraw the real estate purchase restriction within a day.
Politics & Society. 12 October, 2011, 14:27
Hong Kong Policy Address 2011-12: Resumption Of HOS
The government finally decides to resume the Home Ownership Scheme (HOS) in an “enhanced” form. Nothing too dramatic, however, has been announced.
Fights In The Stock Market: Air Force Vs. Surface-To-Air Missile
The bears vs. bulls fight is becoming a battle between an air force doing strategic bombing and an army running out of surface-to-air missiles.
China, Financials. 11 October, 2011, 23:26
Central Huijin Buying Chinese Banks Doesn’t Mean Shares Prices Will Not Drop More
Central Huijin’s purchase of Chinese banks is really a useless gesture. Even though banks will be backstopeed in a crisis, shareholders can still suffer.
Internationalisation Of Chinese Yuan And The Historical Precedents
Internationalisation of one’s currency requires three conditions: economic size, confidence in the currency, and depth of financial markets.
On That Market Bounce
It should not be hugely surprising as the markets around the world are bouncing off the lows we saw last week. I still resist the temptation though.
Nobel Prize In Economics 2011 Goes To Thomas J. Sargent and Christopher A. Sims
Nobel Prize In Economics 2011 Goes To Thomas J. Sargent and Christopher A. Sims “for their empirical research on cause and effect in the macroeconomy”
China, Financials. 10 October, 2011, 18:50
Central Huijin Is Buying Chinese Banks’ Shares
Central Huijin is buying shares of Chinese banks to”supporting the steady operation and development” of these banks and “stabilizing their stock prices”.
Cross asset, Markets. 10 October, 2011, 15:22
Want to Short China Now? It’s Not Too Soon, But Too Late
As the problems with the Chinese economy rise above the public consciousness, the best time window for making bearish bets has been behind us.
Short Selling Ban Is Not The Answer, Says New York Fed
New York Fed’s research suggests that short-selling has nothing to do with market decline. Those who got the recent fall wrong should blame someone else.
China, Real Estate. 10 October, 2011, 2:39
China Real Estate: The No-Longer-Golden Golden Week
The Golden Week for real estate sales is no longer golden now. Transaction volumes in various cities of China fell to multi-year low.
Politics & Society. 9 October, 2011, 22:14
Hong Kong Policy Address 2011-12: What To Expect For Housing Policy
The government may do something to curb prices, but it will not be consequential. Property prices are still set to fall regardless.
China’s Underground Lending: A Shocking 90% Families In Wenzhou Are Involved
A shocking 90% of households in Wenzhou are involved in the underground lending, and Dong Tao of Credit Suisse considers this as a time bomb.
Is Chinese Yuan Really A One-Way Upward Bet?
The US might want to force China to stop manipulating the currency, but be aware that you are not guaranteed to get what you want.
Europe: European Central Bank Keeps Interest Rate Unchanged At 1.50%
The European Central Bank keeps main interest rates unchanged. Jean-Claude Trichet will host his last post-rate decision presser as the president of ECB.
Economy, United Kingdom. 6 October, 2011, 19:03
Bank of England MPC Keeps Interest Rate Unchanged, Launches QE 2
Bank of England keeps Bank rate at 0.5%, and increase the asset purchase programme to £275 billion, launching the second round of quantitative easing.
Bob Janjuah: Market Bounces On “Incredible Assumptions”
Bob Janjuah thinks that the markets rally on some “incredible assumptions”. He expects the markets to rally, and expect another leg down next year.
Financials, World. 6 October, 2011, 16:26
European Banking Stress Update
Euribor-OIS spread remains elevated, and banks are tapping the ECB’s lending facility more frequently, showing that banks aren’t willing to lend to each other.
Companies. 6 October, 2011, 14:18
R.I.P. Steve Jobs, The World Will Miss You
You may not be an Apple’s fan, but you can’t deny Steve Jobs’ contribution to the world and technology. R.I.P, the world will miss you.
Rebalancing Chinese Economy: That Almost Impossible Math
The rebalancing of the Chinese economy into a consumption-driven one is very difficult, if not impossible.