A meagre yield appetite
Were we wrong to say on Tuesday that the performance of US investment grade bonds this year was only “impressive” because they were just following Treasuries down the yield rabbit hole? SocGen’s big Q4...
View ArticleMoody’s downgrades a trio of French banks
Showing a flair for irony we would not expect from a US-based company, Moody’s has made Europe’s morning complete by downgrading the three big French banks. Continue reading: Moody’s downgrades a trio...
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SocGen: hedgies short euro against dollar “like never before”
A chart from SocGen’s latest Hedge Fund Watch showing that as of last week, hedge funds were short the Euro against the dollar “like never before”… Continue reading: SocGen: hedgies short euro against...
View ArticleInflation targeting, back in the frame
We know who’s brought this on. It was Ben Bernanke, last week, with confirmation of the Fed’s 2 per cent inflation target. We suspect it’s one debate that is going to grow in intensity. First to Bruce...
View ArticleAlbert the (financial) Populist
Albert Edwards is with Terry Smith on this one. If Shredded Fred must lose his knighthood, then certain other players in this game of bubble and crunch need to forego an honour or two. But while Smith...
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A fistful of legacy dollars, at SocGen
More huge numbers on US dollar asset deleveraging in a French bank’s end-2011 results, on Thursday. Societe Generale got rid of $55bn in funding needs in the six months from June 2011: Continue...
View ArticleSocGen fourth-quarter profits tumble
Société Générale, France’s second-largest lender, on Thursday reported a near 90 per cent drop in fourth-quarter profits, following losses at its investment bank and further writedowns on Greek...
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Europe’s new house
Via SocGen, click to expand, but careful not to blow on it — it gets creakier the higher up you go: Continue reading: Europe’s new house
View ArticleThe market for “independent thinking”
We were NFI on the occasion of the 39th annual Thomson Reuters Extel survey awards ceremony, held at London’s Guildhall on Tuesday. But we shouldn’t allow that to stop us sharing the results....
View ArticleHow do company execs trouser QE cash?
Follow the money. A central bank buys government debt. Prior holders of said debt are forced to invest elsewhere. Some are drawn to the corporate bond market, where a similar process repeats itself:...
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The Albert Edwards Show (with friends)
LIVE from the Marriot on Grosvenor Square… Continue reading: The Albert Edwards Show (with friends)
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Europe’s anaemic earnings story
There are no Googles and Apples in Europe. So Societe Generale’s global quantitative research team pointed out on Monday morning. They are not the first to say so, but the analysts use it to help...
View ArticleRoar of the permabear
Albert Edwards, the SocGen strategist who first began advocating a big holding of long government bonds seventeen years ago, would like to bring to your attention news overlooked during the Easter...
View ArticleSocgen remains committed to Russia (just in case you were wondering)
As the FT reports on Wedneday, France’s Socgen has taken a €525m writedown on the goodwill of its Russian assets, becoming the first big Western bank to suffer significant financial damage from the...
View Article“If I am right, the S&P would fall to 550, a 75% decline from the recent 2100...
Dan McCrum, in his new-ish role as the FT’s Capital Markets Editor, went along to the Albert Show on Tuesday – the annual SocGen strategy presentation fronted by the bank’s famous (equity) bear Albert...
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