Highlights
If you are seeking out “tail risk,” and every CIO should be, then the heart of the deeply leveraged and opaque “shadow banking system” is one place to begin
We have a situation where banking sector credit and deposits are both contracting, and we are supposed to be witnessing some new secular era of inflation? Really?
Everyone is so myopically focused on the “hawkish pause” in yesterday’s BoC press statement but central banks never ever sound dovish at the peak in rates – fade the rhetoric
Not even “less negative” YoY trade data out of China for August managed to spin the dial in a positive fashion (maybe because the trends are still negative, simply put)
While We Were Sleeping
Soft start to the day for the equity markets — right after the S&P 500 sliced back below its 50-day trendline (ditto for the Dow and Russell 2000; as well as for the Invesco S&P 500 Equal Weight ETF, which slid -0.3% after faltering -1.2% on Tuesday; the Nasdaq is riding a three-day losing streak).
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