Fed’s ghost programs: $600bn Main Street Lending Program has made $3.7 bn in loans $500bn Municipal bond facility has bought $1.7bn Fed set aside $750bn for corporate bonds & ETF: bought $13bn. @JamesPoliti @colbyLsmith Ask when Fed will actually act. ft.com/content/a771ea… https://t.co/scLZnHQ7IA
In 1990s Daniel Yergin was the great master narrator of the unipolar moment: The Prize, The Commanding Heights. Where is the epic narrator of global energy pol econ now? I did a review of Yergin’s latest in NYT. H/t @HelenHet20 nytimes.com/2020/09/15/boo… https://t.co/c2efd6eZV5
"Imports into China hit their highest dollar amount in Sep – $203bn – as world’s 2nd-largest economy increased purchases of iron ore, agricultural commodities and semiconductors as part of an accelerating recovery from coronavirus.” = 11% of world imports ft.com/content/4ce84d… https://t.co/UPObIg9hVk
How high can yields go? @colbyLsmith puts one of the big questions of election week. A Blue Wave would suggest big deficits and more growth to come -> suggests a Treasury sell-off. But with Fed intervention, how far can bond yields really go? ft.com/content/171357… https://t.co/WAycoMTlP0
"Most of those looking to follow Mr Trump, such as Mike Pompeo, his secretary of state, or Tom Cotton, the Arkansas senator, are harder-line versions of him without the caprice.” Great line from @EdwardGLuce Mental note: use “caprice” more often. ft.com/content/b43517… https://t.co/Hs3PeAF3ce
Last week International Finance Facility for Immunisation attracted $1.5bn in bids for a $500m bond at 0.44 % to raise funds for Gavi corona vaccination effort. Bond backed by aid pledges mainly from UK&France and shares their AA credit rating. ft.com/content/08c50f… https://t.co/Z1I1E4Z1io
"2020: A Global Crisis Like No Other?" – Video from an excellent discussion with Mary O'Sullivan (@UNIGEnews) youtu.be/o27NrQbZQh8 via @CentreMarcBloch I took the introduction of the new book for a seminar outing. https://t.co/rxCSWQv9CL
“Simple fact is that since 1900, $10,000 invested in DJIA only when Republicans were president would have grown to about $100,000 (4.0 % annualized) v. $430,000 if you invested when Democrats were president (6.1 %)." @LizAnnSonders of @CharlesSchwab ft.com/content/564c57… https://t.co/VzJzFuoA08
“In a world where oil was the only game in town, there was a sense that things will always come back. But it isn’t the only game in town now,” Charles Donovan @ImperialCCFI European oil and gas stocks have lost 53% of stock market value this year. ft.com/content/4eb74a… https://t.co/997oWgxNUq
"Moderna has received more than $1bn in deposits from Govs for its potential Covid-19 vaccine, highlighting how the pandemic has transformed the fortunes of the lossmaking US biotech.” Whats the best thing to read on Moderna’s balance sheet? @hannahkuchler ft.com/content/ad4572… https://t.co/3h0b8qx8I8
"The US gerontocracy resembles the later, decrepit phase of the Soviet Union.” I did an election-eve piece for @guardian on where American democracy is now. H/t @NickCohen4 Very cool @matt_illo illustration! theguardian.com/commentisfree/… https://t.co/qY0ayP8lkr
"Big European oil and gas companies have shed more than €360bn in market value this year while renewable energy stocks and technology companies focused on cleaner fuels have surged.” @AnjliRaval @humenm ft.com/content/4eb74a… https://t.co/zGJokrqV3A
July recovery package deal flipped narrative in the EU from euro gloom to optimism. Thing is … the deal was never actually done. Come Nov & argument with EU parliament continues. Nat Govs backed by ECB bond-buying remain core of the corona response. ft.com/content/613cae… https://t.co/JzCzzAD8Wx
“Instead of a Covid vaccine, a “Instead of a Covid vaccine, a lethal dose of bearish infusion is being administered to the financial and oil markets,” said Tamas Varga at oil brokerage PVM in London -> oil crashed below $40 it had been holding since summer ft.com/content/1b5f20… https://t.co/xMtWVtULFc
RT @heimbergecon: Due to the second round of lockdowns, public debt ratios will increase even more than recent forecasts suggest. Problem i…
“We like the landscape … The problems are disguised due to various government schemes. But going into 2021 there will be a lot of pain coming to the fore.” Claire Madden (Connection Capital) articulates sadistic worldview of distressed debt merchants. ft.com/content/ca5fbc… https://t.co/Nu0b7Nx5Ce
RT @LiorSteinberg: Rotterdam metro train went tonight through a stop block and ended up over an artwork, creating an even more interesting…
RT @nssylla: @adam_tooze @madeline_woker Indeed, that's true. It makes me laugh whenever French officials say the CFA franc (peg to the eur…
@Kieran_1_ @HelenHet20 Wow … @HelenHet20 did a podcast with Daniel Yergin about his Maps book.
@Boubs4444 @RiouxRemy @nssylla @madeline_woker Great point. If Cote d’Ivoire FDI from France is same as that of Senegal in per capita terms, I would guestimate that it was around 3 bn euro -> ahead of South Africa. Perhaps someone has figures. @FT @davidpilling
RT @bucephalus424: Probably posted this before but something I think about a lot is how over half of all the people killed in WWII were eit…
“Controversial legacies are not unusual in Germany. What is unusual is how long @thehertieschool has taken to deal with its past.” ft.com/content/95b8f5… @her_tietz is calling for historical study of Nazi aryanization in line with best practices. hertietz.de/our-demands/ https://t.co/cWVJMP20uf
QME – qualitative military edge is a promise to Israel that the US enshrined in law in 2008. In this paper a bunch of US experts tried to formalize what this implies for US decision-making on arms sales. Can anyone recommend anything to read on this? meforum.org/1824/augmentin… https://t.co/Ql52rt84bt
"US state department has notified Congress that it intends to sell 50 F35 fighter jets to UEA, after Israel dropped its objections. By law, the US is obliged to ensure Israel has “qualitative military edge” in the region." Must admit, I did not know this. ft.com/content/08f78e… https://t.co/GHpaah5wop
If the world learned in 1916 that American presidential elections were pivotal to global politics, in November 1918 it learned that control of the Senate was vital too. The 1919 Treaty fight would “break the heart of the world”. A new piece for @guardian theguardian.com/commentisfree/… https://t.co/81BgljV6qG
"Fitch Ratings forecasts that the junk bond default rate will stay at about 5 per cent until 2022, for a cumulative, three-year default rate of 15-18 per cent. That compares with a three-year cumulative default rate of 22 per cent in 2008-10." ft.com/content/ca5fbc… https://t.co/ibdgI75D4I
Exxon sees a major LNG project in Mozambique as a “highway to India”. ft.com/content/30ffa5… businesstimesafrica.net/index.php/engi… https://t.co/oFBIBiKEOL
"Bank of America estimates that central bank asset purchases have globally averaged about $1.5bn an hour this year, containing what analysts say would otherwise probably be a brutal spike in corporate defaults.” @RobinWigg Indap ft.com/content/ca5fbc… https://t.co/zVBXKynR1C
In absence of reliable grid electricity, developing economies around the world rely on diesel generators. In Nigeria 70% of firms own or share a unit. Generators provide at least 14 GW pa dwarfing 4 GW supplied by grid. reuters.com/article/us-nig… https://t.co/f7UhTHj6iA
In 2011 Exxon made a shale gas play in … GERMANY! You gotta hand it to them. ft.com/content/30ffa5… https://t.co/A5OXxNW6CB
“It’s a moment in time where the opportunity set is so rich”. Distressed debt investors have raised c. $100bn to exploit covid crisis. But so far the pickings are not as good as in 2008! Central banks are spoiling their party. Darn … @RobinWigg Indap ft.com/content/ca5fbc… https://t.co/0tke9mcqkF
“Nigeria is fuelled by off-grid diesel and by developing gas the government is really going to be retiring that diesel generation in-country and replacing it with gas.” Reserves=5.3tn cubic metres, which is about 37 % of known African gas reserves ft.com/content/3c7ecb… https://t.co/p2AKjszGXO
RT @Gilberto42: #USPolitics Adam Tooze: "An increasingly morbid and dangerous spectacle." twitter.com/adam_tooze/sta…
“Exxon was a superpower — a blue-chip stock, a firm with a calling card to foreign leaders that rivalled top international diplomats, and with geopolitical savvy that bested most intelligence agencies” “But no more does it have this status” Amy Myers Jaffe ft.com/content/30ffa5… https://t.co/TDtH71rSb6
RT @RebeccaSpang: How do revolutions–periods of great political, social, cultural uncertainty + possibility–happen? I have been thinking…
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