Treasuries records, Biden's plans, Britain's problems
The current quarter has been the worst for US Treasuries since 2016. And yesterday, the 10-year bonds yield exceeded 1.75%. Against this background the stock markets didn't show any big grow, and gold is being sold for the second day.
And this is despite there being something to get hold of in terms of positive. That's at least the Biden infrastructure plan to be divided into two parts and the first can be presented today. Importantly, they plan to finance this feast by raising the US corporate tax. So everything is not as straightforward as it might seem at first glance.
There are plenty of other reasons for concern. The scandal surrounding the hedge fund Archegos Capital Management yesterday continued the ripple impact, albeit of a smaller diameter. The banks were divided into those that suffered (Credit Suisse and Nomura) from the failure of the fund and those that got off with a slight fright (Goldman Sachs Group Inc. and Deutsche Bank AG). But judging by the fact that the hype is dying down, this event will not be a full-fledged crisis. A local problem, which is nevertheless a warning for all other lovers to buy at the tops of bubbles, and even with a leverage.
By the way, there's an interesting fact: institutional investors have been net sellers of stocks since December. And instead of buying shares, for some reason, they saved up cash (increased its volume by $128 billion).
In the UK, meanwhile, a survey of 1,500 firms was conducted on how they are doing after Brexit. As it turned out, not very much. We already wrote that UK exports to the EU fell 41% in January. So the survey showed that 23% of exporters temporarily suspended sales to customers from the EU, and another 4% decided to permanently stop sales there. It is perhaps unnecessary to comment on this somehow. The only thing to note is that the survey data are strongly discordant with the dynamics of the pound. It means someone is wrong: either firms that believe they have stopped selling, or the pound, which has climbed unreasonably high.
And this is despite there being something to get hold of in terms of positive. That's at least the Biden infrastructure plan to be divided into two parts and the first can be presented today. Importantly, they plan to finance this feast by raising the US corporate tax. So everything is not as straightforward as it might seem at first glance.
There are plenty of other reasons for concern. The scandal surrounding the hedge fund Archegos Capital Management yesterday continued the ripple impact, albeit of a smaller diameter. The banks were divided into those that suffered (Credit Suisse and Nomura) from the failure of the fund and those that got off with a slight fright (Goldman Sachs Group Inc. and Deutsche Bank AG). But judging by the fact that the hype is dying down, this event will not be a full-fledged crisis. A local problem, which is nevertheless a warning for all other lovers to buy at the tops of bubbles, and even with a leverage.
By the way, there's an interesting fact: institutional investors have been net sellers of stocks since December. And instead of buying shares, for some reason, they saved up cash (increased its volume by $128 billion).
In the UK, meanwhile, a survey of 1,500 firms was conducted on how they are doing after Brexit. As it turned out, not very much. We already wrote that UK exports to the EU fell 41% in January. So the survey showed that 23% of exporters temporarily suspended sales to customers from the EU, and another 4% decided to permanently stop sales there. It is perhaps unnecessary to comment on this somehow. The only thing to note is that the survey data are strongly discordant with the dynamics of the pound. It means someone is wrong: either firms that believe they have stopped selling, or the pound, which has climbed unreasonably high.
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