The September Airline Massacre in Europe by MC01 • Sep 24, 2019 • 82 Comments And these are still the good times, with growing passenger traffic.
Altria Rues the Day it Plowed $13 Billion into Super-Unicorn Juul by Wolf Richter • Sep 23, 2019 • 126 Comments Dark Side Comes to the Fore: Juul is the Second Highest Valued US Unicorn, Behind WeWork Which Crashed & Burned. Now it’s Juul’s Turn.
Thomas Cook Collapses, up to 600,000 Travelers Stranded in Hotel & Airline Chaos, Triggers “Biggest Peacetime Repatriation in UK History” by Nick Corbishley • Sep 23, 2019 • 72 Comments Rescue deal fell through at the last moment. China’s Fosun and other shareholders are toast. Creditors get to fight over the debris.
Asset Class of Vintage Cars Drops into Bear Market, Down by More than in 2008/2009 by Wolf Richter • Sep 22, 2019 • 127 Comments “Expert sentiment is at its lowest point since October 2010, largely due to market observers’ reactions to the Monterey auctions.”
Use of “Hidden Debt Loophole” Spreads Among Australian Corporations by Nick Corbishley • Sep 22, 2019 • 66 Comments Situation already so bad that hiding debt becomes a priority?
Fed Admits Failure of ‘Plan A’ to Control Money Market Rates, Shifts Back to Repos (which was ‘Plan A’ till 2008) by Wolf Richter • Sep 20, 2019 • 161 Comments The hullabaloo in the repo market torpedoed the function of Interest on Excess Reserves and forced the Fed to go back to the future.
Unstoppable Negative Yields Suddenly Become Stoppable by Wolf Richter • Sep 20, 2019 • 45 Comments Snapback Bloodletting in the Overripe Bond Market.
Canada’s Most Splendid Housing Bubbles, August Update: Vancouver Spirals Lower by Wolf Richter • Sep 19, 2019 • 52 Comments House prices in Toronto still below 2017 peak. Montreal, Ottawa hit new highs. Quebec City about flat with Jun 2013. Edmonton back to Oct 2007. Calgary rises to March 2014 level.
Interest Rate Derivatives Trading Explodes to $6.5 Trillion/Day by Nick Corbishley • Sep 19, 2019 • 19 Comments A gigantic spike in three years. The UK dominates.
Fed’s Powell: No Negative Interest Rates at Next Crisis by Wolf Richter • Sep 18, 2019 • 117 Comments The Fed has different priorities than the ECB, the Bank of Japan, the Swiss National Bank, et al.
