Rappel : la liquidité c’est quand on croit que l’on peut vendre sans perdre!
Bloomberg (Lananh Nguyen): “The specter of shrinking liquidity gripping fixed-income desks globally is creeping its way into the world’s biggest, most liquid financial market. Amid conversations about central bank policy and algorithmic trading, it was concerns about diminishing liquidity — or the prospects of it drying up entirely during times of market stress — that dominated discussions this week at the TradeTech FX conference in Miami. Pension funds, hedge funds and other asset managers were seeking answers after a string of so-called flash crashes in recent months sent some of the world’s most-traded currencies plunging.”
Financial Times (Attracta Mooney and Madison Marriage): “Asset managers suffered record outflows from sovereign wealth funds in 2015 and have been warned to expect even greater redemptions this year as the oil price collapse drives governments to raid their state-owned investment vehicles. State funds pulled at least $46.5bn from asset managers in 2015 — far greater than the sovereign outflows recorded at the height of the financial crisis — in a bid to prop up their economies, according to… eVestment…”
Bloomberg (Matthew Philips): “One of the loudest creaking sounds coming from the markets right now is the global economy straining under a record pile of debt. The world has continued to borrow hand over fist since the financial crisis, adding nearly $60 trillion since 2007 in the process of pushing the worldwide debt load to $200 trillion, or nearly three times the size of the entire global economy. And that figure takes us only to 2014… But no matter how you measure, global debt levels are raising alarms over whether we’re on the brink of another debt-fueled economic meltdown. The potential for disaster depends on how contagious a new round of defaults would prove and whether writedowns in one part of the world could cause losses in others. That’s what happened in the last two major debt crises, which rippled through the global economy.”
New York Times (Edward Wong and Neil Gough): “This month, Chinese banking officials omitted currency data from closely watched economic reports. Weeks earlier, Chinese regulators fined a journalist $23,000 for reposting a message that said a big securities firm had told elite clients to sell stock. Before that, officials pressed two companies to stop releasing early results from a survey of Chinese factories that often moved markets. Chinese leaders are taking increasingly bold steps to stop rising pessimism about turbulent markets and the slowing of the country’s growth. As financial and economic troubles threaten to undermine confidence in the Communist Party, Beijing is tightening the flow of economic information and even criminalizing commentary that officials believe could hurt stocks or the currency.”
Mon commentaire: ce qui se passe en Chine est une caricature hard de ce qui se passe en soft chez nous.
brunobertez 