Thursday, 18 June 2015

A few macro and related stories today

Greece – so big European finance ministers meeting later today. Nice article highlighting the key Greece dates going forward (paywall):

Thursday June 18: Best chance for a deal
Friday June 19: The morning after
Sunday June 21: Possible emergency summit
June 22 onward: Worst-case scenarios
June 25: Any other business
June 30: Expiration date
July 1: Uncharted territory
July 20: Drop-dead deadline

Greece #2 – Perhaps influenced by continued Greek deposit outflow (€320 mln on Mon, €500 mln on Tue and €950 mln Wed), the Greek central bank is ‘playing with political fire’ but publicly falling out with the Greek government as per this link.  I would kind of agree...

Meanwhile talking about Greece...the best FT letters today – Grexit, coup d’etat, James Dean’s death playing chicken…

China - via @HaidiLun the interesting observation that 'China bears growling loud today. BAML- biggest bubble since 2000, 30% fall when it bursts. CS- recovery a 'mirage', A-share crash in 6 mths'.

Meanwhile this morning property prices better today…not so negative...

(h/t @RealPhatDragon)

...and better property prices led to this lunacy:

More Shenzhen owners decide to cancel deals as home prices continue to rise
Homebuyers sue vendors over cancelled deals after policy support measures fuel rebound

Talking about China a good chart on emerging markets/China/steel from today's FT:

The Shanghai bourse after its greater run is consolidating below the 5,000 index point level: 

Fantastic – how many ‘clever’ people got this wrong!

 (h/t @lindayueh) 


  1. 5p for the ball and 1.05 GBP for the bat. If you answer 10p then you read the question sloppy and to answer "None of the above." I guess you simply do not know how to calculate... at all. This is indeed sad and what are those people in charge off again?

    1. I agree. The organisation worryingly is the International Organization of Securities Commissions (IOSCO). People who really should know better! Interestingly I used this example once in a presentation of my own...and the approximate result was the same!