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Февраль 2016

Регулятор видит простор для монетарного стимулирования экономики, не ожидает дальнейшего ослабления юаня к доллару Народный банк Китая (НБК, Центробанк страны) в понедельник принял решение о снижении нормативов резервных требований для всех банков на 0,5 процентного пункта до 17%, чтобы стимулировать экономический рост, сообщает агентство Bloomberg. На этой неделе власти Китая должны объявить целевые показатели экономики на 2016 г., включая показатель роста ВВП. «[Решение ЦБ] призвано обеспечить плавный, умеренный рост кредитования в экономике и создать благоприятный климат для структурных реформ», — говорится в сообщении НБК. В минувшую пятницу председатель НБК Чжоу Сяочуань заявил, что видит пространство для дальнейшего монетарного стимулирования экономики

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One of the big problems with the artificial equity rally of the past 7 years is that virtually all of its has come on the heels of a historic splurge in stock buybacks: after all even Goldman recently admitted that buybacks have been the sole source of stock buying in recent years. This in itself would not be so troubling if it weren’t for the source of funds used to finance these relentless stock repurchases. Amazingly, if one nets out all other sources and uses of S&P500 corporate cash, virtually every dollar in buybacks has been funded by a dollar

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Reforming a sector burdened by debt and overcapacity is critical to restoring growth in the economy On a rainy afternoon at one of China’s largest shipyards, workers taking a break from welding cluster beneath the hulls of half-built vessels to keep dry. Despite the collapse in freight rates that has ravaged the shipping industry, the yard at Shanghai Waigaoqiao Shipbuilding is not short of business. A worker could ride his bicycle across the 1.1km yard entirely under the line of partial hulls. High quality global journalism requires investment. Please share this article with others using the link below, do not

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The trend we flagged in November of 2014 continues unabated. When the Saudis moved to artificially suppress crude prices in an effort to preserve market share by bankrupting the cash flow negative US shale space, Riyadh was gambling. Gambling on how long US producers could rely on wide open capital markets to keep them afloat. Gambling on how tolerant everyday Saudis would be should it become necessary to cut subsidies to shore up the budget. Gambling on the extent to which the market would test the riyal peg. And on and on. In short, the kingdom was betting that it

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A little under one year after the ECB launched its own QE of €60 Billion/month in bond purchases in early March 2015, a process which has resulted in the ECB monetizing over €670 billion in European — mostly German — sovereign paper, moments ago Eurostat reported European February inflation (even though the month is not over yet), and it was a shock, with headline inflation tumbling form +0.3% Y/Y in January to a depressing -0.2% in February, the worst print since January 2015. It was expected to drop to «only» 0.0%. The decline is largely due to a big decrease

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$52 billion of bonds, $42 billion of loans due this, next year Refinancing challenging with slow growth, rating downgrades Gulf Cooperation Council countries may struggle to refinance $94 billion of debt in the next two years as the region faces slowing growth, rising rates and rating downgrades, according to HSBC Holdings Plc. Oil-rich GCC states have to refinance $52 billion of bonds and $42 billion of syndicated loans, mostly in the United Arab Emirates and Qatar, HSBC said in an e-mailed report. The countries also face a fiscal and current account deficit of $395 billion over the period, it said.

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