Daily Note – Death, Taxes & Margin Calls


  • The unravelling of the QE era
  • Global equities getting hammered
  • All eyes turn to Jackson Hole for clues

Good morning,

There are a few certainties in life, death, taxes and margin calls. Carry trades, financed on margin are breaking down and punters are having to sell what they can to find cash to pay margin. This is happening all over the market right now and as a result, equities are being hammered.

There is clearly some significant deflationary worries inherent in oil prices at $40 and commodities tanking, and yes the idea that China may be a one party state that believes it can buck the market has clearly spooked punters, however, it is the monumental debts built up in the QE era that is unravelling before our eyes.

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GlobalMacro360 Daliy Note 25th August 2015


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