The Traderszone Network

JP Morgan on the Reserve Bank of Australia
Looking for a cut in the first half of 2018
– Previously the bank was looking for a cut in the second half of this year

With the US shale industry producing at near-record levels as oil prices languish around $50 a barrel, cities in oil-dependent states like Texas are resorting to increasingly creative means to compensate for the shortfall left by falling energy revenues, including selling off public assets, like Houston just did.

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Liquid alternatives rose in May and outperformed their hedge fund brethren, with the Wilshire Liquid Alternative Index – a representative baseline for how the broad liquid alternative investment category performs – returning 0.34% in May.

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While there was nothing markedly new from Jeff Gundlach in his latest monthly webcast, it appeared that the DoubleLine CEO either had just read or otherwise agreed completely with JPM’s Marko Kolanovic, who as we noted earlier, warned that even a modest spike in vol coupled with a plunge in liquidity, could lead to “catastrophic losses” for the year’s best performing strategy: short convexity, or otherwise selling volatility. Recall what JPM said.

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Many investors have strong opinions on stock-buyback initiatives. Some shareholders like their companies removing shares from the table, which can boost per-share earnings over time. Others are adamant that a company’s cash should be used more wisely than buying its own stock, to fund areas such as research and development that can help fuel long-term growth. Given the debate around buybacks generally, and since there are other factors that determine if such initiatives make good business sense, should (NASDAQ: ADBE) current efforts to reduce share dilution make investors happy?

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China data for May 
Industrial Production y/y 6.5% – a beat
–     expected 6.4%, prior was 6.5%

And, for the industrial production YTD y/y 6.7%