No Greek Deal Yet

Global equity markets, especially European markets, are sharply lower this morning after there was no deal in Greek deal over the weekend. Greek PM Tsipras, in a move of political “CYA,” realized late Friday/early Saturday that he would get no more concession from Europe for a Greek deal, and decided to hold a national referendum[…]

The Five-Point Greek Drama

Headlines turned negative with regards to Greece, and starting Wednesday morning it became clear that European creditors wanted changes to the latest Greek proposal. Ah, the Greek drama continues. Will it ever end? That Greek drama narrative continued overnight as rhetoric became more heated, with Greek Parliament members accusing the Euro Group of “blackmail.” The[…]

Believing in Higher Rates

The broad markets were basically unchanged Tuesday, with little volatility among sector trading. The only notable development yesterday was the continued massive underperformance of “bond proxy” sectors such as utilities and REITs, and the outperformance of “higher rate” sensitive sectors such as banks. Could this mean that the bond market now finally believes in higher[…]

The Latest Greek Developments

The Greek debt deal has changed color over the weekend, and the latest Greek developments are optimistic for a deal. In fact, the optimism over the latest Greek developments is sending risk assets sharply higher Monday morning after Greece has apparently “blinked,” and proposed more drastic reforms. That is helping risk assets rally but keep[…]