It is the 25th of June 2017

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"Sell In May"... And Buy Bonds?

That SocGen's Andrew Lapthorne has long held a cynical view of the stock market's relentless grind higher, similar to that of his colleague Albert Edwards, is not a secret: he made as much clear in the first sentence of his latest note to client "time to sell equities to buy bonds?" in which he said that "to the apparent surprise of many, last week the S&P 500 actually fell, losing 1.82% on Wednesday alone, the worst daily return since September last year. That such a song and dance was made about it was probably more a function of the subdued nature of equity markets recently than the actual performance impact itself - after all the S&P 500 ended the week only down 0.4%."

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We Now Know "Who Hit The Breaks" As Loan Creation Crashes To Six Year Low

The wheels are about to fall off the US bank loan market.

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These Eleven Retailers Will File For Bankruptcy Next, According To Fitch

One month ago, we presented a stunning fact from Credit Suisse: barely a quarter into 2017, [annualized] year-to-date retail store closings have already surpassed those of 2008.

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Was Asia's Largest Commodity Trader The Big Silver Seller?

We first brought the world's attention to Noble Group in 2015, as commodity markets crashed and what was Asia's largest commodity trader faced near-bankrutpcy as trading partners lost faith, bonds were dumped, and CDS protection was bid. In the months since, panic subsided and everything  - as it always seems to have been - was fine... until last week!!

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