Public/Private Ventures, Philadelphia, PA

Surviving, and Thriving Maybe, on Vouchers: A Guide for Organizations Making the Transition to Individual Training Accounts under the Workforce Investment Act. This booklet, which is intended for organizations making the changeover to specific training accounts (ITAs) under the Workforce Investment Act (WIA), points out how educational and training institutions can make vouchers work to them. Sponsor: Mott (C.S.) Foundation, Flint, MI.; Ford Foundation, NY, NY. Authoring Institution: Public/Private Ventures, Philadelphia, PA.

Derivatives and leveraged speculation run amuck. Wild market gyrations weren’t limited to European bonds. Ten-year Treasury produces, after trading up to 3.13% the previous week, sank to 2.76% in Tuesday trading. A semblance of calm came back to Italian (and periphery) markets with Friday’s swearing in of politics newbie Giuseppe Conte as Italy’s new leading minister.

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Meanwhile in Madrid, socialist Pedro Sanchez appears poised to displace Mariano Rajoy who experienced a humiliating vote of no self-confidence after members of his People Party were convicted in a wide-spread political problem scandal. The immediate risk to the euro may have subsided, but the politics instability that has erupted in the eurozone’s periphery will overhang progressively fragile European financial marketplaces.

If messy European politics weren’t enough, there were the Trump Tariffs. With the tiny caps ending the week at all-time highs, that is clearly a rather balmy market chill. Believing strong equities stay presidential Priority One, markets scoff at administration trade threats now. Surely, tariffs are but a negotiating ploy to extract favorable trade concessions. But if markets don’t take the administration’s trade threats seriously, why would our trading companions/adversaries?

And that people are negotiating trade conditions with various celebrations concurrently, why wouldn’t these countries be motivated to all covertly band collectively in a technique to forcefully nip Trump’s Tariffs in the bud. I understand market complacency regarding steel and lightweight aluminum tariffs. It’s the unfolding trade confrontation with China with the distinct potential to rattle markets. A lot more than trade, it’s a brewing battle royale pitting the world’s lone superpower against the aspiring superpower.

And as fissures continue steadily to surface in Chinese Credit, I could envisage Beijing contriving scenarios where they will place blame upon the U.S. It’s worth mentioning that the Shanghai Composite decreased 2.1% this week, thursday at a one-year low trading. China’s currency declined 0.45% vs. Largely overlooked as attention considered Italy, stress continuing to attach in EM.

It was another week of important corroboration of the Global Bubble Thesis. Market historians might look back at Tuesday’s Italian debts “adobe flash crash” and sovereign bond dislocation as another warning of impending illiquidity and general market mayhem. How much leverage and systemic risk are inlayed in perceived low-risk derivative trading strategies? Take into account that it’s not uncommon for U.S. The S&P500 rallied to record highs after the subprime eruption in 2007. U.S. July 1998 – only weeks from near Financial Armageddon. The week at 1 Three-month Treasury costs rates ended.87%. Two-year government produces were little transformed at 2.47% (up 59bps y-t-d).

Greek 10-yr yields jumped 10 bps to 4.47% (up 39bps y-t-d). Japan’s Nikkei 225 equities dropped 1.2% (down 2.6% y-t-d). Japanese 10-year “JGB” produces added a basis indicate 0.05% (unchanged). France’s CAC40 dropped 1.4% (up 2.9%). The German DAX equities index lost 1.7% (down 1.5%). Spain’s IBEX 35 equities index sank 2.0% (down 4.1%). Italy’s FTSE MIB index slipped 1.3% (up 1.2%). EM equities were mixed.