How's no one talking about this?
The Industrial and Commercial Bank of China with $5.24T in assets is in free fall.
This is the largest bank in the world.
Every other major Chinese bank looks just as dismal.
Hard to believe something more systemic isn’t going on. pic.twitter.com/oeWcXv7bUG
— Otavio (Tavi) Costa (@TaviCosta) July 14, 2021
🌎 🇨🇳 Global investors’ exposure to Chinese assets surges to $800bn – FT
*Link: https://t.co/CmvIzF9gRE pic.twitter.com/SyZhbWWNCl— Christophe Barraud🛢 (@C_Barraud) July 14, 2021
Bank earnings reports:
JP Morgan Chase:
https://www.jpmorganchase.com/content/da…2f7999.pdf
Quote:Total Markets revenue of $6.8 billion, down 30%,
with Fixed Income Markets down 44% and Equity
Markets up 13%
Goldman Sachs:
https://www.goldmansachs.com/media-relat…esults.pdf
Quote:Net revenues were $15.39 billion for the second quarter of 2021, 16% higher than the
second quarter of 2020 and 13% lower than the first quarter of 2021.
Why are these major banks losing double-digit revenue in a bullish market where the prices of everything are increasing?
If only there were signs of excess. pic.twitter.com/cEID7RBFju
— Sven Henrich (@NorthmanTrader) July 14, 2021
But what else can they do?
Taper?
OK, then who is going to suppress interest rates at record debt to GDP?
This Fed is as trapped as it can be.
— Otavio (Tavi) Costa (@TaviCosta) July 14, 2021
The influx of federal aid to muni-bond issuers has papered over longstanding credit risks that threaten to come back to bite investors when the relief runs dry https://t.co/5tNQXWvnv3
— Bloomberg Markets (@markets) July 14, 2021
If you believe the Fed is omnipotent and can bailout everyone at the same time on their bad bets then bet accordingly.
Otherwise, this is an epic disaster wanting to happen.
It's as simple as that. The Fed has created a financial death trap and rampant morons took the bait. pic.twitter.com/XvqI3hUB7Y
— Mac10 (@SuburbanDrone) July 14, 2021
Insiders about to take a massive dump on retail pic.twitter.com/1qdySvxlnm
— MasterTrader (@Logan_JH1) July 14, 2021