Daily Briefing – July 15, 2020

Published on
July 15th, 2020
Duration
29 minutes


Daily Briefing – July 15, 2020

Daily Briefing ·
Featuring Peter Cooper, Ash Bennington, and Roger Hirst

Published on: July 15th, 2020 • Duration: 29 minutes

Senior editor Ash Bennington joins managing editor Roger Hirst to discuss the latest developments in markets and macro. Bennington and Hirst consider the divergence of large-cap stock indexes and small-cap stock indexes, the DXY falling with the dollar weakening, and how the momentum of US equity markets is slowing due to Fed balance sheet tightening. They also dive into banking and explain why the recent earnings reports for some of the US’s large banks reveal the bifurcation of the real economy and financial markets. In the intro, Peter Cooper talks about Goldman Sachs’ 2020 Q2 earnings and explains why it exceeded expectations by a wide margin.

Comments

Transcript

  • DP
    David P.
    16 July 2020 @ 22:02
    D desert with eved FC a saw from de Dad de saw
  • rL
    remmelt L.
    16 July 2020 @ 20:44
    In the parlement of the Netherlands. Rutte president of the Netherlands said and leader of the frogile 5. That he will defend the points that France and Italy have to reform pension and labour farce before they get money. And that their will be no deal in this and the next summer meeting. So maybe this will do something with euro dollar
  • pt
    paul t.
    16 July 2020 @ 19:49
    hahahhah the boys are looking scruffy today!
    • pt
      paul t.
      16 July 2020 @ 19:49
      zoom drinking session last night lads?
  • RK
    Roger K.
    16 July 2020 @ 08:58
    Roger- So much experience and knowledge! - real gem to RV
  • SS
    Steve S.
    15 July 2020 @ 23:13
    Roger's hair LOL!
    • LK
      Lisa K.
      16 July 2020 @ 04:37
      corona hair
    • IP
      IDA P.
      16 July 2020 @ 08:17
      Ash's stubble!!
  • DC
    D C.
    15 July 2020 @ 22:45
    We either get a rotation to the upside, or we roll over. Profound insight hehe.
    • mw
      michael w.
      16 July 2020 @ 01:02
      Sideways the rest of the year it is!
    • RH
      Roger H. | Real Vision
      16 July 2020 @ 08:13
      Hi D C. It’s a fair point. I’ll win no prizes for that one! What I was trying to say is that, after being in a choppy range, some of the technical and cross asset observations suggest that the market is shaping up for its next decent move out of this recent range. I’ve reduced my equity holdings over the last 24 hours for the first time since the rally began – it’s only a small reduction, however, with a low level of conviction. I’m of the view that the risks are asymmetric to the downside, even if the next move is higher. My position adjustment is driven by my own risk tolerance levels and investment horizon, which will be different for everyone.
  • AS
    Alan S.
    16 July 2020 @ 07:50
    I love the new red rocket. Every time you come on I can hear someone saying "Houston, we have lift-off"!
  • NT
    Norman T.
    16 July 2020 @ 04:06
    Welcome back Roger, great to hear from you again.
  • dm
    darren m.
    16 July 2020 @ 03:11
    Good to hear from Roger again.
  • ED
    Edward D.
    16 July 2020 @ 01:17
    I'd like to know who is Roger's hair dresser.
    • DP
      Duane P.
      16 July 2020 @ 02:49
      I question the premise of your statement. XD
  • KB
    Keith B.
    16 July 2020 @ 02:24
    Your comments about London being a ghost town are frightening. Must have been like ‘28 days later’
  • BB
    Benjamin B.
    16 July 2020 @ 01:44
    Roger is now RogHair!!!
  • AW
    Angela W.
    16 July 2020 @ 01:24
    Hi Roger, Wells Fargo have $1T in an Off Balance Sheet vehicle called a VIE - Variable Interest Entities. Post Enron I get nervous at off balance sheet anything. Should we be nervous? (According to Frank Partnoy’s article in The Atlantic.)
  • MC
    Michael C.
    16 July 2020 @ 01:09
    Can we please have an interview with a subject matter expert (someone like Michael Pettis would be amazing if possible) around Rmb (CNY & CNH) and how China's decision to strengthen its currency at this particular point in time (only weeks after it looked like they needed to devalue) is important? Nobody is discussing this. CNY is having the ripple effects on FX markets (especially on AUD). Discussion around what China thinks it has to gain (rightly or wrongly) from a show of strength in Rmb in light of the geopolitical back drop would be very helpful. How sustainable is it and what does it mean from a macro perspective? Thanks.
  • PS
    Patrick S.
    16 July 2020 @ 00:44
    Great to see Roger back!
  • BB
    Bob B.
    16 July 2020 @ 00:21
    Oh dear - Covid-19 packs long lasting if not permanent damage Global evaluation of echocardiography in patients with COVID-19 https://academic.oup.com/ehjcimaging/article/doi/10.1093/ehjci/jeaa178/5859292?searchresult=1 And not just to those with serious symptoms!
  • BB
    Bob B.
    16 July 2020 @ 00:16
    Not hopeful news: https://www.reddit.com/r/COVID19positive/comments/hkzhha/whole_family_possibly_reinfected/ 3-4 months after recovery, increasing numbers of people are catching COVID-19 for a second time ☹
  • JA
    Jerram A.
    15 July 2020 @ 23:44
    Roger is the best. Deserves to be interviewed in his own right. Legend.
  • CS
    Carl S.
    15 July 2020 @ 23:17
    "Things can go up or down, depending on the situation" No shit.
  • BS
    Bevyn S.
    15 July 2020 @ 22:26
    Buy EUR/USD