Fears are growing that HSBC bank is insolvent, after the Bank refused cash withdrawals and has an $80bn blackhole in their balance sheet.
It would appear the fears of a global bank run are spreading.
Judging by the reaction from SocGen and JPY crosses (and thus global equity markets), the Turkish Central Bank's decision - to tighten aka ubertaper - has solved all the tapering, tantruming, turmoiling problems in markets.
“Bloomberg reports ‘My Bank’ – one of Russia’s top 200 lenders by assets – introduced a complete ban on cash withdrawals until next week. While the Ruble has been losing ground rapidly, we suspect few have been expecting bank runs
Around the world, emerging markets are tumbling. Their currencies are getting slammed and equity markets are selling off.
This year, the Nobel Prize for economics went to two American professors and one British-Cypriot academic.
Economic meltdowns are hardly impossible in Argentina.
THE FRAGILE FIVE: Here's What's Happening In The Five Emerging Markets Causing Chaos In World Markets
In November 2012, Moody’s downgraded Sony’s long-term debt rating to one notch above junk status. That marked the second time in a month Sony was hit with a downgrade. On Monday, Moody’s pushed Sony’s rating to Ba1—aka junk status.
James Turk believes the time we live in now will be studied by future historians for generations to come.
FX markets featured significant volatility in the past week, though the driver of that volatility was a combination of several idiosyncratic factors, rather than a core underlying narrative.
As if emerging markets didn't have enough things to worry about following a week in which both the Turkish and Argentina currencies are in free fall, overnight we got a stark reminder from Thailand that the country where the 1997 Asian Crisis origina
Have you been paying attention to what has been happening in Argentina, Venezuela, Brazil, Ukraine, Turkey and China?
The International Monetary Fund's managing director warned Saturday of the risks posed to global economic recovery from the reduction of the U.S. Federal Reserve's monetary stimulus and falling prices in the eurozone.
Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.
If you bank at HSBC in England, don’t plan on making any large cash withdrawals. At least not without a good explanation. Or, maybe even a permission slip. That’s because a previously unannounced change in banking policy is blocking some customers
The worst sell off in emerging-market currencies in five years is beginning to reveal the extent of the fallout from the Federal Reserve’s tapering of monetary stimulus, compounded by political and financial instability.
This time, the Federal Reserve has created a truly global problem. A big chunk of the trillions of dollars that it pumped into the financial system over the past several years has flowed into emerging markets. But now that the Fed has decided to be
Having spent weeks talking amongst themselves about the chronic and dangerous rise of youth unemployment in Europe (as we warned here), the Center of planning and Economic Research in Greece has proposed a controversial measure.
While the world of speculative capital is focused intently on the Twitter and Facebook #Ref/0 fundamental valuations in the publicly-traded equity markets, as the WSJ illustrates, the real dot-com 2.0 bubble is occurring in the private markets.
Over the past two trading sessions, the S&P 500 has staged its biggest two-day slide since June 20, and Treasuries are ripping in what appears to be the return of the classic "risk-off" trade.
Again, Argentina? Printing their way into collapse and default like 2001? The IMF and Creditors have them by the short hairs now (sigh) say good-bye to your national assets. Greece 2.0... or can Chinese investment rescue them?
As the saying goes, ‘desperate times call for desperate measures.’
While most of the attention in the Chinese shadow banking system is focused on the Credit Equals Gold #1 Trust's default, as we first brought to investors' attention here, and the PBOC has thrown nearly CNY 400 billion at the market in the last few d
With chatter that over $3 billion has been thrown into the FX market to buy Turkish Lira, it appears the central bank is losing control quickly and Turkish stocks are tumbling.
Crippled eurozone to face fresh debt crisis this year, warns ex-ECB strongman Axel Weber ... Ex-Bundesbank head Alex Weber expects fresh market attacks on eurozone this year and economist Kenneth Rogoff says the euro was a "giant historic mistake." .
Have you been paying attention to what has been happening in Argentina, Venezuela, Brazil, Ukraine, Turkey and China? If you are like most Americans, you have not been. Most Americans don’t seem to really care too much about what is happening in th
It's reality TV for austerity times.
IMF Raises Global Outlook as Advanced Nations Accelerate ... The International Monetary Fund raised its forecast for global growth this year as expansions in the U.S. and U.K. accelerate, and urged advanced economies .....