Monday, October 8, 2018

As Stocks Crash In China I'm Thinking About Kilkenomics

First up, ZeroHedge: 

Stocks Tumble On "Terrible Trio" Of China Crash, Rate Rout, And Italian Standoff
It's been a painful start to the week for global markets as a wave of selling started in Asia and spread rapidly across the globe on what analysts have dubbed a "terrible trio" of crashing Chinese stocks, surging yields and fears about Italy's standoff with the EU.

Beijing's 1% reserve cut announced on Sunday, which was meant to offset last week's global rate rout-driven weakness and push Chinese stocks higher, failed to avert a selloff in China after a weeklong holiday, as mainland stocks fell sharply with the Shanghai Composite plunging 3.7%, its biggest one-day drop since February, while the CSI300 index plunged more than 4% for only the second time in more than two and a half years.
https://www.zerohedge.com/sites/default/files/inline-images/shcomp%2010.8.jpg?itok=XUmpeval
“China just cut reserve requirement ratios and expanded monetary policy, which is a response to the fact that China’s economy is slowing down but the market doesn’t believe there is enough stimulus to cut the slowdown,” said Guillermo Felices, a senior strategist at BNP Paribas Asset Management, calling the current concerns markets face a powerful cocktail. "They’ve injected more liquidity into the market to contain the slowdown, which has already translated into weaker equity prices."

The Chinese slide comes after U.S. Treasury yields hit seven-year highs on Friday following strong data that signaled a continued tightening of the labor market and increased inflationary pressures, adding to the reasons for the U.S. Federal Reserve to continue with its hiking cycle. China's RRR cut was also seen as dovish, which pushed the offshore yuan 0.5% lower, tumbling just shy of 6.94 against the dollar, and approaching cycle lows hit in August when Beijing unleashed its latest crackdown on speculators....MORE
And following up on yesterday's "The Funniest Papers in the History of Economics"  it is time once again to plan that trip to Kilkenny Ireland.
From Kilkenomics.com:

WELCOME TO THE 9TH KILKENOMICS FESTIVAL.
Welcome to the 9th edition of Kilkenomics, the world’s first economics and comedy festival, which brings together some of the world’s leading economists, financial analysts and media commentators with some of our funniest, sharpest stand up comedians.

We are busy finalizing the programme for November 2018 but we are pleased to announce our first shows on sale.
Make sure you subscribe to our mailing list to hear all Kilkenomics news first! 
Kilkenomics, once described as "Davos without the hookers".
From the 'About' page :

About the Kilkenomics Festival

Here we are, heading into the ninth edition of Kilkenomics – the world’s first economics festival – which brings together some of the world’s leading economists, financial analysts and media commentators with some of our funniest, sharpest standup comedians. We’ve been called “Davos with jokes” and we wouldn’t disagree with that assessment.

What started as a way to make sense of the 2008 economic crash has turned into the Kilkenomics festival as we know it today. The aim of Kilkenomics has always been to take economics out of the conference room and academia and make it accessible to ordinary people’s lives.

Our informal, entertaining formats invite our audiences to engage and enjoy. As we like to say: it’s serious, but it’s fun too! Jump into Kilkenomics and engage with as many shows as possible, equip yourself with the information and insight we hope can help us all make smart choices for our futures – inform and entertain yourselves. To quote Kilkenomics regular – Gerry Stembridge “Don’t be put off by the fact that it’s about economics, it’s actually about life”...
Much more, including videos of last year's presentations, the list of headliners, pics of the castle, what's not to love?

Here's the twitter feed.
Can you feel the electricity?
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