Bitcoin plunges 16% to below $4,250, a new low for the year

Bitcoin may be feeling the effect of other global markets sliding this week. Those technicals “deteriorated” as bitcoin support levels were broken and the cryptocurrency continued to hit lower lows, Lee said. Lee, former chief equity strategist at J.P. Morgan, and others others pointed to a “fork” in the cryptocurrency bitcoin cash. That digital currency split into two versions last week — “Bitcoin ABC” and “Bitcoin SV” — adding to negative sentiment in broader crypto markets and diverted what’s


Bitcoin may be feeling the effect of other global markets sliding this week. Those technicals “deteriorated” as bitcoin support levels were broken and the cryptocurrency continued to hit lower lows, Lee said. Lee, former chief equity strategist at J.P. Morgan, and others others pointed to a “fork” in the cryptocurrency bitcoin cash. That digital currency split into two versions last week — “Bitcoin ABC” and “Bitcoin SV” — adding to negative sentiment in broader crypto markets and diverted what’s
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Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: kate rooney, guillaume payen, lightrocket, getty images
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Bitcoin plunges 16% to below $4,250, a new low for the year

Bitcoin may be feeling the effect of other global markets sliding this week.

“Markets around the world are fragile, and panic and sentiment are playing a disproportionate role right now,” Tom Lee, co-founder of Fundstrat Global Advisors, told CNBC Tuesday. “Does this mean bitcoin is broken? No. The use case is still there, but in the short term, panics are panics,”

A drop below $6,000 earlier and other key technical levels this week triggered “stop losses” for some traders and likely exacerbated the selling. Those technicals “deteriorated” as bitcoin support levels were broken and the cryptocurrency continued to hit lower lows, Lee said.

He also pointed to Securities and Exchange Commission enforcement against multiple cryptocurrency projects last week for the precipitous drop. The SEC announced its first civil penalties against cryptocurrency founders on Friday as part of a wide regulatory and legal crackdown on abuses and outright fraud in the industry.

Lee, former chief equity strategist at J.P. Morgan, and others others pointed to a “fork” in the cryptocurrency bitcoin cash. That digital currency split into two versions last week — “Bitcoin ABC” and “Bitcoin SV” — adding to negative sentiment in broader crypto markets and diverted what’s known as “hash power.”

The drop also comes on the heels of a warning from European Central Bank Executive Board member Benoit Coeure at the Bank for International Settlements in Basel. According to Bloomberg News, Coueure called it “the evil spawn of the financial crisis,” and said he agrees with BIS head Agustin Carstens, who in June called cryptocurrencies “in a nutshell, a bubble, a Ponzi scheme and an environmental disaster.”

Clarification: This story was revised to clarify the summary lines that bitcoin has fallen to its lowest level since September 2017.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: kate rooney, guillaume payen, lightrocket, getty images
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The Dow may drop another 2,000 points before the stock market selling is done: CNBC CFO survey

Thirty-five percent of CFOs surveyed in Q4 cited trade as their biggest current concern, making it the top issue in the fourth quarters. 1 concern of CFOs in Q3, and fell off by a considerable percentage as CFO concerns about trade hit their highest quarterly mark in 2018. The percentage of CFOs citing central bank policy as their biggest concern increased slightly, from 10 percent to 13.5 percent, but near-60 percent of CFOs expect the Federal Reserve to raise rates again in December. (Note: Th


Thirty-five percent of CFOs surveyed in Q4 cited trade as their biggest current concern, making it the top issue in the fourth quarters. 1 concern of CFOs in Q3, and fell off by a considerable percentage as CFO concerns about trade hit their highest quarterly mark in 2018. The percentage of CFOs citing central bank policy as their biggest concern increased slightly, from 10 percent to 13.5 percent, but near-60 percent of CFOs expect the Federal Reserve to raise rates again in December. (Note: Th
The Dow may drop another 2,000 points before the stock market selling is done: CNBC CFO survey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eric rosenbaum, spencer platt, getty images news, getty images, shironosov, afp, michael nagle, bloomberg, drew angerer
Keywords: news, cnbc, companies, president, 2000, points, drop, selling, white, members, dow, biggest, market, survey, cfo, cfos, global, concern, weighing, trade, stock


The Dow may drop another 2,000 points before the stock market selling is done: CNBC CFO survey

Concerns about a slowing economy — Goldman Sachs said on Monday in a report that U.S. economic growth could be cut in half by the end of next year as the tax cuts wear off and rates rise — and worries about another round of tariffs against China set for January in the ongoing trade war are weighing on the corporate outlook.

Thirty-five percent of CFOs surveyed in Q4 cited trade as their biggest current concern, making it the top issue in the fourth quarters.

CFOs were also asked their opinion of major political figures in Washington, and President Trump’s hardline trade advisors, Peter Navarro and Robert Lighthizer, had by far the lowest approval ratings among CFOs, at 26.7 percent. Last week, as stocks suffered another steep selloff, the White House was sending mixed messages on trade, with President Donald Trump’s top economic advisor, Larry Kudlow, disavowing comments from White House trade advisor Peter Navarro, who last week lashed out at Wall Street influence in U.S.-China trade negotiations in comments that helped weaken the stock market.

The stock decline on Monday came after a Sunday speech by Vice President Mike Pence saying there would be no end to U.S. charges on $250 billion worth of Chinese goods unless Beijing changed its ways.

Consumer demand was the second biggest risk cited by CFOs, at 24 percent. But it had been the No. 1 concern of CFOs in Q3, and fell off by a considerable percentage as CFO concerns about trade hit their highest quarterly mark in 2018. The percentage of CFOs citing central bank policy as their biggest concern increased slightly, from 10 percent to 13.5 percent, but near-60 percent of CFOs expect the Federal Reserve to raise rates again in December.

While the market volatility is clearly weighing on CFOs, and the political headlines continue to increase uncertainty, CFOs were still mostly positive on the global macroeconomic conditions in Q4, with every region around the globe being rated as “stable.” The United States, in particular, was the only region described as “improving,” which is a tag the U.S. has received from CFOs taking the survey for eight quarters in a row.

(Note: The CNBC Global CFO Council Survey for the fourth quarter was conducted from Nov. 13–19, 2018. Thirty-seven of the 121 global members responded to the survey, including 15 North America members, 13 EMEA members and 9 APAC members.)

Watch: When the Dow closed about 1,000 for the first time in 1972


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European stocks set for a lower open as global markets slip

Markets in Europe are expected to follow Asia’s downbeat session, after news emerged that Nissan’s Chairman Carlos Ghosn was arrested yesterday, over allegations concerning financial misconduct. The autos giant added that there had been a number of other “significant acts of misconduct” that had been unearthed. During Europe’s Monday session, Renault shares sank – hitting their lowest level in three years. On Tuesday, shares of Nissan reacted to the news, with the stock down over 5 percent durin


Markets in Europe are expected to follow Asia’s downbeat session, after news emerged that Nissan’s Chairman Carlos Ghosn was arrested yesterday, over allegations concerning financial misconduct. The autos giant added that there had been a number of other “significant acts of misconduct” that had been unearthed. During Europe’s Monday session, Renault shares sank – hitting their lowest level in three years. On Tuesday, shares of Nissan reacted to the news, with the stock down over 5 percent durin
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European stocks set for a lower open as global markets slip

Markets in Europe are expected to follow Asia’s downbeat session, after news emerged that Nissan’s Chairman Carlos Ghosn was arrested yesterday, over allegations concerning financial misconduct.

Nissan released a statement on Monday, which said that “over many years” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report. The autos giant added that there had been a number of other “significant acts of misconduct” that had been unearthed.

During Europe’s Monday session, Renault shares sank – hitting their lowest level in three years. On Tuesday, shares of Nissan reacted to the news, with the stock down over 5 percent during the session. Investors in Europe will likely be keeping a close eye on the stock in the coming days, as new information emerges.

Market sentiment is further dampened from a weak Monday session on Wall Street, which saw the Dow Jones Industrial Average tumble almost 400 points by the close, as tech stocks took a beating.

Switching focus, Brexit continues to keep markets busy, as the U.K. government is put in the spotlight, after a series of resignations and a dramatic fall in the currency took place last week. In spite of the opposition surrounding the current draft withdrawal agreement, Prime Minister Theresa May is continuing to stand her ground on the matter, telling business leaders that this deal puts the country’s economic success above everything else.

The European Union is expected to hold a summit to discuss this agreement over the coming week, while fears that May could be facing a possible vote of no-confidence hangs in the air. Sticking with politics, investors will also be keeping an eye on any news surrounding U.S.-China trade relations, as a meeting between leaders of the both nations draws closer.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: alexandra gibbs
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Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha


The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha
Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’ Cached Page below :
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Fears that the Nissan scandal could threaten its global alliance are 'overly alarmist'

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. But analysts say that’s not likely.

Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday.

Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report. According to Reuters, Japanese media said Ghosn had reported about 10 billion yen ($88.9 million) of annual compensation as about 5 billion yen for several years.

Nissan Chief Executive Hiroto Saikawa, said at a Monday press conference that both men had been arrested and he was planning to propose to the board on Thursday to remove them from their roles. Mitsubishi also said that it would seek to remove Ghosn, who sits on its board of directors, from his current position at the company.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang, akio kon, bloomberg, getty images, -richard hilgert
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Nearly half of global CFOs expect either a no-deal Brexit — or simply don’t know what to think

Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC. The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign. May is currently trying to rally enough lawmakers to back the proposed plan in order to g


Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC. The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign. May is currently trying to rally enough lawmakers to back the proposed plan in order to g
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Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith, daniel leal-olivas, afp, getty images
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Nearly half of global CFOs expect either a no-deal Brexit — or simply don't know what to think

Chief financial officers (CFOs) from some of the world’s largest firms are unsure whether the U.K. will be thrust into the unknown post-Brexit, according to a new survey conducted by CNBC.

The results of the survey come at a time when U.K. Prime Minister Theresa May is fighting for her political survival, after the government’s draft divorce deal with the EU prompted a flurry of cabinet ministers to resign.

May is currently trying to rally enough lawmakers to back the proposed plan in order to get it through Parliament next month – a daunting task given the broad criticism it has received.

Global CFOs across a wide range of industries were asked whether they expected Parliament to approve a formal Brexit deal with the EU over the coming weeks.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith, daniel leal-olivas, afp, getty images
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Treasury yields slip amid weak housing data, global trade worries

Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors. The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices. Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth. The rise in bond prices also comes as U.S. stocks sold off, adding to


Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors. The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices. Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth. The rise in bond prices also comes as U.S. stocks sold off, adding to
Treasury yields slip amid weak housing data, global trade worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, sam meredith
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Treasury yields slip amid weak housing data, global trade worries

Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors.

The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices.

Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth.

“Builder sentiment is now joining the reality that housing has been slowing all year after hanging in pretty well this year,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a note.

“As the most interest rate sensitive area of the economy outside of auto’s, a moderation in housing was to be expected but what we’re seeing is just how sensitive the economy is to modest changes in interest rates that are historically low,” he said.

The rise in bond prices also comes as U.S. stocks sold off, adding to their steep losses from last week.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, sam meredith
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Trade war: What happens when Trump meets Xi Jinping at Argentina G-20

Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next. “One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed econ


Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next. “One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed econ
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Trade war: What happens when Trump meets Xi Jinping at Argentina G-20

Trade war is the number one risk to global outlook, S&P says 10:47 PM ET Sun, 18 Nov 2018 | 03:06

Investors and world leaders alike will be glued to the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Argentina, hoping for clues to what’s next.

“One gets the sense that he’s (Trump) going to be a bit tougher with China” compared with Mexico and Canada, said Paul Gruenwald, chief economist at S&P Global Ratings. The G-20 meeting of the world’s developed economies takes place in Buenos Aires from Nov. 30 to Dec. 1.

Trump criticized Mexico and Canada for months, claiming they took advantage of U.S. companies through trade, but the three countries reached a new trilateral deal at the end of September to replace the North American Free Trade Agreement.

The approach to China has been different. Trump has repeatedly attacked the country for stealing intellectual property, creating barriers to American companies that try to operate in China, and for the massive trade imbalance between the two countries.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: yen nee lee, -hannah anderson, global market strategist, jp morgan asset management
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Goldman Sachs says the stock market isn’t buying official growth trends

Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies. October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown. Goldman illustrated the anomaly in a note last week that showed


Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies. October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown. Goldman illustrated the anomaly in a note last week that showed
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Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: david reid, jonathan kirn, getty images
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Goldman Sachs says the stock market isn't buying official growth trends

Goldman Sachs told CNBC Friday the recent correction in stocks reveal that investors expect a bigger global slowdown than official data implies.

October was a disastrous month for long-only stock holders as equity markets around the world shed an estimated $5 trillion of market capitalisation. The S&P 500 in the United States fell on 16 of 23 trading days during the month.

Goldman’s chief global equity strategist Peter Oppenheimer said that the volume of selling suggested forecasts of a distinct global slowdown.

“If we benchmark the way equities have moved against macro variables, we think they have now overshot the current slowdown and are implying a much further slowdown from here,” Oppenheimer told CNBC’s Street Signs, before adding that investors have “overshot on the downside.”

Goldman illustrated the anomaly in a note last week that showed the MSCI World index slipping below its usual correlation to global manufacturing data.

The J.P.Morgan Global Manufacturing PMI— a composite index produced by J.P.Morgan and IHS Markit — fell to its lowest level in almost two years in October. It should be noted it remains in expansion territory at 52.1. Any figure above 50 indicates growth.


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American CEOs don’t see US economic slowdown yet, says head of executive group

The organization, a global, independent business membership and research association, conducts a number of CEO and confidence studies. He told CNBC’s “Power Lunch” on Friday the group’s forecast for 2018 gross domestic product is about 3.1 percent, while 2019’s is 3.2 percent. Its leading economic index for September increased 0.5 percent and its consumer confidence index moved up 2.6 points in October. However, its measure of CEO confidence declined in the third quarter, thanks to concerns abou


The organization, a global, independent business membership and research association, conducts a number of CEO and confidence studies. He told CNBC’s “Power Lunch” on Friday the group’s forecast for 2018 gross domestic product is about 3.1 percent, while 2019’s is 3.2 percent. Its leading economic index for September increased 0.5 percent and its consumer confidence index moved up 2.6 points in October. However, its measure of CEO confidence declined in the third quarter, thanks to concerns abou
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American CEOs don't see US economic slowdown yet, says head of executive group

Global CEOs are seeing a bit of a slowdown outside the United States, but that’s not what U.S. chief executives are saying about the nation’s economy, according to Steve Odland, president and CEO of The Conference Board.

The organization, a global, independent business membership and research association, conducts a number of CEO and confidence studies.

“The U.S. numbers look very strong. All of the Conference Board indicators from the consumer confidence index to the leading economic indicators to the expectations index all say that the next six months expect to be very good,” said Odland, a CNBC contributor who once served as CEO of both Office Depot and AutoZone.

He told CNBC’s “Power Lunch” on Friday the group’s forecast for 2018 gross domestic product is about 3.1 percent, while 2019’s is 3.2 percent.

Its leading economic index for September increased 0.5 percent and its consumer confidence index moved up 2.6 points in October. However, its measure of CEO confidence declined in the third quarter, thanks to concerns about rising interest rates.

Odland’s remarks follow CNBC’s Jim Cramer’s comments that CEOs are telling him how quickly things have cooled in the economy.

“So many of them are baffled that we could find ourselves in this late-cycle dilemma that wasn’t supposed to occur so soon,” the “Mad Money” host said on Thursday.

Odland didn’t say that Cramer was wrong. Instead, he pointed out that there are some sectors that may be experiencing a slowdown.

“Ten years into a recovery, you would expect to see some of the leading sectors, some of the leading companies on that cycle to begin to slow down. And you would expect to see different geographic issues,” he said. “It’s a mixed bag.”

Bill George, former Medtronic chairman and a CNBC contributor, agrees. For example, the retail sector has never been better, and health-care execs are bullish, he said. However, for the auto sector it is near the end of the business cycle, he added.

“We are at the end of a very long cycle,” he told “Power Lunch.” “It could continue for several years, but everyone’s concerned about risk.”

He said the biggest risk is global trade, specifically with China.

— CNBC’s Elizabeth Gurdus contributed to this report.


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Paul Tudor Jones says we’re in a global debt bubble and headed for some ‘scary moments’

Billionaire investor Paul Tudor Jones said Thursday the world has loaded on too much debt which could bring trouble across asset classes. “From a 50,000 feet viewpoint, we’re probably in a global debt bubble,” Jones said at the Greenwich Economic Forum in Connecticut. His hedge fund, Tudor Investment, reportedly manages $7 billion in assets. “And they’re really scary because, one thing about this credit bubble [is] we’ve had liquidity absolutely dry up in so many markets.” “There probably will b


Billionaire investor Paul Tudor Jones said Thursday the world has loaded on too much debt which could bring trouble across asset classes. “From a 50,000 feet viewpoint, we’re probably in a global debt bubble,” Jones said at the Greenwich Economic Forum in Connecticut. His hedge fund, Tudor Investment, reportedly manages $7 billion in assets. “And they’re really scary because, one thing about this credit bubble [is] we’ve had liquidity absolutely dry up in so many markets.” “There probably will b
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Paul Tudor Jones says we're in a global debt bubble and headed for some 'scary moments'

Billionaire investor Paul Tudor Jones said Thursday the world has loaded on too much debt which could bring trouble across asset classes.

“From a 50,000 feet viewpoint, we’re probably in a global debt bubble,” Jones said at the Greenwich Economic Forum in Connecticut. “Global debt to GDP is at an all-time high.”

“This is going to be a very challenging time for policymakers moving forward,” Jones said.

Jones is famous for making big macro calls. One of his biggest predictions came when he correctly called the 1987 crash. His hedge fund, Tudor Investment, reportedly manages $7 billion in assets.

The hedge fund manager believes it is the corporate bond market where we’ll see the first signs of trouble.

“I think this time it’s going to be corporate credit and I think the breakdowns are something that we have to pay attention to in the last day or two,” he said. “And they’re really scary because, one thing about this credit bubble [is] we’ve had liquidity absolutely dry up in so many markets.”

“There probably will be some really scary moments with corporate credit,” he added.


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