The 5:15?
"Why should I care? Why should I care?" – 5:15 – The Who
In choosing a subway system as the backdrop for his film, Besson is able to create two distinct worlds with their own sets of societal norms and rules of conduct. The inhabitants of the subway system live in their own world, their struggles carry a certain righteousness and a much needed alternative to the conventional ways of living. Above ground in the conventional world, the gangster Fred has robbed wields power against him, sending in his henchmen and pressuring the Metro police to track Fred down at all costs.
As a clash of two different worlds, philosophies and character metamorphosis ensues, a confluence of money, information and power are at the heart of this story. The film is exuberant, subversive, glossy, beautifully constructed, and above all else FUN as hell.
Shanghai Accord vs. Yen/USD Carry
"The currency rift also undermines a theory that policy makers used a Shanghai gathering of the larger Group of 20 economies in February to agree on a secret pact to weaken the dollar, similar to the 1985 Plaza Accord." – Philip Davis
Another urban myth created as a distraction, bites the dust. As long as "dollar" liquidity remains an ongoing market making issue, the JPY/USD carry trade shall continue. The Yen will appreciate vs. USD when that trade is on and the BOJ can bellow all it wants to no avail.
Above note, the convergence in weekly JPY/USD (large bars) vs. SP500, weaker Yen vs. USD, stronger SP500 and vice versa until Feb 11th.
Above note the divergence of that relationship on a daily since Feb 11th. Stronger Yen vs. USD, stronger SP500 and vice versa.
Above note, a nice view.
"This is far from the end of it as, just this morning, Japan's April Trade Data showed exports falling a shocking 10.1%, accelerating March's 6.8% decline as the Yen gained 4% over that two-month period. On a year/year basis, Japan's exports are now down 23% and they are buying 10% less as well – this is the World's 3rd largest economy falling apart right in front of us, folks." – Phil Davis
Global Macro
Stick a fork in Japan, like a Russet, they are done. Europe is WIP (work in progress) with the wheels coming off, and should be neck deep in the pit with Brexit. Heard in passing: short Italian banks, short ECB debt based on Italian NPL's, if you can find anyone stupid enough to sell you the insurance that is.
