• EconMatters
    04/27/2015 - 14:18
    If the DOJ and CFTC is going to be consistent, then they have to indict the entire financial community from the CME, Exchanges, Brokers, Institutions, Investment Banks, Hedge Funds, Management Funds...

Tyler Durden's picture

When $140 Billion In Buybacks Isn't Enough...

After two efforts at spiking momentum (last night and this morning), AAPL shares are now down over 1% from the close and falling on very heavy volume. As Nanex's Eric Hunsader notes, AAPL has overtaken the e-mini S&P futures contract this morning as the most heavily traded security in US markets. How long before the calls to remove 'the highly volatile' stock from The Dow?



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An 'Exhausted' Greek Citizen Speaks Out

"It is unbearable for Greeks to watch the drama of the negotiations rendered (either simplistically or maliciously) as though it were a western, in which the others are Good and Greece is both the Bad and the Ugly. If this perception is actually reflective of the real situation, irrespective of whether it’s being played up a bit for the sake of the drama, then there is a very real fear that a union which solves its differences in High Noon style is no longer a union."



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February Home Prices Jump To 7 Year Highs

Despite the weather, home prices surge more than expected in February (as we presume those who braved the icy or heaty weather were desparate to buy). S&P/Case-Shiller 20-City index rose 0.93% MoM (vs 0.7% exp) and 5.03% YoY (vs 4.70% exp.). San Francisco led the way with a 2.0% MoM surge and Cleveland and Las Vegas were worst with home prices falling.



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Silver Is Surging (Again)

Something has changed. We have become used to the daily beat down on precious metals at around the 8am-9amET period... but the last two days have seen a significant reverse of that... Silver (and gold) are pushing notably higher once again this morning...



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Is Nigel Farage The UK Election's "Kingmaker"?

Will a desire to protest the current establishment see Nigel Farage's UKIP broaden its mandate in the upcoming election? This UK election will mirror many elections around Europe (since the crisis started) in focusing on inequality and the need for political protest. This could make for big moves in the mandates... We foresee Scottish National Party and UKIP protest votes proving far more numerous than the latest polls suggest.



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Japan Retail Sales Plunge Most Ever On Base Effect, Widespread Economic Weakness

Overnight we got the latest proof that there is nothing worse for an economy than to be run by a bunch of central planning academics who get "advice" from Paul Krugman. The reason: Japan's retail sales which crashed by 9.7% Y/Y, the biggest annual drop in history. To be sure, the biggest reason for the annual drop was the base effect with the surge in demand last March ahead of the April 2014 consumption tax hike, but the drop was bigger than what consensus had expected, as expectations were for a -7.3% drop. And confirming that things are getting worse on a sequential basis as well, was the 1.9% drop in sales in March compared to a 0.7% increase in February. In fact, as the chart belows show, on an indexed basis, the March retail sales print was one of the worst since last year's tax hike.



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Failed Chinese Local Bond Offering Leads To PBOC Easing Confusion

An inauspicious start to China's local government debt swap initiative has the PBoC scrambling to determine the best way to facilitate the successful issuance of new municipal securities as several provinces have reportedly canceled or delayed offerings. Now, the question is whether Chinese LTROs will be enough, or whether outright QE will ultimately be the only option.



Tyler Durden's picture

Frontrunning: April 28

  • Maryland Governor Calls in National Guard to Control Baltimore Riots (BBG)
  • Fed Seen Delaying Liftoff to September to Push Down Unemployment (BBG)
  • Nepal PM says toll could rise to 10,000 (Reuters)
  • China Readies Fresh Easing to Tackle Specter of Debt (WSJ)
  • ‘Damned Lies’ Threaten to Overshadow U.K. GDP in Election Fight (BBG)
  • Uncertainty Over Impact of a Default by Greece (NYT)
  • Why the Cost of Hedging European Banks Stocks Has Soared (BBG)
  • Carinthia cash crunch gives Austria its own mini-Greece (Reuters)


Tyler Durden's picture

UK Economy Grows At Slowest Pace Since 2012 Two Weeks Ahead Of National Election

With US Q1 GDP set to be a huge disappointment to initial estimates of 3% growth set at the beginning of the year, and since plunging to 1% or lower when it is reported later this week because, well, it inexplicably snowed in the winter for the second year in a row, earlier today we learned that US harsh weather cross the Atlantic and landed in the UK where ONS reported that the economy grew at a tepid pace of just 0.3% in the first quarter, well below consensus estimates of 0.5%, and at the lowest pace since Q4 2012 when GDP posted a 0.3% drop.



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S&P Futures Hug 2100 After China Denies QE, European Stocks Slide

Following yesterday's early MNI rumor that a Chinese QE is being "considered" and which sent the Shanghai Composite surging 3% and led to an initial boost in US stock futures, overnight the PBOC scrambled to once again deny such speculation. Of course, going full "cold Turkey" on Chinese stimulus would be too much for the market to handle, so in a piece by the WSJ also released overnight, the author said the PBOC would pivot from outright QE to mere LTRO, which is also not new and was reported over a week ago here in "China Floats QE Trial Balloon, PBoC May Launch LTROs." In any event, for now at least, Asian stocks are not happy despite Apple's latest blockbuster results, and neither is Europe, with the Stoxx 600 down 1%, and even the E-mini is hugging 2100 unable to levitate on any imminent central bank intervention.



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Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws

According to Bloomberg, the Greek government is €400 million short of the amount needed for payment of pensions and salaries this month, citing a Kathimerini report. Surprisingly, this takes place even as Greece’s IKA, OGA pension funds have been informed by the government that amount needed for payment of pensions will be deposited today, while the Greece’s OAEE pension fund has said payment of pensions won’t be a problem. In other words, someone is not telling the truth: either there is enough money or there isn't. And if the latter case is valid, then either the government or the pensions are now openly lying to the population.



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Is This A Blow-Off Top? Four Ways To Tell

Those who lived through the last two speculative blow-off tops know the impossibility of predicting the final top. How can we tell if stocks are in the final blow-off stage of a bubble? There are four basic give-aways...



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How This Debt-Addicted World Could Go The Way Of The Mayans

We are paying a high price for too many elites and their ‘frivolous cravings’. Nowadays many countries’ social and political structure relies on debt-driven consumption and increasing levels of entitlements. Blame the policy-makers as the “permanent lie [has become] the only safe form of existence.”



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