Emergency responders are on the scene of a reported crane collapse in lower Manhattan. As CBS reports, it happened just before 8:30 a.m. on Worth Street near Church Street in TriBeca. There are reports of people possible trapped in cars. Fire officials said one person is dead and at least two others are hurt. “I just felt it. It felt like a bomb,” one witness said. “This is just crazy, it’s huge - it’s enormous.”
There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, we actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed.
The most obvious reaction to the "great" drop in the unemployment rate and "huge miss" in payrolls is a rise (yes rise) in rate-hike odds for 2016. This appears to be why the Dollar is spiking and bonds, stocks, crude, gold and everything else is being sold...
“I do not know any progressive who has a super PAC and takes $15 million from Wall Street."
“Enough is enough. If you’ve got something to say, say it."
January Payrolls Miss Big, Adding Only 151,000 Jobs, But Hourly Wages Jump And Unemployment Slides To 4.9%Submitted by Tyler Durden on 02/05/2016 - 08:37
A quick glimpse at the big miss in the January payrolls report, which just reported only 151,000 jobs gains well below the 190,000 expected and below most big banks' expectations, if precisely on top of the whisper number, would have been sufficient to send futures soaring in the pre market: after all it would mean the economy has topped out and no more hikes are necessary. However, one glance below the headline and things get troubling because if indeed the Fed is most focused on the growth in hourly wages then we may have a problem: average hourly wages jumped by 0.5%, far above last month's unchanged print, and quite a bounce to the expected 0.2%, suggesting wage inflation is starting to heat up and putting the Fed in a very uncomfortable place.
Peter Pan(ic) policy has apparently reached its limit. USDJPY continues to slide despite Kuroda unleashing NIRP, dropping the "whatever it takes" and "no limits" tape bombs, and today's Abe advisor Honda headlining with BoJ's next steps may include more NIRP and more QQE... It's over!
With China now closed for all intent and purpose for a week as Golden Week arrives, it appears The PBOC wanted to leave the market a message. Clear and direct intervention in offshore Yuan has ripped it 800 pips higher in the last 2 days to its highest since mid-December and stronger than onshore Yuan. However, while PBOC may have won this battle, surging CDS suggest the currency war is far from over.
"Having been manifestly bearish of crude oil over the course of the past many, many months we are moving to the sidelines in light of the “reversal” to the upside staged by WTI and Brent crude yesterday and in light of the sharp move lower on the part of the contangos in both crude types."
- Dennis Gartman
- January Jobs Report Closely Watched for Momentum, Wages (WSJ)
- Oil prices steady, weak fundamentals weigh after volatile week (Reuters)
- How Much Global Oil Output Halted Due to Low Prices? Just 0.1% (BBG)
- Congress Tweet 'Unfortunate,' Lawyer Says as Shkreli Goes Online (BBG)
- Syrians Flee Aleppo to Escape Damascus Offensive Against Rebels (WSJ)
- Dollar Set for Biggest Weekly Loss Since 2009 Before Jobs Data (BBG)
US futures were largely unchanged overnight, with a modest bounce after the European close driven by a feeble attempt to push oil higher, faded quickly and as of this moment the E-mini was hugging the flatline ahead of today's main event - the January payrolls, expected to print at 190K and 5.0% unemployment, however the whisper number - that required to push stocks higher - is well lower, at 150K (according to DB), as only a bad (in fact very bad) jobs number today will cement the Fed's relent and assure no more rate hikes in 2016 as the market now largely expects.
Literally days after he predicted oil would double from its $26 "bottom", Pickens told Bloomberg that he has cashed out.
"... if China FX reserves data is better than expected, we think a bear market rally is likely to be vicious."
“If some fund manager in Texas is saying that your currency is dramatically overvalued, you shouldn’t care on a $10 trillion economy with $34 trillion in your banks. I have, call it a billion - it’s so small it should be irrelevant and yet somehow it’s really relevant.”