China Exports Most Deflation To The US Since December 2009
Submitted by Tyler Durden on 01/14/2016 - 08:51
While the trend of US trade partners exporting deflation either across the Atlantic or Pacific continues, one name continues to stand out. China.
Continuing Jobless Claims Surge Most Since 2009 As Initial Claims Hit 6-Month Highs
Submitted by Tyler Durden on 01/14/2016 - 08:37
Something has changed! After years of consistent down-trend in initial jobless claims, the regime has change since mid-October to an uptrend. This past week saw claims rise 7k to 284k leaving the less-noisy 4-week average at 279k - its highest since early July 2015. Continuing claims also rose to 5 months highs (up over 4% in the last 3 months - the most since June 2009).What many appears to be unable to grasp is that we have seen the best and history tells us what comes next...
Gold & Silver Slammed After ECB/Basel Committee Comments
Submitted by Tyler Durden on 01/14/2016 - 08:23
A combination of ECB minutes showing some members looking for more stimulus and Basel Committee publishing final risk rules which will mean stiffer capital demands from banks has sparked weakness in EUR (sending the USD higher) and sparking and instant slam-down in gold and silver.
'Slumlord' Buffett's "Disturbing Business Model" To Be Probed By Feds
Submitted by Tyler Durden on 01/14/2016 - 08:10
At Berkshire’s annual meeting last May, Buffett said he made “no apologies whatsoever” about Clayton’s “exemplary” lending, in response to a question about an earlier Seattle Times story saying that Clayton trapped borrowers into unaffordable loans on depreciating homes. Well it seems the billionaire will need to send some more donations in as yesterday, four members of Congress sent a joint letter demanding an investigation into predatory practices at Warren Buffett’s mobile home unit Clayton Homes.
Frontrunning: January 14
Submitted by Tyler Durden on 01/14/2016 - 07:55- Islamic State launches militant assault on Indonesia's capital (Reuters)
- Three winners emerge in $1.6 billion Powerball jackpot (Reuters)
- European Stocks Tumble, Credit Markets Weaken on Growth Concern (BBG)
- Stocks and commodity currencies floored by new oil plunge (Reuters)
- China Bear Market Looms as PBOC Fails to Stop Flight to Safety (BBG)
- Anxious phone calls, tense moments before Iran's Supreme Leader okayed U.S. sailors' release (Reuters)
JPM Earnings Rebound On Big Drop In Compensation Expense; Dimon Notes "Some Stress In Energy"
Submitted by Tyler Durden on 01/14/2016 - 07:36
There were four things we mostly cared about in today's JPM earnings release, the first Wall Street bank to report Q4 results:i) how did the company's fixed income and equity trading revenue do; ii)what is the bank's credit exposure to energy/oil;iii) did the recent Fed hike do anything to boost the company's Net Interest Margin (this has been the primary catalyst for bank share upside), and iv) did JPM halt its practice of releasing reserves and start building reserves - a major inflection point when it comes to management expectations for future credit quality deterioration.
"Fundamentals Don't Matter Right Now, It's Panic On The Way Down," Trader Warns
Submitted by Tyler Durden on 01/14/2016 - 07:16
We’re experiencing wealth-destruction due to asset-price dynamics alone. The negative moves will stop only when excess leverage is trimmed and not just when prices return to “fair value.”
Global Markets Slide, US Futures Wipe Out Overnight Gains In Volatile Session
Submitted by Tyler Durden on 01/14/2016 - 06:49
European shares tumbled, wiping out gains from a two-day rally, Asian stocks slid and the cost of insuring corporate debt rose as investor concern over global growth prospects resurfaced. U.S. equity-index futures pared gains of as much as 0.9 percent. Government bonds rose, with yields falling to records in Japan and China amid anxiety over the world economy. U.S. crude prices stabilized after dropping below $30 a barrel on Tuesday to touch the lowest since 2003 as Iran moved closer to boosting exports.
Renault Plunges 20% After French Authorities Raid Offices In Apparent Emissions Probe
Submitted by Tyler Durden on 01/14/2016 - 06:42
Don’t look now, but Renault may be pulling a Volkswagen. The French company’s shares fell by as much as 23% on Thursday after an apparent raid on what a union official described as “sites that have to do with standards testing and engine certification.”
Explosions, Gunfire Rock Indonesia Capital: 4 Dead (1 Cop); 14 Gunmen, Suicide Bombers Involved (ISIS Suspected)
Submitted by Tyler Durden on 01/13/2016 - 23:20
*POLICE SAYS ABT. 10-14 GUNMEN SEEN IN CENTRAL JAKARTA: METRO TV
Two months after the Paris explosions of November 13, it appears terrorism has struck again, this time in Indonesia's capital, Jakarta where moments ago, at least six bomb explosions, gunfire and casualties were reported (AFP is reporting three dead but this is unconfirmed), with at least one of the explosions taking place near the local UN office.
Canadians Panic As Food Prices Soar On Collapsing Currency
Submitted by Tyler Durden on 01/13/2016 - 23:18
This Is What The Powerball Ticket Line Looked Like In Nevada
Submitted by Tyler Durden on 01/13/2016 - 22:45
Hong Kong Dollar De-Pegging Risk Spikes As Yuan Slides, China Stocks Drop To 2-Year Lows
Submitted by Tyler Durden on 01/13/2016 - 22:22
Chinese stocks are down over 20% from Dec highs at 2-year lows, Offshore Yuan is tumbling once again, and Hong Kong Dollar is under severe pressure (with significant de-pegging risk once again).
How China Almost Ran Out Of Physical Dollars
Submitted by Tyler Durden on 01/13/2016 - 22:15
As WSJ reports, a banker from Industrial & Commercial Bank of China "said the number of people wanting to change yuan for dollars has increased significantly during the past three weeks—a period during which the Chinese currency has declined about 2%." Over the weekend for instance, "ICBC received an urgent notification from China’s central bank warning of a dollar shortage."
If You Don't Agree With Obama You Are "Peddling Fiction"
Submitted by Tyler Durden on 01/13/2016 - 21:45
Prosperity is not complicated. People figured out thousands of years ago that if you wanted to do well, you had to produce more than you consumed. But the American system is the exact opposite, favoring those who recklessly borrow and spend, rather than those who work hard and responsibly save. The President of the United States boldly accused everyone who doesn’t share his view as just making things up. In his words, “Anyone claiming that America’s economy is in decline is peddling fiction.” This is an extraordinary (and delusional) statement.
