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April Empire Fed Manufacturing Plunges, New Orders Crash To Jan 2013 Lows

But it's April... the weather-bounce is supposed to be here. Empire Fed Manufacturing tumbled to -1.2 in April (missing expectations of a post-weather-bounce to 7.17) from 6.9 in March. Across the board the report was painful as Prices Paid surged, employment plunged, and work hours tumbled. Hope rermains as the business outlook improved (but even there capex and new orders were weak) New Orders stood out as it crashed to its lowest since Jan 2013. It appears there is more afoot than just weather...



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Mario Draghi's "Q€ Is Working But We Need Moar" ECB Press Conference - Live Feed

Having been unleashed for just a few weeks now, German bond yields have collapsed since Q€ began and peripheral bond risk premia have risen dramatically... but still - economic data has coincidentally improved (despite tumbling earnings expectations still) and so we are sure Mario will take a moment to reflect on the success (stocks up, yields down, Macro up) as being due to his hard work... but do not fear, there is no taper coming soon. And as far as that whole shortage thing, we are sure he will calm market fears by explaining The ECB is working on a solution...



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Greek Bonds Tumble, Yield Highest In 2 Years On Report Germany Prepares For Greek Default

Berlin is drawing up contingency plans as Germany prepares for an increasingly likely Greek default, Zeit reports. The new plan purportedly is designed to prop up the Greek banking sector in the event Athens misses a payment, but it's contingent upon the Syriza government acting less "taxi-driver-ish" at the reform negotiating table. In the event Greece will not cooperate, Germany is prepared to let them go but Brussels will help "facilitate" the transition to the drachma (that currency Goldman recently said the country "can't just print"). 



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ECB Preview: Draghi To Address Bond Scarcity, Stress Full PSPP Implementation

"Mr Draghi during the press conference to stress the need for the full implementation of the expanded asset purchase programme as an important condition for the positive growth and inflation outlook to materalise," Goldman says, previewing the Draghi presser where the ECB chief will likely get more than a few questions about the possibility that the central bank will run out of bonds to purchase in the course of monetizing the entirety of euro net issuance.



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Bank of America Revenue Drops, Misses Due To Declining Trading Revenues, Loan Creation And Net Interest Margin

One look at BofA's earnings report shows why contrary to popular opinion, the bank that bailed out insolvent Merrill Lynch is far better off to be pnealized with tens of billions in legal fees than running its business unbothered by the racketeering government. The reason: a year after BofA reported $6 billion in litigation charges, moments ago Bank of America announced only $0.4 billion in legal fees, which meant it barely had any credible addbacks. So when looking at its numbers on a realistic, GAAP basis, BofA once again missed EPS, with the bottom line printing at $0.27, or below the $0.29 estimate.



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ECB Keeps Rates Unchanged As Expected

Nobody was expecting any actual rate change announcements by the ECB today, and none were made, with the ECB announcing moments ago that it kept all three rates unchanged, with depositors still expected to pony up %0.20 to keep their funds at a financial institution, while those who take out a mortgage can expect the bank to pay them a likewise amount.



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Frontrunning: April 15

  • China growth slowest in six years, more stimulus expected soon (Reuters)
  • EU charges Google over shopping searches, to probe Android (Reuters)
  • A Chinese Paradox: Slow Growth Is Good, Stock Bubbles Welcome (BBG)
  • Draghi Seen Dispelling Duration Doubts About QE Program (BBG)
  • IEA Sees OPEC Supply Jumping Most in Four Years on Saudi Surge (BBG)
  • SEC Reaches Settlement with Former Freddie Mac  (WSJ)
  • Kerry says confident Obama can get final deal on Iran (Reuters)
  • Regulators Call for Short-Term Loan Changes to Handle ‘Too-Big-to-Fail’ (WSJ)
  • Florida Doctor Linked to Sen. Robert Menendez Indicted for Medicare Fraud (WSJ)


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Futures Jump Following Worst Chinese Eco Data In 6 Years

If yesterday stocks surged on the worst 4-month stretch of missing retail sales since Lehman, one which BofA with all seriousness spun by saying "it seems not unreasonable to suspect that the March 2015 reading on retail sales gets revised up next month", then the reason why futures are now solidly in the green across the board even as German Bunds have just 14 bps to go until they hit negative yields and before the ECB is fresh out of luck on future debt monetization, is that overnight China reported its worst GDP since 2009 together with economic data misses across the board confirming China's economy continues its hard landing approach despite a stock market that has doubled in the past year.



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Caught On Tape: Arizona Police Cruiser Runs Over Suspect At 50 mph

It has not been a good month for police "infractions" caught on tape: whether it is a cop shooting an unarmed suspect just because, or a cop shooting an unarmed suspect because "a taser was confused with a gun", the latest grotesque act caught on dashcam is the following video taken on February 19 showing a police cruiser slamming into an alleged crime suspect, Mario Valencia, holding a gun (however not aiming it at anyone and certainly not the police) at a speed of about 50 mph from behind, in what was clearly a move intended to kill the suspect.



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330 Million Citizens & Only One Democrat Interested In Being President

You could ask 1000 people what characteristics they want in a president and 990 will describe Ron Paul. However, ask 1000 people what they think of Ron Paul and 990 will say he’s crazy. Why?? Because that’s what we’ve been told to think. So we think it. It is that simple. And that is why this country has been deteriorating for 100 years and really accelerating, faster each year for the past 15, toward utter collapse. But not to fear, the free fall is about to end… and with a thump.



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Ron Paul Asks "Who Profits?" From The New Militarism

One of the most pervasive and dangerous myths of our time is that military spending benefits an economy. This could not be further from the truth. Such spending benefits a thin layer of well-connected and well-paid elites. It diverts scarce resources from meeting the needs and desires of a population and channels them into manufacturing tools of destruction. The costs may be hidden by the money-printing of the central banks, but they are eventually realized in the steady destruction of a currency.



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Summing Up The Financial Mainstream Media In 1 Cartoon

Presented with no comment...



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A 1,000 Mile Stretch Of The Pacific Ocean Has Heated Up Several Degrees And Scientists Don’t Know Why

According to two University of Washington scientific research papers that were recently released, a 1,000 mile stretch of the Pacific Ocean has warmed up by several degrees, and nobody seems to know why this is happening.  This giant “blob” of warm water was first observed in late 2013, and it is playing havoc with our climate.  And since this giant “blob” first showed up, fish and other sea creatures have been dying in absolutely massive numbers.



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Leaking Las Vegas: Lake Mead Water Levels Continue To Crash

The last time we looked at Las Vegas water supply, the comments from professionals were "Vegas is screwed," and unless water levels in Lake Mead rise by 7%, "it's as bad as you can imagine." The bad news... Water levels in Lake Mead have never been lower for this time of year - and this is before the Summer heat seasonal plunge takes effect.



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China GDP Tumbles To Lowest In 6 Years Amid Quadruple Whammy Of Dismal Data

A month ago we warned "Beijing, you have a big problem," and showed 10 charts to expose the reality hiding behind a stock market rally up over 100% in the last year. Tonight we get confirmation that all is not well - China GDP fell to 7.0% (its lowest in 6 years) with QoQ GDP missing expectations at +1.3% (vs 1.4%). Then retail sales rose 10.2% YoY - the slowest pace in 9 years (missing expectations of 10.9%). Fixed Asset Investment rose 13.5% - the lowest since Dec 2000 (missing expectations). And finally Industrial Production massively disappointed, rising only 5.6% YoY (weakest since Dec 2008). Finally, as a gentle reminder to the PBOC-front-runners, a month ago Beijing said there was no such thing as China QE (and no, the weather is not to blame.. but the smog?).



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