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Lifestyles Of The Not So Austere & Socialist: Island Villa Edition

Greek FinMin Yanis Varoufakis has an island villa he would like to rent to you...



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Richmond Fed Manufacturing Survey Collapses To 2-Year Lows

Despite Markit's PMI exuberance, it appears the awesomeness did not reach Richmond. Printing at a disastrous -8, against expectations of +3, Richmond Fed is the lowest since January 2013. The last 5 months have seen the index drop at its fastest rate since Lehman.



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US Manufacturing PMI 'Survey' Defies Every Hard Data Print In Last 7 Weeks, Jumps To 5-Month Highs

Markit just issued the results of their Manufacturing PMI survey... and it shows everything is awesome again. Printing at 55.3 - the highest since October 2014 - it is utterly incredulous that this represents any reality as US macro data has completely collapsed in the last 2 months. Exports are down for the first time since November, but Markit is very excited, pitching deflation as good and careful to not be too sanguine about the rise for fear of sparking some Fed action...



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The Biggest Threat To The S&P 500 In The Next Month: "Biggest Buyer Of Stocks In 2015" Enters Blackout Period

For those curious what the biggest threat to the S&P's making new daily all time highs is, here is the explanation from Goldman: "The majority of companies just entered the buyback blackout period leading into the 1Q earnings season, and high valuations in the absence of corporate demand may weigh on stock prices."



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Lufthansa Germanwings Airbus A320 Crashes In French Alps; 148 Feared Dead

Moments ago, a Lufthansa Germanwings Airbus A320, flight 4U9525, on a Barcelona to Dusseldorf route, was reported to have crashed in the area of Digne, in the Alpes-de-Haute-Provence in southern France, an area which French president Hollande said is "very difficult to access." According to Plane Finder, the Germanwings plane, callsign D-AIPX, was a 24 year old A320 and part of the Germanwings fleet.  According to Plane Finder, the Germanwings plane, callsign D-AIPX, was a 24 year old A320 and part of the Germanwings fleet. According to initial press reports the plane had 142 passengers on board, with another 6 in the flight crew.



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Consumer Prices Rise Most Since May 2014, Led By Gas Prices & Shelter Costs

Following the first YoY deflation since 2009 in January, February's CPI YoY data managed to scrape its way back to unchanged (very modestly better than the 0.1% drop expected). Consumer prices rose 0.2% MoM - the most since May 2014 with gas prices up MoM for the first time since June. So what is the narrative now: if tumbling gas prices didn't get consumers to spend, rising gas costs will? Ex food and energy, prices rose 0.2% MoM (slightly hotter than the 0.1% rise expected) led by the shelter index (which increased 0.2 percent) accounting for about two-thirds of the monthly increase. The rent continues to be too damn high for most, and finally the BLS is starting to realize this.



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Canada's Biggest Oil Casualty To Date: Calgary's Nexen Shutters Oil Trading Desk

Last December, traditionally permabullish energy trader Andy Hall shocked the world when he became the first casualty of the oil crash after Phibro, his 113 year old employer then owned by Occidental Petroleum after its sale by Citigroup, would liquidate in the US after it failed to buy a buyer. He wouldn't be the last. Overnight, Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, reported it too would close its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday.



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DAX Is The Most Overbought Since The Peak In 2000

Th German DAX stock market index has only been this extended relative to its 200-day moving-average once in history... March 2000 - and that did not end well...



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Frontrunning: March 24

  • Germanwings Airbus crashes in France, 148 feared dead (Reuters)
  • Greece promises list of reforms by Monday to unlock cash (Reuters)
  • Merkel Points Tsipras Toward Deal With Greece’s Creditors (BBG)
  • Banks Shift Bond Portfolios -Move to ‘held to maturity’ category aims to guard against rising rates, shield capital  (WSJ)
  • Beijing to Shut All Major Coal Power Plants to Cut Pollution (BBG)
  • As Silence Falls on Chicago Trading Pits, a Working-Class Portal Also Closes (NYT)
  • Oil below $56 as Saudi output near record, China activity slows (Reuters)


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Futures At Overnight Highs On China PMI Miss, Europe PMI Beat

It is a centrally-planned "market" and everyone is merely a bystander. Last night, following a dramatic China PMI miss, which as previously reported tumbled to the worst print since early 2014 and is flashing a "hard-landing" warning, the Shanghai Composite first dipped then spiked because all a "hard-landing" means is even more liquidity by the PBOC (which as we suggested a month ago will be the last entrant into the QE party before everyone falls apart). Then, this morning, a surprise beat by the German (and Eurozone) PMI was likewise interpreted by the algos as a catalyst to buy, and at this moment both European stock and US equity futures are their session highs. So, to summarize, for anyone confused: both good and bad data is a green light to buy stocks. In fact, all one needs is a flashing red headline to launch the momentum igniting algos into a buying spasm.



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China Lands Hard: Rail Volume Plunges, PMI Tumbles Into Contraction, Employment Worst Since Lehman

Chinese rail freight collapses 9.1% YoY; China Manufacturing PMI tumbled back to a contractionary 49.2 - lowest in 11 months; and the Employment sub-index plunged to its lowest since Lehman ... yeah but apart from that, everything is awesome. And for those excited about just how disastrous Chinese data is (and thus how huge the next stimulus unleashing will be), think again - China now sees exactly where the last trillion dollar QE went... a de minimus and unsustained blip in the economy and liquidity-fueled rampage in stocks (which is not what a corruption-crackdown politburo wants to encourage).



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Regime Change: America's Failing Weapon Of International Deception

After almost two centuries of political and economic meddling in Latin America under the Monroe Doctrine (1823) banner, much of it involving regime change, the US is finally coming to terms with the reality that its influence has not just waned but disappeared. To Washington’s despair, similar results, if for other reasons, are happening throughout North Africa and the extended Middle East; certainly not the results the US had hoped for or anticipated from the revolutionary wave in the Arab Spring, now entering its fifth year. The era of using regime change as a weapon of mass deception may have already ended for the United States of America… and hopefully for the entire world.



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US To China: 'Infrastructure Bank' This! - Test-Fires ICBM As A "Visual To The World"

With allies migrating en masse to China's new infrastructure bank (and even the US having to admit it will 'cooperate'), it appears America has fallen back on what has worked for it in the past to ensure the world's largest creditor remains the world's reserve currency ad inifinitum - rattle its nuclear missile sabre... As the following clip shows, The US Air Force just test-fired a Minuteman III intercontinental ballistic missile from California, providing a "visual to the world."



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US "Loses" $500 Million In Weapons Given To Yemen, Now In Al-Qaeda Hands

Just when we thought it was logistically impossible for US foreign policy to be any more incompetent and cluless, we read this...



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Fortescue Explains Why Failed Refinancing Didn't Really Fail

Fortescue's refinancing effort, which many investors believe was hampered by collapsing commodity prices, wasn't actually a failure the company's CEO says. Besides, it was all Janet Yellen's fault.



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