After Poland Compares EU To Nazis, Brussels Launches "Unprecedented" Review Of Polish Media Laws
Submitted by Tyler Durden on 01/13/2016 - 11:35
The latest diplomatic spat to divide the EU worsened materially on Wedensday when Brussels opened an official inquiry into new media laws enacted in Poland. Although the laws have drawn criticism domestically as well as abroad, the Polish government views the probe as a violation of sovereignty by an increasingly intrusive Berlin.
War Between Saudi Arabia And Iran Could Send Oil Prices To $250
Submitted by Tyler Durden on 01/13/2016 - 11:15
The rift between Saudi Arabia and Iran has quickly ballooned into the worst conflict in decades between the two countries. The effect from the brewing conflict on oil is murky, but for now it is not having a bullish impact. But what if the current “Cold War” between Saudi Arabia and Iran turned hot?
Sweden's Foreign Minister Barred From Israel After Calling For "Extrajudicial Killings" Probe
Submitted by Tyler Durden on 01/13/2016 - 10:54
Having upset The Sauds (by exposing the truth about The Kingdom's subjugation of women and medieval laws), and hurt relations with Saudi Arabia, Swedish foreign minister Margot Wallstrom has now made an enemy of another Middle-East nation. Israel has barred Wallstrom from entering their nation after she called for investigations into "extrajudicial killings" during recent violence. In response, the Israeli Foreign Ministry said in a statement: "The Swedish Foreign Minister has, in her reckless and ludicrous comments, buoyed terrorism and by so doing is encouraging violence."
Albert Edwards Hits Peak Pessimism: "S&P Will Fall 75%", Global Recession Looms
Submitted by Tyler Durden on 01/13/2016 - 10:36
"To bottom on a Shiller PE of 7x would see the S&P falling to around 550. I will repeat that: If I am right, the S&P would fall to 550, a 75% decline from the recent 2100 peak."
Crude Crashes On Biggest 2-Week Gasoline Inventory Build On Record
Submitted by Tyler Durden on 01/13/2016 - 10:36
Confirming API data overnight, DOE reports that while total inventories of crude rose less than expected (+234k vs +2.1mm exp.) Gasoline and Distillates saw a massive build once again. Gasoline invenrtories rose 8.44mm barrels (following last week's 10.6mm record build) is the biggest 2-week inventory build in history. Crude has crashed back from overenight "China is buying oil" demand hopes.
"We Could Be Looking At A Really Ugly First Quarter" - Jeff Gundlach At His Most Bearish Yet
Submitted by Tyler Durden on 01/13/2016 - 10:08
"Oil goes below $40, it’s frightening for geopolitical behavior. Guess what, folks? It’s below $40 and this frightening political behavior is upon us.... We could be looking at a really ugly situation during the first quarter of 2016... I think we're going to take out the September low of the S&P500."
SunEdison Plunges 15%, Halted As Tepper Sues To Block Acquisition
Submitted by Tyler Durden on 01/13/2016 - 10:06
The ongoing drama between SunEdison and Terraform Power and Appaloosa's David Tepper just escalated yet again. The stock plunged 15% after an initial halt but is now halted once again as Tepper says "immediate action is needed" as he sues the firm to block the firm's 'nepotistic' deal to acquire Vivint assets, having previously warned SUNE is "self-dealing."
Icahn's Freeport McMoran Is Not Buying The Bounce
Submitted by Tyler Durden on 01/13/2016 - 09:55
With Freeport McMoran at the top of the list of entities due to be downgraded to junk (in fact trading in credit markets with a 79% chance of default), it is perhaps not entirely surprising that yesterday's dead-cat-bounce is fading fast this morning as Carl Icahn's big bet turns sour-er.
Former Federal Prosecutor Says Hillary Clinton Could Be Indicted Within 60 Days (Or FBI Will Revolt)
Submitted by Tyler Durden on 01/13/2016 - 09:39
"I believe that the evidence that the FBI is compiling will be so compelling that, unless [Lynch] agrees to the charges, there will be a massive revolt inside the FBI, which she will not be able to survive as an attorney general..."
About That "Surging" Chinese Trade Data, There Is Just One Thing...
Submitted by Tyler Durden on 01/13/2016 - 09:15
While Chinese New Year seasonals are undoubtedly one factor in last night's "surprisingly good" Chinese trade data, the following chart shows the level of "bullshit factor" was extreme by anyone's measure. Three years ago we first brought China's 'fake' trade data and abundant discrepancies to the public's attention and despite an apparent crackdown by regulators, the gaping difference between imports from Hong Kong and exports to Hong Kong is downright embarrassing for China's SAFE as it is clear that capital outflows are being disguised as exports with "over-invoicing" back in play.
Banksters Win Again - "Audit the Fed" Bill Fails In The Senate
Submitted by Tyler Durden on 01/13/2016 - 08:56
Rand Paul’s signature “Audit the Fed” legislation failed to garner the 60 votes needed in the Senate to move the measure forward. Of course, this is merely the latest in a never-ending series of banker victories, and a truly devastating blow against liberty, free markets, transparency and any hope for government by the people and for the people. Ensuring that light is never shined on the Fed’s shady, corrupt and unaccountable bailout activities has always been a key goal of the American oligarchy, and they succeeded once again.
Gartman Now Says Crude Has Bottomed Hours After Warning Of "Egregiously Lower" Prices And "Panic Selling" To $15
Submitted by Tyler Durden on 01/13/2016 - 08:16
"Crude oil prices, finally, have stabilised, and we shall go our far upon a limb here this morning suggesting very strongly that when nearby February WTI traded to $29.93 at its low yesterday amidst a great deal of very vocal consternation on the national business television channels that crude had “TRADED BELOW $30 PER BARRELL” that that was what we in the past had referred to as the “obscene number” and may well have been the low."
Frontrunning: January 13
Submitted by Tyler Durden on 01/13/2016 - 07:53- China trade surprise brings relief (Reuters)
- Obama knocks Trump, voices optimism (Reuters)
- Republican Candidates Criticize Obama’s State of the Union Address (WSJ)
- Republicans and Democrats Agree: We Hate Wall Street (WSJ)
- Oil rises for first time in eight sessions on China, U.S. stocks draw (Reuters)
- U.S. Exports First Freely Traded Oil in 40 Years (WSJ)
- China Imports Record Crude as Price Crash Accelerates Buying (BBG)
GE To Cut 6,500 European Jobs
Submitted by Tyler Durden on 01/13/2016 - 07:31
Earlier today GE announced plans to cut 6,500 jobs in Europe over the next two years, including 765 in France, a spokesman for the company in France said on Wednesday. The spokesman added that GE was sticking to its pledge to create 1,000 net jobs in France in the next three years as part of its recent acquisition of Alstom's energy business. So definitely firing 6,500, but tentatively promising to add 1,000.
Iran Releases Captured US Sailors After Questioning, Apology
Submitted by Tyler Durden on 01/13/2016 - 07:11
“Following technical and operational investigations and in interaction with relevant political and national security bodies of the country and after it became clear that the US combat vessels’ illegal entry into the Islamic Republic of Iran’s waters was the result of an unpurpuseful [sic] action and a mistake and after they extended an apology, the decision was made to release them."
