S&P Enters The Latest European Scandal: Downgrades Poland From A- To BBB+
Submitted by Tyler Durden on 01/15/2016 - 11:54
As so often happens, whenever there is a political spat in Europe, the rating agencies are quickly involved (thing S&P and Moody's downgrades and upgrades of Greece depending on how well the vassal nation is "behaving"), and moments ago S&P downgraded Poland from A- to BBB+ outlook negative, precisely due to Poland's new media law which has been the topic of so much consternation over the past week. In other words, S&P is now nothing more than a lackey for Brussels, threatening to send Polish yields higher if Poland does not fall in line.
European Stocks Enter Bear Market
Submitted by Tyler Durden on 01/15/2016 - 11:40
When "whatever it takes" meets "get me out now!"...
US Freight Volumes Fall For First Time In 3 Years As Baltic Dry Crashes Under 400
Submitted by Tyler Durden on 01/15/2016 - 11:31
For the first time in three years and before that the recession, the total volume of freight moved by road, rail, pipeline, inland waterways and air has fallen Y/Y. Meanwhile, on the high seas, the Baltic Dry has collapsed under 400.
If It Walks Like A Bear, Growls Like A Bear...
Submitted by Tyler Durden on 01/15/2016 - 11:19
BofAML says that clients are no longer in "denial" about recession/bear market risks; but clients not yet willing to "accept" we are already well into a normal, cyclical recession/bear market.
How about now?
WalMart To Fire 16,000 As It Closes 269 Stores Globally
Submitted by Tyler Durden on 01/15/2016 - 11:12
Behold: the effect of an across the board minimum wage hike...
No, Goldman Is Not Calling For An "Oil Bull Market": Here Is What It Really Said And Why It's Bad News For Banks
Submitted by Tyler Durden on 01/15/2016 - 11:11
There has been some confusion overnight whether Goldman, in a note released overnight, is calling for a new "bull market" in oil and commodities in general. Goldman did not call for a bull market. This is what it did say, and it is not good news for US banks.
Recession Imminent As Business Inventories-To-Sales At Cycle Highs
Submitted by Tyler Durden on 01/15/2016 - 10:11
Just as Wholesale inventories-to-sales ratios flash recessionary signals so Business inventrories-to-sales point to US heading towards an inventory-dump recession. At 1.38x, the ratio is the highest since the last crisis as both sales and inventories fell Mom but year-over-year, sales tumble (-1.4% YoY) and inventories rise (1.6% YoY).
With Stocks in Freefall, Nasdaq Breaks... (Stocks Soar)
Submitted by Tyler Durden on 01/15/2016 - 09:56
Exchange says Nasdaq/Finra TRF -- a service dark pools and other off-exchange venues use to report stock trades -- is experiencing technical issue.
Saudi Arabia: A Weak Kingdom On Its Knees?
Submitted by Tyler Durden on 01/15/2016 - 09:53
The great Kingdom of Saudi Arabia - the long-time dictator of crude oil prices for the world - is struggling on all fronts. The Saudis are in a state of panic all around - from its OPEC status and dwindling reserves to its proxy wars that absolutely cannot turn into full-fledged wars and its growing friendlessness. At the end of the day, Saudi Arabia has overextended itself, and overestimated its prowess and it does not have the clout that it once had to be able to do this effectively.
World's Largest Miner Books Massive $7.2 Billion Writedown On US Shale "Assets"
Submitted by Tyler Durden on 01/15/2016 - 09:52
“Yeah well, considering you’ve got a book value of $20 billion and you haven’t reported an operating EBIT gain in the last two years, I think they’ve been lucky to get away with such a modest amount. I think they’ll be having the same discussions with their auditors in July."
Here It Comes: New York Fed President Says "If Economy Weakens Further, Would Consider Negative Rates"
Submitted by Tyler Durden on 01/15/2016 - 09:43Remember when the Fed's dots - less than a month ago - suggested there would be 4 rate hikes in 2016? Ah, the memories. Well, you can not only forget that (now that the market is estimating the next rate hike will come in October if ever), but it appears that the Fed will follow Kocherlakota's advice after all and not only cut rates (the possibility of a January rate cut now is 10%), but will pass go, and collect negative rates:
- DUDLEY: IF ECONOMY WEAKENED, WOULD CONSIDER NEGATIVE RATES
After today's atrocious, recessionary data, one can be certain that the Fed is furiously considering negative rates.
Gold & Silver Spike To Crucial Technical Levels
Submitted by Tyler Durden on 01/15/2016 - 09:37
It has been a roller-coaster week for precious metals as the 50-day moving average remains key support for Gold and resistance for silver. This morning's chaos appears to have reignited the bid for safety once again...
Dow Down 500 Points From Bullard Bounce, 10Y Under 2.00%, Oil Below $30 As Rate-Hike Odds Collapse
Submitted by Tyler Durden on 01/15/2016 - 09:29
Welcome To The Recession: Industrial Production Crashes Most In 8 Years
Submitted by Tyler Durden on 01/15/2016 - 09:23
There comes a time when you just have to admit you were wrong... You were wrong. Industrial Production plunged 1.8% year-over-year - the fastest pace of collapse since May 2008 and a level that has never not produced a recession.
