It has been a bad day for deals and deadlines all around: first Greece is about to enter July without a bailout program and in default to the IMF with the ECB about to yank its ELA support or at least cut ELA haircuts; also the US failed to reach a nuclear deal with Iran in a can-kicking negotiation that has become so farcical there is no point in even covering it; and now moments ago a third June 30 "deal" failed to reach an acceptable conclusion when Russia and Ukraine were unable to reach an agreement on gas prices at talks in Vienna on Tuesday. As a result, Ukraine is suspending its purchase of Russian gas.
Every quarter ConvergEx's Nick Colas reviews a raft of unusual and less examined datasets with an eye to refining and adding perspective to the more traditional macroeconomic analyses. This quarter’s assessment of everything from large pickup truck and firearms sales to Google search autofills for “I want to buy/sell” shows a U.S. economy that is reasonably strong but growing only very slowly. The chief areas of concern: Food Stamp participation is still very high at 45.6 million Americans (14% of the total population) and indicators like used car prices and large pickup sales are flat.
After seven long years of aggressively defending a monetary policy regime that's served to exacerbate the divide between the haves and the have-nots, the Fed looks at whether "the legend of Robin Hood" offers any helpful pointers about how to reignite America's economic growth engine. Spoiler alert: the Fed doesn't think "taking from the rich to give to the poor" would be very productive.
That an ETF can satisfy redemption with underlying bonds or shares, only raises the nightmare possibility of a disillusioned and uninformed public throwing in the towel once again after they receive thousands of individual odd lot pieces under such circumstances.
The relentless, limit-down trading in Chinese stocks that unfolded last week and continued into Monday (despite the PBoC's best efforts to arrest the slide with an emergency rate cut) has wreaked havoc on China's rookie money managers and their unsuspecting clients with losses amounting to as much as 80% in some structured funds.
*IMF SAYS GREECE FAILED TO MAKE PAYMENT DUE TUESDAY
*IMF BOARD INFORMED THAT GREECE IS NOW IN ARREARS
"Diva Of Distress" Dissed: Court Tosses Lynn Tilton's Lawsuit Against SEC, Which Is Suing Her For FraudSubmitted by Tyler Durden on 06/30/2015 - 14:24
Just hours after the SEC sued Lynn Tilton for CLO fraud, the "Diva of Distress" countersued the SEC to stop it from pursuing its civil charge, alleging the SEC violated her constitutional rights or something. As she said then, "I hold hope that our nation will allow a fair fight for truth, to defend integrity and intent against allegations and provides fair forums," Tilton posted on Twitter. Our nation did not.
Despite rumors from The Time of Malta (seriously!!), Greece's largest creditor by far - the European Financial Stability Fund (EFSF) - has confirmed that "it's over": EFSF CONFIRMS GREECE FINL ASSIST PROGRAM EXPIRES TUESDAY. This means the last aid tranche is now unavailable and any remaining bank-recap funds will be cancelled. So no extension, no suspension of referendum, and no talks until the referendum is over.
When Konstantin Kosachyov, the head of the Russian Federation Council's International Relations Committee, said the protests in Armenia against a 16.7 percent power price hike follow a color revolution scenario sponsored by Western powers, many commentators rushed to compare the crisis in Yerevan with the 2014 protests in Kyiv that toppled the pro-Russian president, Victor Yanukovych. However, the street protests in Armenia have more to do with the overall economic situation in the country than with proxy clashes between foreign countries.