The Hedge Fund Known As The Swiss National Bank Posts A Record $23 Billion Loss, Down 4%, On EUR, AAPL, VRX
Submitted by Tyler Durden on 01/08/2016 - 14:01
In a year in which the smartest money around the world failed to generate any profit, the hedge fund known as the SNB was likewise slammed, and earlier today, it announced in a preliminary report (the full results will be out on March 4) that it had suffered a CHF23 billion ($23.05 billion) loss in the past year, or about 4% of its assets under management. In retrospect, considering some of the double-digit losses recorded by the marquee hedge fund names, a 4% loss looks downright respectable by funds who "hedge" only in name.
Militia Leader Refuses Sheriff's Roadside Offer To End Standoff: "I Don't Need An Escort"
Submitted by Tyler Durden on 01/08/2016 - 13:41
"We're here for the people of Harney County. We're here because people were being ignored. Now we're getting ignored again."
"I didn't come here to argue."
Dear Janet, This Was Not Supposed To Happen
Submitted by Tyler Durden on 01/08/2016 - 13:25
The Treasury yield curve has collapsed since Janet and her band of inverse Robin-Hoods hiked rates into the worst earnings and manufacturing recession since the crisis. In fact, the spread between 2Y and 10Y rates has plunged 15bps since December's FOMC meeting to its flattest since 2008... so we ask simply - Dear Janet, please explain?
How Low Will The Yuan Go? Deutsche Bank Answers
Submitted by Tyler Durden on 01/08/2016 - 13:09
"Until the market acquires greater confidence on the intended scale of currency depreciation as well as the equilibrium level of capital outflows (and effectiveness of capital controls) concerns around China’s currency policy are unlikely to subside any time soon."
WTI Slides Despite Plunge In US Oil Rig Count
Submitted by Tyler Durden on 01/08/2016 - 13:06
The oil rig count dropped 20 to 516 in the last week - the biggest weekly drop in 4 weeks to new cycle lows. Crude was unimpressed, jumping modestly and then fading...
In Q4 When 282,000 Average Jobs Were Supposedly Added, The Atlanta Fed Sees GDP At A Paltry 0.8%
Submitted by Tyler Durden on 01/08/2016 - 12:58.gif)
So, to summarize: in a quarter in which GDP rose by 0.8%, and was likely negative when excluding the benefits - yes, that's right, benefits - of the warm winter, the same way last year's "harsh winter" supposedly subtracted from GDP, the US added on average over 270,000 workers per month. Just when you thought the Chinese Department of Truth couldn't be topped...
The China Narrative That Really Matters
Submitted by Tyler Durden on 01/08/2016 - 12:14
"I get nervous because the next move in China is going to be a political move, and political moves are never well anticipated by markets. The Beijing regime is going to take steps to defend itself, or at least insulate itself, from the growing Narrative that they are incompetent. Heads will roll. Literally, in all likelihood. But the incompetence genie is very hard to stuff back into the bottle, and depending on whose head is on the chopping block, regime stability can deteriorate very quickly. Now that's what will make me change my bullish stance on China fundamentals, and that's what will make the US market swoon of last August look like a gentle spring rain."
If You Are An Oil Bull, Don't Look At These 2 Charts
Submitted by Tyler Durden on 01/08/2016 - 11:46
It's getting worse... faster! These two stunning overnight developments in crude oil prices should shock investors...
The 10 Principles Of Bubbles Show Why The Whole Planet's On Central Planner "Crack"
Submitted by Tyler Durden on 01/08/2016 - 11:26
Bubbles don’t correct - they burst! Sure, U.S. stocks might have climbed out of the August correction. But too many small- and mid-cap stocks are in the red to say "the coast is clear." And these growing divergences in the market are showing that we are very, very close to bursting.
US Stocks Give Up "China Is Fixed" Gains
Submitted by Tyler Durden on 01/08/2016 - 11:14
Small Caps have been red most of the day but the major US equity indices clung valiantly to hopeful "China is fixed... and what about Jobs" gains (despite the recessionary print in wholesale data). But that is all over now... The S&P 500 and Dow have now broken down and turned red for the day...
The December Jobs Report: Full Summary
Submitted by Tyler Durden on 01/08/2016 - 11:06
Transportation revised up thanks to UPS/Fedex revisions; December boosted by warm weather, January to reverse; Low oil prices benefiting the petrochemical sector; Consumer Spending remains strong
Where The December Jobs Were: Minimum Wage Deluge Continues
Submitted by Tyler Durden on 01/08/2016 - 10:48
Earlier we gave a big picture explanation how the US can add 292,000 while average hourly wages actually decline. Below is a more nuanced answer, looking at the breakdown of jobs by industry in December. It will probably come as no surprise to anyone that for another consecutive month, the well-paying jobs: mining and logging, wholesale trade, manufacturing, and information barely posted a net increase. At the same time, the poor paying jobs continued to soar.
The Last Time Automakers Channel-Stuffed This Much, Lehman and GM Went Bankrupt
Submitted by Tyler Durden on 01/08/2016 - 10:28
Don't show Phil LeBeau this chart!
Wholesale Trade Data Suggest Manufacturing Recession Spreading To Entire Economy
Submitted by Tyler Durden on 01/08/2016 - 10:11
The good news - wholesale inventories are being worked off (falling 0.3% MoM in November - biggest drop since May 2013). The bad news - inventories are being worked off (crushing Q4 GDP hopes and Fed forecasts). The ugly news - Wholesale sales collapsed 1.0% MoM - the biggest drop in a year (leaving the spread between sales and inventories at a record high). The ugliest data of all - inventories-to-sales spiked to 1.32x - (the highest since 2008's crisis recession and as high as the worst in the 2001 recession!)
