• EquityNet
    06/29/2015 - 12:09
    Tomorrow at 8pm, we’re adding an extra second to the day. Over the past 200 years, the length of a day has increased by two milliseconds, which is all well and good, but the insane accuracy of the...

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Fiat Faith Falters As Bitcoin Surges 7% Post-Greferendum Decision

The faith in fiat currencies is faltering...



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"Uncontained" - Greek Stocks Crash 17% As European Banks Plunge Most In 3 Years

Despite the Greek stock market being closed there is an option for hedging the exposure that all the smart money has been building to Greece in the past few days - GREK - the US-trade Greek ETF. In the pre-open, GREK is trading down 17%. While the best efforts of the SNB are underway to protect the markets from unease, European banks are suffering the exact 'contagion' that we were told numerous times would be contained... led by limit down moves in Italy.



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The Sell Side Reacts To Europe's "Lehman Weekend"

Global equities plunged on Monday as both carbon-based traders and HFTs tried in vain to keep their composure which watching in horror as Greece, the birthplace of Western civilization, quickly became Venezuela. With Europe’s “Lehman weekend” now in the books and as the currency union stares into an uncertain future, the sell side tries to make sense of it all.



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Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."



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Frontrunning: June 29

  • China’s Stocks Enter Bear Market as Rate Cut Fails to Stop Rout (BBG)
  • Stocks Tumble Around the World on Greek Crisis (WSJ)
  • Some say back to the drachma for a Greek reboot (Reuters)
  • Greece Imposes Capital Controls as Fears of Grexit Grow (BBG)
  • Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece (NYT)
  • Euro off Greece-driven lows after SNB intervenes (Reuters)
  • Western Union to close in Greece for rest of week (Reuters)
  • European banks, bonds shaken by Greek turmoil (Reuters)


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European Failures Coming Fast And Heavy Now



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Carnage Continues: EU Equity Futures Crash 7%, Bund Yields Plunge 20bps, Italy/Spain Bonds Dumped

It appears Greece matters after all - US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps. Peripheral bonds are being dumped (contagiously).

*EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN
*ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%



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Chinese Stocks Crash Most In 19 Years, Re-Open Limit Down (Despite PBOC Hail Mary)

We're gonna need a bigger rate cut...

SHANGHAI COMPOSITE HEADS FOR BIGGEST 3-DAY DROP SINCE 1996
CHINA CSI 500 STOCK-INDEX FUTURES FALL BY MAXIMUM 10% LIMIT

"It's time to wake up," because, the fate of the world is in the hands of illiterate Chinese farmers and Greek grannies.



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Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.



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The NATO Buildup On Russia's Border - Groundless Pretext For Cold War Revival

Have you picked up on the new trope du jour? We are all encouraged to bask in our innocence as we lament the advent of a new Cold War. The thought has been in the wind for more than a year, of course, at least among some of us. But we witness a significant turn, and I hope this same some of us are paying attention. As of this week, leaders who know nothing about leading, thinkers who do not think and opinion-shaping poseurs such as Tom Friedman are confident enough in their case to sally forth with it: The Cold War returns, the Russians have restarted it and we must do the right thing - the right thing being to bring NATO troops and materiel up to Russia’s borders, pandering to the paranoia of the former Soviet satellites as if they alone have access to some truth not available to the rest of us.



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Here Comes "Prexit": Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can...

As we noted last night, for a whole lot of time nothing at all can happen under the guise of "containment"... and then everything happens all at once. Because not even two full days after Greece activated the "Grexit" emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.



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Artist's Impression Of This Week In America

Quite a week...



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"Contained" Greek Contagion Smashes Japanese Banks Lower

Despite all the 'smartest men in the room' proclaiming that Greece doesn't matter, and Greek risks are "contained", Japanese stocks are tumbling led by bank stocks. Topix Banks Index has plunged the most since Feb 2014 (and 2nd most since the Taper Tantrum in 2013).



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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)

It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.



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How Could The "Greek Experts" Be So Wrong?

With Greece disintegrating before our very eyes, here are some recent blasts from the recent and not so recent past, showing just how clueless some of the most and least respected, strategists, bureucrats, drama majors, and former Goldman employees have been when it comes to Greece.



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