• GoldCore
    07/01/2015 - 10:07
    With all eyes on Greece it would seem another crisis relating to unpayable debt is brewing in the Caribbean. The governor of Puerto Rico, Alejandro García Padilla, has warned that the island is...

Tyler Durden's picture

"Strong Fundamentals" Meme Destroyed As US Manufacturing PMI Slows To Its Weakest Since October 2013

US Manufacturing PMI's final print for June at 53.6 (slightly above its preliminary 53.4 print) is its lowest since October 2013. The survey has fallen almost non-stop since the end of QE3. Under the covers, data was mixed, softer output growth was offset by a slight pick-up in the pace of new business gains and job creation, but Manufacturers indicated a slowdown in production growth for the third month running during June. As Markit's echief economist notes, “Policymakers will be concerned about the unbalanced nature of growth, and in particular the loss of export and investment drivers, and will want to see growth pick up again in coming months before committing to higher interest rates.”



Tyler Durden's picture

Next Steps For Greece: The Complete Post-Referendum Roadmap

As we await Tsipras' response to reports which indicate he is set to concede to creditors' proposals in exchange for a deal that rescues his country from the brink of economic oblivion, Barclays and Bloomberg are out with referendum roadmaps.



Tyler Durden's picture

Leaked Troika Documents Show Greece Needs Huge Debt Relief

Just when you think things can’t get any crazier, they always do. The Guardian reports on unpublished Troika documents that show Greece is only too right in asking for debt relief. That for the Syriza government to sign what the Troika wants to force them to sign would see Tsipras et al plunge their country into a financial hell hole.



Tyler Durden's picture

ADP Rises To Highest Since 2014 Despite Challenger Job Cuts' Surge To Highest Since 2010

As the shortened week continues ahead of tomorrow's payrolls print, and amid chaotic Greek headline-hockey, ADP and Challenger jobs data gives us a glimpse of what volatility lies ahead. After jumping a little last month, but remaining in weak territory, ADP printed 237k for June (beating expectations of +217.5k) in line with estimates for nonfarm payrolls. This is the best print since Dec 2014 but is dominated by small businesses with large companies lagging.  Job gains were dominated by Services (+225k) with goods-producing fiorms gaining a mere 12k jobs. This comes after Challenger-Gray showed job cuts increasing 42.7% YoY in June and are at the highest level for June since 2009.



Tyler Durden's picture

Manhattan Apartment Prices Soar To Record On Billionaire Bid

In the latest example of the soaring cost of living in America, Manhattan apartment prices just hit a record, with average sale prices soaring 11% to an astounding $1.87 million in Q2, the highest in the quarter or so century of record keeping.



Tyler Durden's picture

For The Bookies The Referendum Outcome Is Clear: Paddy Power Pays Out For "Yes" Votes

The market may be scratching its head over the outcome of this Sunday's Greek referendum, soaring on the faintest trace of good news such as the report of Tsirpas' capitulation this morning then reluctantly selling off as the euphoria is rejected, but for the bookies the outcome is now clear: earlier today Ireland's Paddy Power announced it has "paid out five figures" in winnings to gamblers who bet that Greece will back a July 5 austerity referendum that may seal the nation’s future as part of the euro region.



Tyler Durden's picture

Merkel Addresses German Parliament: Key Points

As Greece prepares to accept creditors' terms in exchange for a deal, German Chancellor Angela Merkel addresses parliament. Here are the key points. 



Tyler Durden's picture

Frontrunning: July 1

  • Tsipras backs down on many Greece bailout demands (FT)
  • Creditors skeptical of Tsipras' offer (Reuters)
  • Greek Pension Rationing Begins; Poll Shows Tsipras Backed (BBG)
  • Greek referendum poll shows lead for 'No' vote, but narrowing (Reuters)
  • Greek Bank Controls Heap More Pain on Crisis-Weary Citizens (BBG)
  • Greek Crisis Ripples Across European Companies as Markets Swing (BBG)
  • China Stocks Fall: Shanghai Composite Index Drops 5.2% (BBG)
  • China June factory, services surveys fuel hopes economy leveling out (Reuters)
  • Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases (BBG)


Tyler Durden's picture

Market Wrap: Greek "Capitulation" Optimism Sends Global Risk Higher After China Re-crashes

So much going on that by the time an article is prepared, everything has changed and it has to be scarpped. But, in any event, here is an attempt to summarize all that has happened in another turbulent overnight session.



Tyler Durden's picture

Greek Prime Minister To Address The Nation Shortly



Tyler Durden's picture

Equities Soar As Tsipras Said Ready To Accept Most Of Expired Bailout Offer, European Response Muted

It's deja vu all over again.

Just hours after Greece became the first developed country to default to the IMF, as a result being expelled from its existing bailout program, a little before 5am CET news hit that Greek PM Tsipras was willing to concede to virtually all creditor demands, with a few exceptions. As the FT first reported, "Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night."



Tyler Durden's picture

Europe's Controlled Demolition

The EU is blowing up itself by trying to exert far too much influence on the very member nations that made its existence possible. Brussels is a blind city. It will take a lot of pain, and probably even the very wars the EU was originally founded to prevent, to figuratively burn it to the ground.



Tyler Durden's picture

Early China Strength Fades Fast As Margin Debt Plunges Most In 3 Years

Following the much-celebrated (and massive 13% swing low-to-high) bounce yesterday at the hands of a desperate PBOC, the morning session ended with an early boost fading. Shanghai margin debt has now suffered the longest streak of declines in 3 years and as BofAML warned they "doubt that this marks the end of the de-leveraging process in the stock market given that much of the leveraged positions are yet to unwind." With both Manufacturing and Services PMIs printing above 50, stimulus is now clearly aimed at maintaining the bubble but as BofAML concludes, "after this adverse experience, we expect many investors will be much more cautious before investing into the stock market, we will be surprised to see a return of the unbridled enthusiasm of investors any time soon."



Tyler Durden's picture

For Greeks The Nightmare Is Just Beginning: Here Come The Depositor Haircuts

With capital controls already imposed on Greece, some have wondered if this is as bad as it gets. Unfortunately, as the Cyprus "template" has already shown us, for Greece the nightmare on Eurozone street is just beginning.



Tyler Durden's picture

Paul Craig Roberts Rages: Truth Is Now A Crime Against The State

The entire Western edifice rests on lies. There is no other foundation. Just lies. This makes truth an enemy. Enemies have to be suppressed, and thus truth has to be suppressed.



Do NOT follow this link or you will be banned from the site!