Copper Futures Crash Below $2 For First Time Since 2009
Submitted by Tyler Durden on 01/07/2016 - 09:54
Dr. Copper is sick. For the first time since May 2009, Copper futures prices traded with a $1 handle this morning ($1.99) as Nomura analysts warn the commodity is likely to see more downside risk over the medium term as the market is expected to remain in surplus through the end of the decade.
China Suspends Circuit-Breaker Rule - "This Is Insane; We Were Forced To Liquidate All Our Holdings This Morning"
Submitted by Tyler Durden on 01/07/2016 - 09:38
Update: *CHINA SUSPENDS STOCK CIRCUIT BREAKER RULE - In Q&A, CSRC insists circuit breakers didn't cause the China meltdown but admits they may have aggravated sell-off.
"It couldn't be worse," exclaims one manager who started his fund mid-year in 2015, blaming China's equity market carnage on its newly-created circuit-breakers (as opposed to the fact that the Chinese market trades at 64x P/E and there are sellers everywhere). "Panic will eventually turn into a buying opportunity," hopes one strategist while another proclaims "poorly-designed" circuit breakers need to be adjusted to 10% (seriously). Blame is everywhere, but it is Chen Gang who summed up the panic best, "this is insane... we were forced to liquidate all our holdings this morning."
"In Jeopardy" The Bull Market Is Breaking Bad-der
Submitted by Tyler Durden on 01/07/2016 - 09:26
This week has seen a slew of significant levels related to the post-2009 bull market break on several key stock indices.
Initial Jobless Claims Regime Shifts - Average Jumps To 6-Month Highs
Submitted by Tyler Durden on 01/07/2016 - 08:36
The much-watched four-week average of initial jobless claims rose to 277k, accelerating to the highest levels since early July 2015. This "trend shift" began as rate-hike odds increased in October... just as we saw the trend shift after QE3 ended...
Gold, Bitcoin Soar After China Liquidates Most Reserves On Record To Defend Currency
Submitted by Tyler Durden on 01/07/2016 - 08:16
As the PBOC revealed overnight, China’s foreign-exchange reserves plunged much more than forecast in December, capping the first-ever annual decline (of $513 billion) as authorities sought to prop up a weakening yuan. More importantly, the $108 billion decline from $3.438 trillion to $3.330 trillion - far greater than the $20 billion estimated - was the largest on record, and shows that while on the surface the Yuan was stable, behind the scenes the PBOC was furiously dumping securities to prevent an all out currency rout as outflows hit a record.
French Police Shoot Man With Knife, Bomb Vest On Charlie Hebdo Anniversary
Submitted by Tyler Durden on 01/07/2016 - 07:57
On the one year anniversary of the Charlie Hebdo attacks, one man decided to "celebrate" by storming a police station in Paris - with a knife. He was promptly shot.
Frontrunning: January 7
Submitted by Tyler Durden on 01/07/2016 - 07:40- China turmoil sends oil, stocks sliding (Reuters)
- China's Stock Traders Go Home After 29 Minutes (BBG)
- Yuan hits weakest since Feb 2011 on fresh low midpoint (Reuters)
- Stocks Extend Rout, Oil Slides on China as Soros Warns of Crisis (BBG)
- China's 29 Minutes of Chaos: Stunned Brokers and a Race to Sell (BBG)
- North Korea Uses Bomb Test to Boost Dictatorship (WSJ)
Global Stocks Crash After Spiraling Chinese Devaluation Unleashes Worldwide Chaos And Selling
Submitted by Tyler Durden on 01/07/2016 - 07:34
Once China set the Yuan fixing some 0.5% lower, the biggest drop since the August devaluation, all hell broke loose and unleashed a global selling panic after China's stock market was promptly shut down less than 30 minutes into trading, then European shares dropped the most in more than 4 months as Asian equities plunges, as did US stock futures, the dollar weakened against the euro and the yen; crude plunged to fresh 12 year lows. Gold rose.
Iran Accuses Saudi Arabia Of Bombing Its Embassy In Yemen
Submitted by Tyler Durden on 01/07/2016 - 07:18
In a move that could very well lead Iran to take the "proxy" out of Yemen's proxy war, Saudi Arabia has reportedly bombed the Iranian embassy in Sana'a, injuring staff in what Tehran says was a "deliberate" attack. "My classmate and I were at recess when a huge explosion hit the neighborhood. We ran to the side and she fell to the ground in fear."
George Soros: It's 2008 All Over Again
Submitted by Tyler Durden on 01/07/2016 - 06:00
Surging volatility in global equity, currency, and credit markets and significant stress in a major world economy have George Soros on edge. Speaking at an economic forum in Sri Lanka, the billionaire hedge fund manager warned global markets are facing a crisis and investors need to be very cautious. On the heels of the second trading halt in four days, Soros exclaimed "I would say it amounts to a crisis... which reminds me of 2008."
Here We Go Again: China Halts Trading For The Entire Day After Another 7% Crash
Submitted by Tyler Durden on 01/06/2016 - 23:55
CHINA STOCKS HALTED FOR REST OF DAY AFTER CSI 300 TUMBLES 7% - Following the collapse of offshore Yuan to 5 year lows and decompression to record spreads to onshore Yuan, The PBOC has stepped in and dramatically devalued the Yuan fix by 0.5% to 6.5646. This is the biggest devaluation since the August collapse. Offshore Yuan trading has been violent with a 1000 pips swing on Yuantervention. Dow futures are plunging... WTI trades at a $32 handle... Gold hits $1100.
TransCanada Sues Obama Administration; Says Keystone Pipeline Rejection Was Unconstitutional
Submitted by Tyler Durden on 01/06/2016 - 23:01
Obama's Keystone pipeline rejection "mission accomplished" banner has just led to a big slap on the face of the former constitutional expert, and could carry a multi-billion dollar chage after late this afternoon, TransCanada filed a lawsuit in Federal court in Houston, suing the U.S. government and claiming the Obama acted unconstitutionally when he rejected the Keystone XL, while also seeking $15 billion alleging the pipeline denial was "arbitrary and unjustified."
Eyewitness Account Of The "Monstrous" Migrant Attacks In Germany: "It's Like Civil War"
Submitted by Tyler Durden on 01/06/2016 - 22:51
"These people that we welcomed just three months ago with teddy bears and water bottles ... started shooting at the cathedral dome and started shooting at police. Well seasoned police officers then confessed to me that they never saw something like this in their entire lives."
Paul Craig Roberts: The Rule Of Law No Longer Exists In Western Civilization
Submitted by Tyler Durden on 01/06/2016 - 22:25
American justice is a joke. It does not exist. The USA is a lawless country. By that we do not mean what conservative Republicans mean, which is, if we understand them, that racial minorities violate law with something close to impunity. What we mean is that only the mega-banks and the One Percent have legal protection, and that is because these people control the government. For everyone else law is a weapon in the hands of the government to be used against the American people.
