Presenting Turkey's "Vicious" Depreciating Currency Cycle
Submitted by Tyler Durden on 01/14/2016 - 13:35
With Erdogan calling (loudly) for lower rates and 5 of 7 MPC seats opening up between April and November, some fear Turkey may eschew policy normalization leading directly to what Morgan Stanley calls "a vicious cycle" of a depreciating currency, rising inflation, and lower real policy rates.
"The Job Gains Have Gone To The Least Educated, And Lowest-Paid, Workers"
Submitted by Tyler Durden on 01/14/2016 - 13:24
Since 2011, when the E/P ratio for those with less than a high school diploma bottomed, that metric has regained almost two-thirds of its recessionary losses (orange line in chart). But the E/P ratio for high school or college graduates – i.e., eight out of nine American adults – has not recovered any of its recessionary losses, and has barely budged in four years (purple line). This data underscores how the jobs recovery has been spearheaded by cheap labor, with job gains going disproportionately to the least educated — and lowest-paid — workers.
JPM Warns "Sustained Closes Here Would Not Be Welcome" - What The Charts Say
Submitted by Tyler Durden on 01/14/2016 - 13:15
JPMorgan's 2016 Outlook for the S&P 500 Index favored a continuation of a broad and volatile range into the first half of the year, below 2,100 and above 1,820-1,870 longer-term range support. While the unexpected early-January weakness has not violated the Oct 2014 and Aug 2015 lows and other support parameters near that area, the nature of the current decline raises some concern for what has been a constructive longer-term view.
Poor 30 Year Auction Concludes Weekly Issuance With Sliding Bid To Cover, Weak Indirects
Submitted by Tyler Durden on 01/14/2016 - 13:12
Yesterday's 10 Year auction was, despite the concurrent pricing of the world's biggest bond deal in the face of AB InBev's $45 billion issue, a blockbuster, with demand off the charts in every possible way. However, today's just concluded sale of $13 billion in 30 Year paper left quite bit to be desired.
So You Want To Be A Citadel Trader: Here Are The Requirements
Submitted by Tyler Durden on 01/14/2016 - 12:43- Advanced training in Computer Science, Computer Engineering, or other related fields
- Extensive programming experience with strong object oriented design skills and fluency in C, C++, or Java
- Expertise with algorithms and data structures
- Demonstrated ability to communicate complex ideas in a clear, concise fashion
- Ability to thrive in a complex, fast-paced, and highly technical environment
Is Europe Choosing To Self-Destruct?
Submitted by Tyler Durden on 01/14/2016 - 12:32
Europe has voluntarily begun the process of giving up its liberal and hard-fought-for freedoms. Free speech no longer exists, only -- straight out of totalitarian ideologies -- "responsible" free speech: "free" only if it does not "offend" anyone. The desire of many Europeans and other self-declared devotees of "human rights" to cover up, downplay or explain away what is happening in Europe, in fact represents the opposite of respect for others and equality before the law.
Norway's Black Gold Fields Are A Sea Of Red - A Real-Time Map Of Crude Carnage
Submitted by Tyler Durden on 01/14/2016 - 12:16
Norway is in trouble. As we have detailed previously (here, here, here, and here), the world's largest sovereign wealth fund has begun liquidating assets (after its largest quarterly loss) as the nation faces recessionary fears (key data deterioration as oil stays lower for longer) with expectations building (despite denials by the central bank) that ZIRP (or even NIRP) is coming. Why? Simple - as the following real-time map shows - every one of Norway's oil fields are currently underwater!
If This Was 2016's "Bullard Sticksave" Moment, This Is What Stocks Will Do Next
Submitted by Tyler Durden on 01/14/2016 - 12:13
Was today, the 2016 equivalent of Bullard's infamous October 2014 "QE4" market sticksave? We don't know, but we do know that there is an uncanny resemblance between the market's action before Bullard's October 2014 "QE4" comment... and the market over the past few weeks. But the real question is what happens next, and if October 2014 is any indication then we are in for a massive "rip your face off" rally.
The Asian Axis Of Junk Debt Evil
Submitted by Tyler Durden on 01/14/2016 - 12:00
The (anti)correlations between Chinese FX and US junk debt raises an intriguing question that is somewhat chicken and egg. While Chinese financial conditions were terrible to the point of near disaster, junk bonds were, on the whole, almost inconceivably placid at the same time. But now that Chinese factors regarding the likely Asian “dollar” state have gone on and gone so far, it appears as if the US junk bubble can no longer idly withstand it. Again, all indications here are for renewed selling and participation in the “run.” Does that mean the Asian “dollar” is driving the junk bubble?
European Gun Sales Soar On Refugee Fears As "Racist Vikings" Prowl Finland's Streets
Submitted by Tyler Durden on 01/14/2016 - 11:49
JPMorgan Just Did Something It Has Not Done In 6 Years
Submitted by Tyler Durden on 01/14/2016 - 10:52
When skimming through the company's loan loss reserve disclosure, we found that in Q4 JPM did something it hasn't done in 6 years: for the first time in 22 quarters, or since March 2010, JPM actually increased its loan loss provisions by $89 million, instead of reducing these.
Stock Buying-Panic Ensues As Fed's Bullard Says "Oil Has To Bottom Sometime"
Submitted by Tyler Durden on 01/14/2016 - 10:36
Seriously?
Cheap Oil Hits Housing In North Dakota, Texas, & Others
Submitted by Tyler Durden on 01/14/2016 - 10:32
Most Americans will still welcome low prices at the pump. But in the oil boom towns of yesterday, the slowdown is very much being felt - "The jobs are leaving, and if an area gets depopulated, they can't take the houses with them and that's dangerous for the housing market."
Subprime Auto Canary: Deutsche Bank Probes Employees For "Exaggerating ABS Demand"
Submitted by Tyler Durden on 01/14/2016 - 10:10
“Deutsche Bank AG officials are reviewing whether some employees exaggerated demand as they marketed new securities backed by risky auto loans, potentially suppressing yields for investors,” Bloomberg reports. "The bank has looked at communications between the employees and investors to determine whether such marketing practices were normal salesmanship or if they crossed a line, said the person, who asked not to be named because the matter is private.”
