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President Obama To Explain How A CIA Drone Strike Killed US/EU Hostages In January - Live Feed

A U.S. drone strike in January targeting a suspected al Qaeda compound in Pakistan inadvertently killed an American and Italian being held hostage by the group, senior Obama administration officials said. As WSJ reports, the killing of American development expert Warren Weinstein and Italian aid worker Giovanni Lo Porto is the first known instance in which the U.S. has accidentally killed a hostage in a drone strike. We await President Obama's 'collateral damage' explanation.



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US Manufacturing PMI Misses By Most On Record As New Orders Tumble

On the heels of weak PMIs from Europe and Asia, Markit's US Manufacturing PMI plunged to 54.2 in April (from 55.7). Against expectations of a rise to 55.6, this is the biggest miss on record. Of course, this is 'post-weather' so talking-heads will need to find another excuse as New Orders declined for the first time since Nov 2014.



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Forget "Grexit", "Grimbo" Has Arrived

The new term follows in the footsteps of the classic (but now tired) “Grexit” and its underrated predecessor “Graccident,” and refers to two of the four outcomes Citi imagines are possible in the unfolding Greek drama. The bad news: both scenarios involve capital controls, deposit flight, and defaults.



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Deja Deja Deja Deja Vu For Mysterious US Bond Seller

It's 8am, do you know where your sudden Treasury-bond seller is?



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It Just Cost Deutsche Bank $25,000 Per Employee To Keep Its Libor Manipulating Bankers Out Of Jail

Moments ago the NY Department for Financial Services announced that, in what is the largest Libor settlement in history, Deutsche Bank would pay $2.5 billion "in connection with the manipulation of the benchmark interest rates, including the London Interbank Offered Bank ("LIBOR"), the Euro Interbank Offered Rate ("EURIBOR") and Euroyen Tokyo Interbank Offered Rate ("TIBOR") (collectively, "IBOR")."  Most importantly for DB's 98,138 employees is that while DB will "terminate and ban individual employees who engaged in misconduct" nobody will go to jail. Again. In other words it just cost DB's about $25,474 per employee to keep its Libor-manipulating employees (and thus, senior level management because the stench always goes to the very top) out of prison.



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Initial Claims Worse Than Expected (Again), Remain Flat For 2015

For the second week in a row, initial claims were worse than expected and increased year-to-date, While still below the magic 300k levels, claims printed 295k against expectations of 288k confirming the stagnation of the job market since the end of QE3 and the government's fiscal year. California and New York saw the biggest rise in initial claims with only Illinois seeing a drop; notably Texas saw layoffs across various sectors as it seems it ius not as 'diverse' as Richard Fisher propagandized. After 4 straight weeks of decline, continuing claims rose this week by the most in almost 3 months (but remains close to 15 year lows).

 



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"Blew" Chips: 3M Latest To Miss, Guide Lower On "Strong Dollar, Mixed Global Economy"

If one steps back from the adjusted, non-GAAP EPS "beats" reported by companies this earnings season which benefit from what is set to be a record quarter of stock buybacks and an unprecedented drop in consensus expectations, Q1 earnings season for the "blue chips" so far has truly "blown", with revenue declines announced at IBM (12th in a row), McDonalds, Coke, and earlier today Procter & Gamble also reporting that its sales have fallen for fifth straight quarter. And then moments ago "diversified global tech" bellwether 3M reported that its sales declined 3.2% year-on-year to $7.6 billion. The company also missed its EPS, and adding insult to injury, "the company now expects earnings to be in the range of $7.80 to $8.10 per share versus $8.00 to $8.30 per share previously."



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Frontrunning: April 23

  • Clinton charities will refile tax returns, audit for other errors (Reuters)
  • China Warns North Korean Nuclear Threat Is Rising (WSJ), or another country realizes war is the only "exit"
  • Shares, euro sag after euro zone PMIs disappoint (Reuters)
  • China Manufacturing Gauge Drops to Lowest Level in 12 Months (BBG)
  • Deutsche Bank Said to Pay $2.14 Billion in Libor Case (BBG), or roughly a €20,000 per banker "get out of jail" fee
  • Brazil’s Petrobras Reports Nearly $17 Billion in Asset and Corruption Charges (WSJ)
  • Can This Oil Baron’s Company Withstand Another Quake? (BBG)
  • Bad for Q1 GDP: Raytheon sales fall amid weak U.S. defense spending (Reuters)


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Futures Unexpectedly Red Despite Disappointing Economic Data From Around The Globe

Today is shaping up to be a rerun of yesterday where another frenzied Asian session that has seen both the Shanghai Composite and the Nikkei close higher yet again (following the weakest Chinese HSBC mfg PMI in one year which in an upside down world means more easing and thus higher stocks) has for now led to lower US equity futures with the driver, at least in the early session, being a statement by the BOJ's Kuroda that there’s a "possibility" the Bank of Japan’s 2% inflation target will be delayed and may occur in April 2016.



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Why Are Oil & Gas Workers Mysteriously Dying Across America?

Over the past several years, oil & gas workers in North Dakota, Colorado, Texas, Montana, and Oklahoma have mysteriously died while conducting routine checks of oil levels at tank batteries. In many cases, the fatalities were ruled to have been the result of natural causes. Now, it appears the real culprit has been found. The question is: how much did the industry know and why was the problem not addressed? 



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Chinese Stocks Surge After Lowest Manufacturing PMI In A Year

Great News, the Chinese manufacturing economy is contracting at its fastest pace in a year... at least that is the reaction in the Shanghai Composite. After selling off from the open, when HSBC China Manufacturing PMI printed a considerably worse than expected 49.2 - the lowest since April 2014 - stocks took off, energized the future easing expectations that are assured to come from a PBOC now hell-bent on providing speculative tools for any- and every-one just to keep the populace from revolting.



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A Practical Utopian’s Guide To The Coming Collapse: David Graeber On "The Phenomenon Of Bull$hit Jobs

Since the 1970s there has been a shift from technologies based on realising alternative futures to investment technologies that favoured labour discipline and social control. Hence the internet.

“The control is so ubiquitous that we don’t see it.” We don’t see, either, how the threat of violence underpins society, David Graeber claims.



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American Assault Death Exceptionalism

USA! USA! USA! America is still the most exceptionally violent nation in the OECD world. However, it appeasrs that crown is being removed as 'Peak violent assault death' seems to have hit in the late-1970s.



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The Euthanasia Of The Saver

American banks have largely gained from low interest rates, British banks have suffered losses as a result and in the Eurozone they have been hugely detrimental to banks’ profitability. The ones who have undoubtedly lost out were those quintessential Keynesian villains: the savers. The medicine prescribed by the central banks to correct their “bad” ways has cost them billions. And given that yields have continued to go down since McKinsey's report was published, their misery has only increased. More high fives from Keynes! And yet, even within those groups the impact has been uneven. Who in the household segment is suffering the most because of ultra-low interest rates? The retirees, of course.



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Here Is The Dollar Value Of Your State's Land

Ever wonder what the value of your state's land was? Or the average value per acre, and not just of your state but the entire United States? Here is the answer.



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