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Why One Hedge Fund Thinks Saudi Arabia's Three Decade Old Currency Peg Will Fall In 2016

"Speculators (like hunters) sense wounded prey, and already bets are being laid on a riyal devaluation. Although it is possible Saudi Arabia can afford to maintain its oil regime and U.S. dollar peg, this will come will escalating costs, financial and political, and one suspects the Saudi citizenry is not big on sacrifices."


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S&P Downgrades Glencore To Lowest Investment Grade Rating

Overnight, one of the two rating agencies, Standard and Poors, came one step closer to that fateful moment of junking Glencore when it downgraded Glencore, however it decided to throw the company one last lifeline by keeping it at the very lowest investment grade rating, and instead of cutting it from BBB to single B or CCC where its CDS and bond yield implies the company should be trading, it kept it a BBB-.


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Is The Fed "Seriously Considering" Negative Interest Rates?

Who said it? - "If it were positive to take interest rates into negative territory I would be voting for that."


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The Full Summary Of U.S. Banks' Energy And Commodity Exposure

For all those looking for a comprehensive summary of publicly available data of the bank sector's exposure to oil and gas firms, here is Janney's comprehensive summary of US bank energy and commodity exposure, with the caveat that should depressed oil prices persist, all of these indicators will certainly be revised drastically lower as model marks have no choice but to catch up to reality.


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The Opaque Process Of Collapse

The ultimate cost of protecting the privileges of the few at the expense of the many is the dissolution of the social order that enabled the rule of the privileged few.


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How The Fed Unwittingly Confirmed A Recession And A Default Cycle Are Now Inevitable

In the fourth quarter, lending standards tightened for the second consecutive quarter.  This is problematic because as DB's Jim Reid writes, two consecutive quarters of tightening standards "has never happened before without it signalling an eventual move into recession and a notable default cycle. Once we have 2 such quarters lending standards don't net loosen again until the start of the next cycle."


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Why BofA Remains A Seller Until "A Coordinated And Aggressive Global Policy Response" Emerges

And so we are back to square one, where global economic growth is so weak that the Fed's relent is back in play, corporate earnings are collapsing, where 30% of global GDP is now produced in "NIRP" nations, and where more than half the global markets remain mired in a bear market, that the only thing that can "save us" is precisely the same thing that has brought us here: coordinated, global central bank intervention.


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AAPL Tumbles As Market "Breaks" Again

*BATS SYSTEM STATUS: "ALL BATS" ROUTING STRATEGY DISABLED
*NYSE ARCA CITES ISSUE AFFECTING SOME SYMBOLS IN A, P RANGES


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DAX Plunges To 1 Year Lows As Deutsche Bank CoCos Crash, Italian Bank Stocks Slide

The collapse of Deutsche Bank continues to not just accelerate but to contagiously spread...


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US Factory Orders Slide For 14 Consecutive Months As Inventory Ratio Soars To Recession Cycle Highs

With the Services economy now catching down to Manufacturing's demise (in its lagged - not decoupled - manner), this morning's news that US Factory Orders tumbled 2.9% in December (worse than expected and the biggest MoM drop since Dec 2014) offers little hope for any bounce anytime soon. This is the 14th monthly drop in YoY factory orders - something has not happened outside of a broad US economic recession. Even more concerning is the surge in inventories-to-shipments to cycle highs seen in 2000 and 2008.


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"Recovery" Fable Unravels As BOE Cuts Growth Forecast, Eurozone Slashes Inflation Outlook

As you might have noticed, the “recovery” story is starting to fall apart...


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European Bank Risk Soars To 3 Year Highs, US Risk Rising

We are going to need more "whatever it takes." And with Draghi's efforts to shove sovereign bonds down the throat of Europe's banks, the sovereign-to-financial linkage is now systemically as worrisome as it has ever been...


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