Tyler Durden's picture

Mysterious Buying And Selling By China Distorts Mid-East Oil Price, Baffles Traders

Two state-owned Chinese oil trading companies (Chinaoil, which is the trading arm of state-run China National Petroleum Corp. and Unipec, which is owned by Sinopec) have been busy monopolizing the Dubai spot market, as a bout of suspicious trading activity between the two has served to distort prices and confuse other traders.



Tyler Durden's picture

Gold & Silver Are Jumping On Heavy Volume

Modest USD weakness combined with significant risk-off across global equity markets (and a strange un-bid to bonds as China unwinds continue to weigh) has sparked heavy volume flows into precious metals this morning.



Tyler Durden's picture

US Equities Are Crashing Again - Dow Futures Down 430, AAPL -2.75%; NYSE Unleashes Rule 48 (Again)

*NYSE AND NYSE MKT CASH EQUITIES MARKETS WILL INVOKE RULE 48

US equity futures markets have just pushed to fresh overnight lows, with the last leg down seemingly triggered by the CAD recession print. Let's hope Cramer and Cook have another email up their sleeves as weakness in AAPL is notable - down 2.75% in the pre-market. Lastly, we noted US equities are rapidly catching back down to the XIV-implied lows as the last few days bounce evaporates.



Tyler Durden's picture

Two-Thirds Of Global PMIs Deteriorate In August

First the good news: of the 28 global regions that have reported PMIs so far (the US Markit PMI is due later today), 18 posted a print of over 50, or indicating manufacturing expansion.
Now the bad news: more than two-thirds of PMIs in August deteriorated compared to July suggesting that while the global economy is not in a recession yet, absent some dramatic improvement, a global economic contraction is just around the corner.



Tyler Durden's picture

Not "Unequivocally Good" - Canada Enters Recession

It appears low oil prices are not awesome for everyone. For the second quarter in a row, Canadian GDP dropped (-0.5%) pushing America's northern neighbor back into recession. What is ironic is that this was better than the 1% drop that was expected and so CAD is strengthening.



Tyler Durden's picture

What Does Last Week’s Record Bounce Mean For Stocks?

Whatever the message is in these mega intra-week rebounds (if there is one), we're afraid it just hasn’t been the “out of the woods” bullish sign that many were hoping it was.



Tyler Durden's picture

Global Trade In Freefall: South Korea Exports Crash Most Since 2009

While the market's attention overnight was focused on China's crumbling manufacturing and service PMI, data which was already hinted in the flash PMI reports earlier in August, the real stunner came not from China but from South Korea, which last night reported an unprecedented 14.7% collapse in exports, far worse than the -5.9% consensus estimate, and more than 4 times worse than July's 3.4%. The number is critical because not only do exports account for about half of South Korea's GDP but because it also happens to be the first major exporting country to report monthly trade data. That makes it the perfect barometer of global trade flows, or as the case may be, the canary in the global trade coalmine. It also confirms what we reported just one week ago when we said that "Global Trade Is In Freefall."



Tyler Durden's picture

China Takes "10 Steps Back," Slaps 20% Reserve Requirement On Currency Forwards

Overnight, China decided to take steps to reduce "macro financial risks." And by that they mean "do something quick to help ease pressure on the yuan" and by extension, on the PBoC’s rapidly depleting FX reserves. To that end, starting October 15 banks will have to hold the equivalent of 20% of clients' FX forward positions with the PBoC, where the money will sit, frozen, for a year, at 0% interest.



Tyler Durden's picture

Frontrunning: September 1

  • Charting the Market: New Month, Same China (BBG)
  • China jitters send stocks tumbling (Reuters)
  • Oil falls on weak China factory data (Reuters)
  • Euro zone factory growth eases in August despite modest price rises (Reuters)
  • Euro-Area Joblessness Falls to Lowest Level Since Early 2012 (BBG)
  • Clinton friend advised on U.S. politics, foreign policy (Reuters)
  • Korea exports slump as Asia's woes deepen (Reuters)


Tyler Durden's picture

US Futures Tumble After Latest Abysmal Chinese Economic Data, Crude Surge Stalls

Just like the last time when Chinese flash PMI data came out at the lowest level since the financial crisis, so overnight when both the official Chinese manufacturing and service PMI data, as well as the Caixin final PMI,s confirmed China's economy has not only ground to a halt but is now contracting with the official manufacturing data the lowest in 3 years and the first contraction in 6 months, stocks around the globe tumbled on concerns another major devaluation round by the PBOC is just around the corner with the drop led by the Shanghai Composite which plunged as much as 4% before, the cavalry arrived and bought every piece of SSE 50 index of China's biggest companies  it could find, and in a rerun of yestterday sent it to a green close, with the SHCOMP closing just -1.23% in the red. So much for the "no interventions" myth. We wonder which journalist will take the blame for today's rout.



Tyler Durden's picture

US & China Stocks Are Plunging After PMI Hits 6.5-Year Low, PBOC Strengthens Yuan Most Since Nov 2014

Following China's official PMI print at a 3-year low, Caixin's PMI collapsed to 47.3 - the lowest sinec March 2009. Despite another CNY150bn liquidity injection (but the biggest strengthening of Yuan since Nov 2014 and a financial conditions tightening in FX trading), China, US, and Japanese stocks are plunging... SHCOMP -4%, Dow -280, NKY -340



Tyler Durden's picture

The Oligarch Recovery: Low Income Americans Can't Afford To Live In Any Metro Area

We were told we needed to bail out Wall Street in order to save Main Street. Well the results are in...

Wall Street has never done better, and Main Street has never done worse.



Tyler Durden's picture

Is This Man Responsible For China's Stock Market Crash?

Meet Wang Xiaolu, the journalist detained by Chinese authorities is being held responsible for the “chaos” in China’s stock market.



Tyler Durden's picture

Exposed: The New American Way Of Life

It's enough to make you cry... or scream.



Tyler Durden's picture

"It's The Gun's Fault!!"

Presented with no comment...



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