"...The salesman balanced the two coins on his forefingers, and placing them near my ear, he gently touched one against the other. The sound was the delightfully pure ringing of gold! So that’s how I became a gold-bug at age 10. I still have them, after all these long years – I am now 84..my gold coins went from 10 silver pesos in 1942, to 1,523,000 paper pesos in the course of about 74 years."
The US Dollar Index is up 5 weeks in a row and has just crossed above 99 for the first time since January 2016. As December rate-hike odds have surged since the Brexit vote, so the USD Index has tracked almost perfectly, rising almost 7% in that time (the fastest rise in 18 months)...
"Everything is awesome," right? According to the non-seasonally adjusted S&P CoreLogic (Case-Shiller) Home Price index, prices have recovered all of their losses and are back at the highest since June 2006 record highs in August. All 20 cities saw home prices rises year-over-year (and 14 up MoM) but we note that this data does lag the disappointing home sales data from September.
Norwegian authorities reported that a radioactive leak had taken place at a nuclear research reactor in southern Norway. The reactor at the Institute for Energy Technology (IFE) in Halden leaked radioactive iodine, the Norwegian Radiation Protection Authority (NRPA) said.
"Economic weakness throughout much of the world persists and, as a result, most of our end markets remain challenged. In North America, the market has an abundance of used construction equipment, rail customers have a substantial number of idle locomotives, and around the world there are a significant number of idle mining trucks."
While 3M's current quarter data was good, the largest Dow component confirmed a recurring trend observed among other reporting companies, namely skepticism about the future, when it trimmed the upper end of its full year EPS guidance: "For full-year 2016, 3M updated its forecast for earnings per share to be in the range of $8.15 to $8.20 versus a prior range of $8.15 to $8.30."
German police on Tuesday conducted numerous raids across five federal states and stormed an accommodation facility for refugees and 12 homes around the country that were believed to house people suspected of financing terrorism. Police searched residences in five federal states with Bild magazine citing "an imminent terror threat" as the trigger for the operation.
After a furious rally in the past week on hopes that Italy's oldest, and most insolvent, bank, Siena's Monte Paschi has turned the corner and would return to profitability while outside investors would finally help it in its seemingly endless quest to find $5 billion in outside capital, today BMPS shares plunged after first opening limit up in what can only be characterized as a roller coast market.
European, Asian stocks and S&P futures are all up again in early trading, a repeat of the Monday session, buoyed by a generally upbeat corporate earnings season, rising economic confidence and signs of improvement in the world’s biggest economies. After Charles Evans' hawkish comments on Monday, the market is now pricing in a 71% chance of a rate increase this year, up from 68% last week.
"In the end, it was the candidate, Hillary Clinton, the future president of the United States who wanted ducks on the ground, so, by God, we will get ducks on the ground. Don't repeat that to anybody."
The simple fact is the Two-Party System simply cannot cope with the complex, issue-based reality of America and the world in the 21st Century. It’s old programming that worked when the world was over-simplified by the Cold War into Democracy versus Communism, Freedom versus Totalitarianism, and the Self-Appointed Good versus the Evil Empire. Maybe that’s why the duopoly seems so hot for a new Cold War. The only way their binary system works is if there is a common enemy to turn into America’s common denominator.
Venezuela just dodged a bullet, pulling off a last minute bond swap with creditors. The deal only buys Venezuela a little bit of breathing room, and a default at some point next year or the year after is not out of the question. Either way, the South American OPEC nation’s oil production is falling and will only continue on a downward trajectory.
Unaffected by elections. Unaltered by populist movements. Beyond the reach of the law. Say hello to America’s shadow government. A corporatized, militarized, entrenched bureaucracy that is fully operational and staffed by unelected officials who are, in essence, running the country, this shadow government represents the hidden face of a government that has no respect for the freedom of its citizenry.
In order to fit 200 million yuan ($31 million) into a single apartment, Wei Pengyuan was forced to resort to some creative interior design, removing all the furniture apart from a single bed, and filling the place with bags full of cash.