Most foreign countries have similar regulations concerning the import and export of gold bullion and collectible coins. These regulations tend to track U.S. rules closely, and generally, as long as people follow them, there isn’t much friction over international travel with precious metals. Recently, however, we’ve been hearing reports that some foreign countries are starting to ask more questions, and require more searches, when someone declares that they are transporting gold or other precious-metal coins.
"We are seeing more globalization as Southern California has become a destination for international buyers," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. "Eighty percent of new construction in Irvine last year was sold to Chinese buyers. International buyers are driving home prices up and sometimes out of reach for many local residents."
As the regional proxy wars heat up, Saudi Arabia seizes an Iranian "fishing" vessel that, in addition to fishing poles and tackle boxes, also happened to be carrying missile launchers, anti-tank weapons, and firing guiding systems likely bound for the Houthis in Yemen.
We know that the corporate credit bubble has been highly disturbed, but the action in mREIT’s these past few days more than suggests that risk perceptions systemically are being affected. That all ties back to funding considerations, as the collapse in REM may be investors selling ahead of liquidity problems that are still building and expanding. In other words, there may be a growing sense (not unlike inflation breakevens) that the corporate pricing problems are going to break out in short order beyond just junk (and beyond what already has).
Last week, following the shocking news that House Speaker John Boehner had resigned, we analyzed the "flowchart" of next steps for both the US government shutdown and the debt ceiling showdown. The most urgent one, that of the imminent shutdown or passage of a continuing resolution, was as follows: "Boehner will move to advance a "clean" CR -- with the help of Democrats -- before the new fiscal year starts on Thursday." And he will succeed. This is precisely what happened moments ago when following a 277-151 vote in the House, Congress sent legislation to Obama to prevent a government shutdown and will keep federal agencies funded through Dec. 11.
Brazilian Nightmare Worsens On Bad Budget Data, Record Low Confidence, Horrific Government Approval RatingsSubmitted by Tyler Durden on 09/30/2015 - 17:11
With the fiscal picture looking increasingly precarious and confidence collapsing, we bring you the latest from the frontlines of the EM meltdown. In short, Brazil is falling apart at the seams. Now, who wants tickets to the 2016 Olympic Games in Rio?
Biotech Bloodbath Sends Stocks To Longest Losing Streak Since Lehman; Credit Crashes Most In 4 YearsSubmitted by Tyler Durden on 09/30/2015 - 16:54
If you want to understand why Rome declined, look no further than the moral decay of ruling Elites.
Evercore ISI, the company which unlike the ISM, conducts business surveys that are not only credible, but actionable, just looked at the latest data, and had the following observation: "Evercore ISI trucking survey is down a big -1.3 to 51.0 versus its peak last year of 65.4. The tech survey slipped below 50.0. If they don't stop declining soon, we will become more worried about recession risk."
Courtesy of JPM we find something curious: it is no longer the Fed, nor its capital markets proxy, Citadel, nor even the banks or hedge funds that are the primary sellers of volatility. It is retail investors themselves!
The Start Of China's Unrest? Southern China City Rocked By "Massive" Bomb Explosions, At Least 6 DeadSubmitted by Tyler Durden on 09/30/2015 - 15:22
While the company's stock price may have rebounded strong today after tumbling by 25% in the past few days, hoping the worst is behind it the company's Credit Default Swaps sing a different tune, and as of moments ago, with the CDS spread blowing out to 440 bps, suggested Valeant default risk is now a whopping 33%.
As we reported earlier this morning, at the “request” of Vladimir Putin, Russian lawmakers have approved airstrikes in Syria and unlike the rather deliberate pace of Washington’s efforts to rout ISIS, Moscow doesn’t appear to be wasting any time.
For The First Time During This Business Cycle, The US Hasn't Added A Single Manufacturing Job This YearSubmitted by Tyler Durden on 09/30/2015 - 14:31
According to ADP, for the first time this decade, the US hasn't created a single manufacturing job for the entire year. In fact, it has lost some 6,600 jobs. But don't worry: we hear "economic recoveries" driven by hiring of minimum wage retailers, low-wage teachers, and of course, waiters and bartenders, are all the rage in this business cycle.