Archive - Nov 2013
The Number Of Days In Which JPMorgan Lost Money Trading In 2013 Is...
Submitted by Tyler Durden on 11/01/2013 08:36 -0500
0
Final US Manufacturing PMI Prints At Lowest In One Year, Makes Mockery Of Chicago "Data"
Submitted by Tyler Durden on 11/01/2013 08:15 -0500![]()
If anyone needed confirmation that yesterday's soaring Chicago PMI data (to the highest since March 2011) was a typical "Made In Chicago" fabrication, then look no further than today's final MarkIt US Manufacturing PMI, which instead of soaring as its Chicago counterpart, tumbled from 52.8 to 51.8, the lowest print since October of 2012 as the report indicated "only modest improvement in business conditions", "output growth weakest for over four years", and "new orders increasing at the slowest pace since April." Then again, in the New Normal world in which data reports separated by 24 hours are expected to indicate diametrically opposite things, this is quite normal, and if nothing else, absolutely bullish. Why? Who knows, but cratering Manufacturing Output is surely beneficial to the stock market, if not the actual economy.
China Slams "Peeping Tom" America: "The Trust Fiasco Of America The Eavesdropper"
Submitted by Tyler Durden on 11/01/2013 07:45 -0500
"The motivation behind America's extensive eavesdropping is unclear. The explanations the White House has been forced to offer are far from explanatory, and the diorthosis President Barack Obama has promised seems all but skin-deep. The apparent application of a double standard only reinforces the image of a Janus-faced America. In the sunlight, it preaches; in the dark, it pries. On the offensive, it orates; on the defensive, it equivocates. The wayward practice has now backfired, and the damage is increasing... Trust is the first and foremost casualty. Common sense dictates that trust is a two-way street: One has to trust in order to be trusted. It is particularly true in friendships and alliances. America obviously failed to follow the simple rule. If Washington did not knit the worldwide wiretapping web just because it could, then its pillage for information unveils an Uncle Sam too deeply entrenched in suspicion and isolation to treat anyone as a real friend. Ironically enough, the bugging undermines the very thing it is supposed to protect -- national security. As America pins its security on alliances, the tapping tale would sour its relationship with allies -- and thus erode its security bedrock -- more than any terrorist would be capable of."
Greek Banks Broke Twice Over, As Bad Loans More Than Double Capital Base
Submitted by Tyler Durden on 11/01/2013 07:10 -0500
Back in January, we highlighted the main problem plaguing the Greek financial system, and why a bailout (at least third, but likely fourth and fifth, and so on) is inevitable because "the amount of non-performing loans has exploded by a laughable amount, rising some 50% from December 2011, when it was "only" 16% and stood at a gargantuan 24% last month (indicatively, in the US this would mean that some $1.7 trillion in loans was nonperforming). And therein lies the rub, because as Kathimerini prudently notes, the "bad loans come to a considerable 55 billion euros. This means that the sum of NPLs already exceeds the total funds set aside for the recapitalization of the local credit system, which amounts to €50 billion." Yesterday, Kathimerini provided a much needed update on the amount of NPLs in Greece: according to the latest PwC report, NPLs have risen by another €10 billion in under one year, and now amount to €65 billion, which is now larger than the recapitalization funding and amounts to more than double the €30 billion capital base of local banks!
Obamacare's Success In Enrollment Numbers: 6 People By End Of Day One; 248 By Day Two
Submitted by Tyler Durden on 11/01/2013 06:54 -0500
It is now clear why according to the Obama administration there were no glitches plaguing the Healthcare.gov website administering Obamacare: because a whopping six people managed to sign up on the first day it was launched - the same day the government proudly reported previously it had received 4.7 million unique visitors - a conversion factor of, well, Div/0. By the end of the second day: 248 happy participants in a socialized healthcare ponzi scheme. It is also clear why there was nobody happier than the president when the republican party decided to shut down government on the same day as Obamacare was rolled out: because if public attention had focused on the absolute and now confirmed, disaster that the healthcare law's rollout had been, then everyone, not just the Tea Party, would be demanding a substantial delay in Obamacare.
Frontrunning: November 1
Submitted by Tyler Durden on 11/01/2013 06:33 -0500- Abenomics
- AIG
- American International Group
- B+
- B.S.
- Barclays
- Barrick Gold
- Boeing
- British Bankers' Association
- China
- Citigroup
- Comcast
- Credit Suisse
- Crude
- Deutsche Bank
- DRC
- Fail
- Fannie Mae
- Ford
- General Electric
- Germany
- goldman sachs
- Goldman Sachs
- Insurance Companies
- LIBOR
- Market Share
- Merrill
- Mexico
- Money Supply
- Morgan Stanley
- New York City
- Obamacare
- Raymond James
- RBS
- recovery
- Reuters
- Royal Bank of Scotland
- Spansion
- Starwood
- Time Warner
- Verizon
- Wall Street Journal
- Washington Mutual
- Wells Fargo
- World Bank
- US admits surveillance on foreign governments ‘reached too far’ (FT)
- He must be so proud: Obama halted NSA spying on IMF and World Bank headquarters (RTRS)
- Obamacare website gets new tech experts; oversight pressure grows (Reuters)
- R.B.S. to Split Off $61 Billion in Loans Into Internal ‘Bad Bank’ (NYT)
- Draghi’s Deflation Risk Complicates Recovery (BBG)
- Abenomics: Nissan slashes full-year profit forecast 15% (FT)
- Credit Suisse Dismisses London Trader Over 'Unusual Trading' Losses (WSJ)
- RBS avoids break-up with 38 billion pounds 'internal bad bank' (Reuters)
- Twitter Said to Attract More Than Enough Interest for IPO (BBG)
From Greece To Crude And Everything Inbetween: The Best And Worst Performing Assets In October
Submitted by Tyler Durden on 11/01/2013 05:57 -0500Curious which were the best and worst performing asset classes for the month of October? Deutsche Bank explains.
Hungover Markets Enter November With Quiet Overnight Session
Submitted by Tyler Durden on 11/01/2013 05:43 -0500- Bad Bank
- BOE
- Bond
- Brazil
- Central Banks
- Chicago PMI
- China
- Consumer Prices
- Copper
- CPI
- Crude
- Equity Markets
- Eurozone
- Fannie Mae
- Freddie Mac
- headlines
- India
- Initial Jobless Claims
- Iran
- Israel
- Italy
- Markit
- Mel Watt
- Monetary Policy
- Natural Gas
- Nikkei
- Nomination
- Obama Administration
- Price Action
- RANSquawk
- RBS
- SocGen
- Treasury Department
- Unemployment
After a blistering October for stocks, drunk on yet another month of record liquidity by the cental planners, November's first overnight trading session has been quiet so far, with the highlight being the release of both official and HSBC China PMI data. The official manufacturing PMI rose to 51.4 in October from 51.1 in September. It managed to beat expectations of 51.2 and was also the highest reading in 18 months - since April 2012. October’s PMIs are historically lower than those for September, so the MoM uptick is considered a bit more impressive. The uptrend in October was also confirmed by the final HSBC manufacturing PMI which printed at 50.9 which is higher than the preliminary reading of 50.7 and September’s reading of 50.9. The Chinese data has helped put a floor on Asian equities overnight and S&P 500 futures are nudging higher (+0.15%). The key laggard are Japanese equities where the TOPIX (-1.1%) is weaker pressured by a number of industrials, ahead of a three day weekend. Electronics-maker Sony is down 12% after surprising the market with a profit downgrade with this impacting sentiment in Japanese equities.



