Archive - Mar 25, 2014

• Putin Threatened With More Sanctions as Russia Out of G-8 (BBG)
• China Faces ‘Mini Crisis’ on Debt Defaults, Ex-PBOC Adviser Says (BBG)
• Don't laugh too hard: Obama to propose ending NSA bulk collection of phone records (Reuters)
• SEC Is Probing Dealings by Banks and Companies in Loan Securities (WSJ)
• Japan GPIF asset review not aimed at supporting domestic stocks (Reuters)
• Chinese families clash with police, slam Malaysia over lost plane (Reuters)
• Russian Capital Flight Surges in First Quarter, Fueled by Ukraine Crisis (WSJ)
• Democrats ditch Nate Silver after data whiz predicts dismal midterm outcome (DN)
• China’s Urbanization Loses Momentum as Growth Slows (BBG)

With another session in which US futures levitate into the open, despite a modest drop in the Nikkei225 (to be expected after the president of Japan’s Government Pension Investment Fund, the world’s largest pension fund, said that a review of asset allocations into stocks is not aimed at supporting domestic share prices) and an unchanged Shanghai Composite while the currency pair du jour, the USDCNY, closes higher despite tumbling in early trade (which also was to be expected after a former adviser to the People’s Bank of China said China is headed for a “mini crisis” in its local- government debt market as economic reforms lead to the first defaults) everyone is asking: will it be deja vu all over again, and after a solid ramp into 9:30 am, facilitated without doubt by the traditional Yen carry trade, will stocks roll over as first biotech and then all other bubble stocks are whacked? We will find out in just over two hours.