Archive - Sep 17, 2014

• -0.07%: Germany Secures Record Low Funding Cost at Bond Auction (WSJ)
• Pentagon Sees Possible Role for U.S. Ground Forces Against Islamic State Militants (WSJ)
• China Joins ECB in Adding Stimulus as Fed Scales Back (BBG)
• Stealthy or Normal? Analysts Diverge on PBOC’s Action (BBG)
• Sony Forecasts Massive $2B Loss as Smartphones Lag (AP)
• Islamic State campaign tests Obama's commitment to Mideast allies (Reuters)
• Brent Crude Rebounds as Libya’s Sharara Oilfield Shut (BBG)
• Market calm over Scottish vote at odds with disaster warnings (Reuters)

The Death Of The Indian and Chinese Gold Markets Has Been Greatly Exaggerated ... 

It has been a story of central banks, as overnight Asian stocks reversed nearly two weeks of consecutive declines - the longest stretch since 2001 - and closed higher as the same catalysts that drove US equities higher buoyed the global tide: a combination of Chinese liquidity injection (for the paltry amount of just under $90 billion; "paltry" considering Chinese banks create over $1 trillion in inside money/loans every quarter) and Hilsenrath leaking that despite all the "recovery" rhetoric, the Fed will not be turning hawkish and there will be no change in the Fed language today (perhaps not on the redline but Yellen's news conference at 2:30pm will certainly be interesting), pushed risk higher, if not benefiting US equities much which remains largely unchanged.