Archive - Jul 9, 2015

Initial jobless claims have surged almost 30k in the last 2 weeks and are nearing the Maginot Line of 300k (printing 297k vs 285k exp).  This is the worst claims print since mid-Feb and well above the levels that occurred at the end of QE3. Of course, apologists will note that there are likely holiday distortions in this data. At the same time, continuing claims continue to rise quite notably, now at their highest since mid-March having missed expectations for the last 7 weeks.

Standing before the European Parliament yesterday, it took Nigel Farage just four minutes to completely destroy every argument supporting the Eurozone.  As Nigel explains in the video below, right from the start, the system was never intended to help the Greek people. Greece entering the euro was great for Goldman Sachs. But terrible for Greeks. It chained the country to a system in which it didn’t belong.

In the wake of China's unprecedented attempt to rescue its collapsing equity markets, Deutsche Bank is out with a history lesson for Beijing where officials can learn some "sweet and sour" lessons from the crash of '87. 

When you know precisely who your New Normal target audience is, this is how you should always lay out your resuts...

• Only update software on down days: NYSE, SEC Suspect Software Update Triggered Trading Halt (BBG)
• Trade halts add to China’s Potemkin market problem (Reuters)
• Why Beijing’s Efforts Have Failed to Tame China’s Stock Market (WSJ)
• Irrational Exuberance Triggers Chaos as China Watchdog Sidelined (BBG)
• China bounce ends five-day losing streak for stocks (Reuters)
• Fear Grows in Greece as Decisive Hour Nears (WSJ)
• Once Swarming with Greek Visitors, a Bulgarian Town Reels as Business Languishes (WSJ)
• Greece Shuts Markets Through July 13 as Officials Debate Bailout (BBG)
• Germany calls for European defence sector consolidation (Reuters)