Frontrunning: April 27

Tyler Durden's picture

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snowball777's picture

This lame theatre bores me...send in a SEAL team and double-tap Qaddafi and his spawn already.

augie's picture

Sorry a people's revolution from tyranny bores you... maybe there is something on TV?

cossack55's picture

I prefer a people's revolution into another form of tyranny to be exciting and demonstrative.

augie's picture

I would agree with you if foreign influence is allowed to play any further part in this. Hence my pissy comment above towards the idea (not the poster) of the U.S. having any further involvement.

I suppose i'm just being naive. The rebels have no shot against oil money.

Bubbles...bubbles everywhere's picture

We are hopeless...


HONG KONG—The first yuan-denominated share to list on the Hong Kong stock exchange is laying the groundwork for a "seismic change" when China allows its citizens to invest abroad more freely, the exchange's head said.

In an exclusive interview with The Wall Street Journal, Charles Li, chief executive of Hong Kong Exchanges & Clearing Ltd., said exchange officials are preparing for much greater outbound investment from China that would drive demand for yuan-linked products in Hong Kong. He also outlined his ambitions to build up a DERIVATIVES business that would act as a bridge between Chinese customers and international commodity ...

slaughterer's picture

Derivatives, ETFS, and algos.  Come join us in Dante's seventh circle, Hong Kong.

bigdumbnugly's picture

satan rubbing his hands together whilst throwing his head back and laughing maniacally...

slaughterer's picture

"Delta Air Lines' Q1 loss widens to $318M on higher fuel costs. Revs rose 13% to $7.75B"  Margin compression? check.

HedgeFundLIVE's picture

At some point, the decline in USD has to end. I believe Bernanke’s speech tomorrow will be read as bullish for the USD.

Broomer's picture

From Hong Kong Exchange And Clearing Chief Prepares for 'Seismic Change' From China (WSJ)

HONG KONG—The first yuan-denominated share to list on the Hong Kong stock exchange is laying the groundwork for a "seismic change" when China allows its citizens to invest abroad more freely, the exchange's head said.


One result is Hui Xian Real Estate Investment Trust, the first yuan-denominated stock issued outside mainland China, which begins trading on the Hong Kong exchange this Friday. The offering, backed by properties in Beijing owned by billionaire Li Ka-shing, has raised 10.48 billion yuan (US$1.61 billion).

Someone here is with a serious need of capital. Bubblicious Chinese REIT, why I'm not surprised...

magpie's picture

How do you say "bagholder" in Cantonese or Mandarin ?

Broomer's picture

From Can China really dump the dollar? (Fundmastery)

In terms of foreign currencies, I believe there are only two other actual currencies — the Euro and the Japanese Yen — that China could look to other than the dollar.  China’s financial reserves are big enough that the Chinese government has to have its foreign assets denominated in a very large, liquid currency. And, there are not too many of those around other than the U.S. dollar, the Euro and the Yen. For a variety of historical and cultural reasons, I doubt if the Chinese would seriously entertain putting most of their foreign currency and foreign assets holdings in the Japanese Yen, so the currency choice is between the dollar and the Euro.

Gold and silver, anyone?

disabledvet's picture

What?  No "Greece is collapsing" today?  Lies, lies, lies....imagine that.

Broomer's picture

Collapse of Greece is no longer a news item.

Miles Kendig's picture

David Leonhardt gets to an important observation this morning with his selection of question to ask his grand poopah'dness, Missa Chairistan hizzelf, Ben Bernanke.

Why has Mr. Bernanke decided to accept widespread unemployment for years on end, even though he believes he has the power to reduce it?

The answer seems obvious enough.  As David notes, if the fed were really interested in reducing unemployment it would do so.  The facts that have unmistakably amassed over time indicate quite clearly that there has been substantial effort expended at doing everything possible to massage expectations and the data points that would support & advance the thesis that the unusual departure from the norms of employment will be long lasting while also working to express marginal improvements that will bolster consumption.  Massaging that include workforce participation, birth-death modeling, trade deficit numbers that don't mirror our trading partners, using the powers granted to the DNI to massage corporate P&L, "stabilizing" pension fund & RRE balance sheets (the wealth effect), inflation expectations via the University of Michigan farce and more.  I suspect that these efforts, coupled with the efforts of the federal reserve in total, that must include FX swap lines, proxy buying, supporting stabilization of bank balance sheets (especially with the massive support of MBS), the measures employed to funnel as much liquidity to the TBTF institutions through various ongoing securitized mortgage restructuring and more all indicate a federal reserve that is doing all it can to manage its "exposed fuel rods" in a very TEPCO/Fukushima like exercise writ large.  If unemployment were returned to levels more closely associated with normalcy then the federal reserve would be unable to employ all of the emergency & exigent measures it has to date and obviously believes is necessary to continue into the future without suffering a massive meltdown.  So what we are witnessing are efforts to maintain social order through massaging of data and employment of fiscal measures including emergency unemployment compensation ad infinitum, food stamp expansion, stimulus construction and other short term employment measures and other forms of dropping blocks of WIC cheese by helicopter en masse over the survivors clinging to their roof tops a la Katrina while the fire brigades work feverishly behind the scenes to continue actions (akin to using sea water in reactor cooling operations) in a vain attempt to return stability to a situation that can only be described at FUBAR.

The simple fact that we are even getting a presser and a greater flow of whatever from the federal reserve system says much about how desperately FUBAR the situation is.  On cue Richard Koo chimes in on BBG .....

Element's picture

Because Europe is not enough...China Seeks Bigger Role in Australia Economy (WSJ)


Problem is Australians are not keen on this at all and Govt and non-govt polling has made that fact very clear to Canberra, so less Chinese investment involvement is more likely ... people just don't trust authoritarian thugs with deep pockets ... founded on USD Fiat ... can't imagine why.