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Number Of French Jobless Rise To New Record

With "recoveries" like these who needs staged, false flag conflicts and wars covering over 10% of the globe? Well, socialist France for one which moments ago announced that total jobless rose from 3.389 million to 3.398 million, a new record high. Surprisingly, while the year-over-year unemployment change for people under 25 declined by 3.1%, it was workers 25-49 which saw a material 3.3% increase in joblessness, but it was workers aged 50 and older that saw a veritable surge in unemployment, rising by 11.5% from a year ago. Surely, just like in the US, this is due to young people retiring in droves.



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Oil Spikes, Stocks Dump As Van Rompuy Gives Green Light To Extend Russian Sanctions To Oil

Curious why Brent just spiked by over 1% (and the S&P500 took a leg lower)? The reason is headlines from Reuters citing Europe's unellected dictator, Van Rompuy who has said that sanctions should include Oil technology. However, in a hilarious twist, the unellected muppet of Europe's insolvent banks, hopes to get his sanctions cake and snort Russia's gas too, adding that Europe's sanctions should exclude the gas sector.

  • LETTER FROM EU COUNCIL HEAD VAN ROMPUY TO MEMBER STATES SAYS RESTRICTIONS ON SUPPLYING TECHNOLOGY TO RUSSIA SHOULD INCLUDE OIL, BUT EXCLUDE GAS SECTOR-EU SOURCES

Here it appears that Europe's unelected leaders are somehow deluding themselves that if faced with escalating sanctions, Russia will not unilaterally cut off the gas to Europe.



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RANsquawk - Weekly Wrap 25th July 2014



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11.7% Of The World's At War: Global Geopolitical Risk Mapped

You can be forgiven for thinking that the world is a pretty terrible place right now, exclaims JPMorgan's Michael Cembalest. With 11.7% of the world's population currently at war (and a considerably larger percentage seemingly on the verge), it seemed an appropriate time to summarize the main geopolitical risk points in the world.



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CYNK Shares Reopen For Trading, Plummet 86% To $2.01 Then Rise 150% Off The Lows As BTFDers Arrive

If you shorted CYNK at the all time highs well over $20 several weeks ago, just before the stock was halted after the SEC finally woke up to its duty of protecting investors from pump and dump ponzi schemes (such as the broader market for example) congratulations: you are now up a lot to quite a lot, as the stock has just reopened for trading some 86% lower (on the usual volume of virtually no shares, even though the FT just told us that illiquidity is bullish), a price at which it still has a market cap of over $500 million! The only question: how does this company, which technically doesn't exist, still have any equity value left?



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Dutch Send 40 Unarmed Military Police "Forensic Experts" To MH17 Crash Site

In an effort to make the MH17 crash site safer, Dutch Prime Minister Mark Rutte has announced that he will be sending 40 unarmed military police. As AP reports, the military police will help the investigators (along with forensic experts) "to look for remaining remains and personal belongings" and "to try to piece together exactly what happened." While pro-Russian separatists have ensured the site is a safe place for the Dutch investigators (who have been given the lead role since Holland was so hard hit), Rutte acknowledged that it "remains a risky place to work," and "will constantly reassess the situation."



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"The Bigger They Are, The Harder They Fall"

The S&P500 has now gone nearly 800 days since a correction of more than 10 percent – the “meaningful” level for many analysts. The more extended the market becomes, the larger the eventual decline may be. Over the last 50 years, the longer the time between market corrections, the steeper the drop once the correction does occur.



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Q2 Closes With A Durable Goods Whimper And 1.6% Y/Y Drop; Core Capex Orders Revised Much Lower; Shipments Tumble

Q2 manufacturing is now in the books, and despite all those euphoric manufacturing surveys, it was a big dud. And as it goes, so does that CapEx rebound that is always just around the corner, but never actually here. Bring on the latest round of downward Q2 GDP revisions...



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Europe Unveils Preliminary Sanctions Against Russia

According to Reuters, key measures suggested by the Commission include:

  • closing EU capital markets to state-owned Russian banks,
  • an embargo on arms sales to Moscow,
  • restrictions on the supply of energy and dual-use technologies.
  • a list of 15 individuals and 18 entities, including companies, subject to asset freezes for their role in supporting Russia's annexation of Crimea and detribalization of eastern Ukraine.

Of course, since France would blow a gasket if its Mistral ship was impacted by the sanctions, and since this really is just another populist measure not intended to really punish Russia (as that would mean a prompt shut off of European gas and an even prompter slide into a triple dip recession if not outright depression), Europe promptly "detoothed" the sanctions by announcing that they would not affect current supplies of oil, gas and other commodities from Russia, diplomats said.



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Russia To Ban Several McDonalds Burgers Including Royal And Filet-O-Fish

Think only the US can engage in the farce known as "sanctions" (why theater, because until Obama sanctions Gazprom, yeah right... crickets... it is nothing but populist theater)? Think again. Overnight Russia's consumer protection agency, filed a lawsuit in a Moscow court - which clearly has nothing to do with recent geopolitical bickering between the former Cold War enemies - seeking to ban some of McDonald's Corp's burgers along with its milk shakes and ice cream, a court spokeswoman said on Friday. The reason for the ban: as Reuters reports, a regional branch of the consumer protection agency Rospotrebnadzor asked the court to declare production and sales of some products illegal due to "inappropriate physical-chemical parameters."  The lawsuit's list of contested products named the fast-food chain's Royal Cheeseburger, Filet-o-Fish, Cheeseburger and Chicken Burger but not its Big Mac burger.



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Frontrunning: July 25

  • Argentine holdout NML says government "choosing" to default (Reuters)
  • Crunch time for Gaza truce talks as death toll passes 800 (Reuters)
  • Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG)
  • U.S. Accuses Russia of Shelling Eastern Ukraine (BBG)
  • France’s Wheat Exports in Question as Rain Spoils Quality (BBG)
  • Tapering in action: Lower printer sales hurt Xerox's revenue (Reuters)
  • No liquidity? No Problem, there's an ETF for that: Bond ETFs Swelling in Europe as Trading Debt Gets Tougher (BBG)
  • Herbalife hires ex-Biden chief to fend off regulators (NYPost)
  • GM recalls far from calamity for some dealers who find new customers, business (Reuters)
  • Bad weather likely cause of fatal Air Algerie crash: French officials (Reuters)


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Futures Dragged Down By Visa, Amazon Despite USDJPY Levitation

Following yesterday's disappointing results by Visa, which is the largest DJIA component accounting for 8% of the index and which dropped nearly 3%, while AMZN's 10% tumble has weighed heavily on NASDAQ futures, it has been up to the USDJPY to push US equity futures from dropping further, which it has done admirably so far with the tried and true levitation pump taking place just as Europe opened. One thing to keep in mind: yesterday the CME quietly hiked ES and NQ margins by 6% and 11% respectively. A modest warning shot across the bow of what may be coming down the line?



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Things In The Middle East Are About To Get Much Worse

There are major clashes occurring currently in The West Bank tonight as claims of 10s of thousands and Palestinians clash with Israeli soldiers. An Israeli army spokeswoman told the AFP news agency, "there are thousands of rioters there. They are rolling burning tyres and throwing Molotov cocktails and fireworks at soldiers and border police... The soldiers are responding with riot disposal means." Sadly, as the photos below reveal taken moments ago show, things appear set to get very much worse.



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Where China Goes To Outsource Its Own Soaring Labor Costs

30 years ago, the great outsourcing wave took millions of US low-skilled jobs and planted them right in the heart of China, which was about to undergo the fastest industrialization-commercialization-financialization experiment in history. $26 trillion in bank assets later, the world's biggest housing bubble, and a teetering financial system that every day depends on Beijing making the correct central-planning decision (of kicking the can one more day, of course) or else the biggest financial collapse in history will take place, all lubricated by years of inflation in everything and most certainly wages, and suddenly outsourding jobs in China is not all that attractive.  In fact, it has gotten so bad that China itself is now forced to outsource its own labor to cheaper offshore markets. Such as this one.



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The "Insider Threat Program" And The Government's War On Whistleblowers

The Obama Administration’s Orwellian government employee snitch network, dubbed the “Insider Threat Program,” first made headlines about a year ago. Fast forward a year, and it appears that several members of Congress are also becoming increasingly concerned. Some are starting to ask questions, but as usual, the “most transparent administration in history” is entirely nontransparent. What is clear since the Edward Snowden revelations is that the government has zero interest in reining in these programs. It merely wants to make sure the public can never learn about government criminality in the future. Hence the aggressive “war on whistleblowers.”



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