• Tim Knight from...
    09/19/2014 - 20:15
    I was originally going to title this post "Jackie DeAngelis Must Die", but I thought she might take it the wrong way.

Abu Dhabi

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"Million-Dollar Parking Spots" – Peak Stupidity Has Arrived In Manhattan





What will $1 million buy in New York City? A diamond-encrusted Cartier men’s watch. A small fleet of 2014 Bentley Continentals. Or maybe your very own parking spot in SoHo... "Parking is in serious demand and has proven an excellent investment with no sign of a decline."

 
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US Furious After Source Of "Mystery" Libya Bombing Raids Revealed





Over the past week a new geopolitical mystery emerged: an "unknown" party was launching airstrikes against Libya, which is already reeling in its latest political crisis. The strikes puzzled various media outlets, such as Reuters which over the weekend reported that "Unidentified war planes attacked positions of an armed faction in the Libyan capital Tripoli on Saturday." This follows a similar report when on Monday, the government said unknown fighter jets had bombed positions from armed factions in Tripoli, an attack claimed by a renegade general in Benghazi. Turns out the renegade general was lying, and merely trying to take credit for another party's intervention. That party, or rather, parties has been revealed as Egypt and the United Arab Emirates, which "have secretly teamed up to launch airstrikes against Islamist-allied militias battling for control of Tripoli" And sure enough, "US diplomats were fuming about the airstrikes" as the US was never given advance notice of these attacks.

 
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Immigration For Republicans





This essay is not intended to address a crisis that may be occurring on the border at this time. We make no comment on that. Nor does it discuss the issues around war, such as how to deal with citizens of enemy nations. This essay is not a policy proposal, it does not set out, for example, when an immigrant can become a citizen and attain the vote or what to do to immigrants who commit crimes. It has but one purpose: to enumerate and respond to the common arguments used in favor of an impenetrable and guarded border fence to shut down immigration.

 
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The Rise Of The Petroyuan And The Slow Erosion Of Dollar Hegemony





For seventy years, one of the critical foundations of American power has been the dollar’s standing as the world’s most important currency. For the last forty years, a pillar of dollar primacy has been the greenback’s dominant role in international energy markets. Today, China is leveraging its rise as an economic power - and as the most important incremental market for hydrocarbon exporters in the Persian Gulf and the former Soviet Union - to circumscribe dollar dominance in global energy, with potentially profound ramifications for America’s strategic position.

 
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Here's What Wall Street Bulls Were Saying In December 2007





The attached Barron’s article appeared in December 2007 as an outlook for the year ahead, and Wall Street strategists were waxing bullish. Notwithstanding the advanced state of disarray in the housing and mortgage markets, soaring global oil prices and a domestic economic expansion cycle that was faltering and getting long in the tooth, Wall Street strategists were still hitting the “buy” key. In fact, the Great Recession had already started but they didn’t have a clue: "Against this troubling backdrop, it’s no wonder investors are worried that the bull market might end in 2008. But Wall Street’s top equity strategists are quick to dismiss such fears."

 

 
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After Shakedown, Overnight Markets Regain Their Calm





The S&P500 has now gone 47 days without a gain or loss of more than 1% - a feat unmatched since 1995, according to AP.  Overnight markets are having a weaker session across the board (except the US of course). Even the Nikkei is trading with a weak tone (-0.7%) seemingly unimpressed by the Third Arrow reform announcements from Prime Minister Abe yesterday (and considering in Japan the market is entirely dictated by the BOJ, perhaps they could have at least coordinated a "happy" reception of the revised Abe plan). Either that or they have largely been priced in following the sizable rally in Japanese stocks over the past month or so. Abe outlined about a dozen reforms yesterday including changes to the GPIF investment allocations and a reduction in the corporate tax rate to below 30% from the current level of 35%+. Separately, the Hang Seng Index (-0.06%) and the Shanghai Composite (-0.41%) 98closed lower as traders cited dilutive IPOs as a concern for future equity gains.

 
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Dubai Stocks Crash On Levered Liquidations, Margin Calls Turmoil





Long before there was a Greece (and its existential threat to world order), there was Dubai's sovereign crisis in 2009 with Nakheel; and Dubai World (the floating islands) faced with massive debt loads and interconnectedness were bailed out. Since then it's been nothing but ponies and unicorns... until now. The debt is all still there (and the interconnectedness)... and despite the mirage of wealth creation that equity's massive rally has created, the drop in Dubai's stock market we noted yesterday turned into a rout overnight as it dropped a further 8% as one of the countries largest companies (Arabtec - Dubai's largest builder) plunged after high-level executive dismissals. “This is indiscriminate selling,” Ramez Merhi, director of asset management at Dubai-based Al Masah Capital, said by e-mail. “The markets took the stairway up, and an elevator down.”

 
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Frontrunning: June 24





  • The Kerry Konfusion Kontinues: Kerry urges Kurds to save Iraq from collapse (Reuters)
  • Abe Unveils Japan’s New Growth Strategy (WSJ)
  • Because the recovery: Avon to Cut 600 Jobs as CEO McCoy Seeks to Trim Expenses (BBG)
  • Iraqi Parties Pressure Prime Minister Nouri al-Maliki to Step Down (WSJ)
  • Ukraine Rebels Call Cease-Fire to Match Government Truce (BBG)
  • IRS accused of obstruction over lost emails in Tea Party affair (Reuters)
  • IRS chief scorched as 'liar' (WND)
  • Big Investors Missed Stock Rally (WSJ)
  • U.K. Jury Finds Coulson Guilty of Conspiracy to Intercept Phone Voice-Mail Messages (WSJ)
  • HSBC to halve countries served by private bank, sells assets (Reuters)
  • Bond Market Has $900 Billion Mom-and-Pop Problem When Rates Rise (BBG)
 
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Energy Markets Are On The Brink Of Crisis





The multitudes of people, especially Americans, who view U.S. government activity in a negative light often make the mistake of attributing all corruption to some covert battle for global oil fields. In fact, the average leftist seems to believe that everything the establishment does somehow revolves around oil. This is a very simplistic and naïve view. A very real danger within energy markets is the undeniable threat that the U.S. dollar may soon lose its petrodollar status and, thus, Americans may lose the advantage of relatively low gas prices they have come to expect.  That is to say, the coming market crisis will have far more to do with the health of the dollar than the readiness of oil supply.

 
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Frontrunning: June 2





  • Unstoppable $100 Trillion Bond Market Renders Models Useless (BBG)
  • Afghan president fumes at prisoner deal made behind his back (Reuters)
  • Spain to Unveil $8.6 Billion Stimulus Package (AP)
  • How fracking helps America beat German industry (Reuters)
  • Obama to Urge European Allies to Stay Tough on Russia (WSJ)
  • Frenchman 'admits' Brussels shooting in video (AFP)
  • Heloc Payment Jump to Take Bite Out of Consumer Spending (WSJ)
  • Obama Said to Propose Deep Cuts to Power-Plant Emissions (BBG)
  • Lehman Lesson Lost as Bank Lobby Gains Clout (BBG)
  • WSJ reports that WSJ reporting on Icahn insider trading probe may have killed it (WSJ)
  • KKR liquidates former Goldman Sachs traders-run hedge fund (Reuters)
 
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Frontrunning: May 27





  • Vietnam, China trade accusations after Vietnamese fishing boat sinks (Reuters)
  • SEC Set to Spur Exchange Trading (WSJ)
  • Bank of Japan quietly eyes stimulus exit (Reuters)
  • Japan Risks Low Growth Even as Easing Spurs Inflation (BBG)
  • Hello Japan: Bond Market Message to Fed: Your 4% Rate Outlook Is Too High (BBG)
  • Malaysia, UK firm release satellite data on missing MH370 flight (Reuters)
  • Fighting rages in eastern Ukraine city, dozens dead (Reuters)
  • Bad Credit No Problem as Balance-Sheet Bombs Rally 94%  (BBG)
  • Draghi’s Asset-Backed Drive Rouses Academic Skeptics (BBG)
  • For-Profit Colleges Face Test From State, Federal Officials (WSJ)
 
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Frontrunning: May 21





  • Eric Holder proves he is no US banker puppet by smashing another foreign bank: BNP Falls as U.S. Probe Said to Cost More Than $5 Billion (BBG)
  • Fuld Was Top CEO When Fed Last Raised as New Neutral Era Beckons (BBG)
  • Tymoshenko loses her magic in Ukraine presidential race (Reuters)
  • GOP Sees Primaries Taming the Tea Party (WSJ)
  • Heard that one before: Russian troops preparing to leave Ukraine border area (Reuters)
  • Vietnam riots land another blow on the global supply chain (FT)
  • Heard that one before too: Bank of England minutes show some members closer to voting for rate rise (Reuters)
  • BOJ Refrains From Easing With Signs Japan Weathering Tax Rise (BBG)
  • Miner Freeport Pressured by Water Costs as Copper Prices Slide (WSJ)
  • Talks to end Thai crisis inconclusive, new round called (Reuters)
  • Japan Court Blocks Reactor Restarts (WSJ)
 
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Frontrunning: May 2





  • Ukraine attacks rebel city, helicopter shot down (Reuters)
  • Euro Unemployment Holds Near Record Amid Factory Gains (BBG)
  • Yellen’s Fed Resigned to Diminished Growth Expectations (BBG)
  • Junket Figure's Disappearance Shakes Macau's Gambling Industry (WSJ)
  • China tried to undermine economic report showing its ascendancy (WSJ)
  • Liquidity Trap Hitting AAA Bonds Has ATP CEO Sounding Alarm (BBG)
  • AstraZeneca Snubs Pfizer Approach That U.K. Won’t Block (BBG)
  • Missing Jet Recordings May Have Been 'Edited' (NBC)
  • RBS turns corner as first-quarter profit trebles (Reuters)
  • Japan household spending hits four-decade high, wages key to outlook (RTRS) while Real Incomes Drop 3.3% in March, 6th straight decline
 
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Frontrunning: May 1





  • Two-Thirds of Insurance Exchange Enrollees Paid Premiums (WSJ)
  • Panic: Criminal Charges Against Banks Risk Sparking Crisis (BBG)
  • Did the junk bubble pop: Junk Loans Pulled as Investors Say No After Fed Raises Concerns (BBG)
  • CME mulls price fluctuation limits for gold, silver futures (Reuters)
  • AT&T Has Approached DirecTV About Possible Acquisition (WSJ)
  • NBA sets wheels turning for Clippers sale; Oprah in wings (Reuters)
  • One way to fix prison overcrowding: Florida Jail Hit by Deadly Blast (WSJ)
  • New Boeing jets hold key to more than half of future sales (Reuters)
  • Sony slashes profit estimate by 70% (Guardian)
 
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The Best (And Worst) Global Equity Markets In The First Quarter





Japanese real estate stocks were broadly speaking the worst global equity performers in the first quarter of 2014 along with broad weakness in Russia and China (note US consumer discretionary was the 25th worst equity index in the world). At the other end of the spectrum, the quarter belonged to everything Middle-Eastern with Dubai, Abu Dhabi, Egypt, and Qatar all soaring (along with - somewhat remarkably) Greece, Portugal, and Italy...

 

 
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