- Detroit ‘Gut Kick’ Poses New Test for Long Suffering City (BBG)
- Florida lawmakers urge overhaul of 'Stand Your Ground' law (Reuters)
- Investors pour huge sums into US equity funds (FT)
- Snowden Standoff Threatens Obama-Putin Moscow Summit (BBG)
- China, U.S. companies' great hope, now a drag (Reuters)
- Morgan Stanley stock traders rebuild burned bridges (Reuters)
- Huawei spied for China, claims ex-CIA head Michael Hayden (FT)
- Gorilla Flipping Homes as Rebound Revives Rapid Trades (BBG)
- BRICS joint action at G20 summit may be wishful thinking (Reuters)
A few hours ago, in a somewhat ironic development, Russia's most prominent opposition campaigner - whom some have likened to the US' own Edward Snowden in terms of his whistleblowing aspirations - was found guilty of embezzlement and sentenced to five years in prison, some 19 months after leading the biggest protests to challenge the Kremlin's rule since the Soviet Union's collapse. This immediately hit none other than the local "wealth effect" with RIA reporting that "Russia's stock market fell sharply on Thursday according to Moscow Exchange data, after investors took in the news that opposition blogger Alexei Navalny had been found guilty in a controversial fraud trial and sentenced to five years in jail."
- MSM always "ahead" of the curve: Fed’s Messages Raise Volatility in Threat to Profits (BBG)
- Bernanke Plays Down Link Between Jobless Rate, Fed Moves (WSJ)
- Draghi to Carney Face Test Backing Guidance on Rates (BBG)
- House Republicans Vote to Delay Obamcare Mandates (Reuters)
- China media accuses Japan PM of dangerous politics (Reuters)
- China will replace America as the leading superpower, global attitudes survey finds (SCMP)
- Nonqualified mortgages make up as much as $1.5 trillion of the $10 trillion home-loan market (BBG)
- Dell $24.4 Billion Buyout Plan Is a Nail-Biter as Vote Looms (BBG)
- Republicans could see more bruising Senate primaries (Reuters)
- GM delays Chevy Cruze debut by a year (Reuters)
- Peltz needs support for PepsiCo restructuring dealsa (FT)
- Sweaty Wall Streeters Skip Booze for Spin-Class Meetings (BBG)
While the US has had its share of race-related social issues in recent days, nothing compares to Italy where not only was the country's first black minister (of integration!) of Congolese origin, Cecile Kyenge, compared to an orangutan two days ago by Roberto Calderoli, vice president of Italy's Senate and a senior parliamentarian in the anti-immigration Northern League, but following a visit to the city of Pescara she was met with a "protest" where nooses were hung from lammposts. And just so the message was not lost, "he nooses appeared on lampposts with posters signed by far-right group Forza Nuova: "Immigration, the noose of the people!" read one of the slogans on the posters. Another said: "Everyone should live in their own country." Nothing like Italy, whose economy has been ravaged by the worst depression in decades, developing its own Golden Dawn movement to really help with integration issues and globalized worker mobility.
Despite the worst fears of many that this morning America might wake up to a redux of a flaming Compton and Watts, so far there have been no widespread riots or looting, even if vandalism has broken out sporadically among the countrywide angry protests.
There was some confusion yesterday when news hit that the SecState's wife, Theresa Heinz Kerry, was hospitalized. This came shortly after yet another fiasco involving Kerry who was caught in a rejection, then admission snafu, that while Egypt was burning he was on his yacht not one but two days in a row. We now get some clarity as to the affliction affecting the billionaire heiress:
HEINZ KERRY SAID TO HAVE BEEN HOSPITALIZED AFTER SEIZURE SIGNS
HEINZ KERRY'S DOCTORS HAVEN'T MADE EXACT DIAGNOSIS, PERSON SAYS
HEINZ KERRY'S CONDITION DISCUSSED BY PERSON CLOSE TO FAMILY
Near-term outlook for the major currencies discussed and a brief analysis of the short-coming of fair-value "discounting" models in understanding recent price action.
It’s not mere anecdotal evidence: Visibly melting sea ice is the best evidence that the planet is warming. So prospecting for oil in the Arctic is a tricky endeavor that must be undertaken slowly and with extreme caution. So just how hot is it going to get? Hotter than we can handle if we fail to reduce greenhouse gas emissions significantly...
You know it’s bad for the establishment when Nancy Pelosi gets booed and heckled by her own supporters at a progressive gathering in her home state of California. It seems the actions of the criminals in control of these United States finally have become so absurd that the apathetic citizenry is being shaken from its long slumber.
If the Brazilian government thought that caving yesterday to popular demands against a $0.10 bus and subway fare hike would be enough to placate the millions and see a peaceful dissolution to the protests that had gripped the country in the past two weeks, it found out in less than 24 hours that ceding to the angry mob only emboldens the public to demand more (and with a list a grievances including corruption, violence, police repression and failed politicians the list of demands is sure to escalate). Sure enough, the very next day, the public emerged with newfound energy and momentum, as 300,000 people took to the streets of Rio de Janeiro and hundreds of thousands more flooded other cities in the largest protests yet.
- Bonds Tumble With Stocks as Gold Drops in Rout on Fed (BBG)
- Bernanke Sees Beginning of End for Fed’s Record Easing (BBG)
- Gold Tumbles to 2 1/2 Year-Low After Fed as Silver Plummets (BBG)
- PBoC dashes hopes of China liquidity boost (FT)
- U.S. Icons Now Made of Chinese Steel (WSJ)
- Emerging Markets Crack as $3.9 Trillion Funds Unwind (BBG)
- Everyone joins the fun: India sets up elaborate system to tap phone calls, e-mail (Reuters)
- China Manufacturing Shrinks Faster in Threat to Europe (BBG)
- More on how Syria's Al-qaeda, and now US, supported "rebels", aka Qatar mercenaries, operate (Reuters)
- Echoes of Mao in China cash crunch (FT) - how dare a central bank not pander to every bank demand?
The global capital markets are seeing large moves in response not only to the Federal Reserve, though clearly that is a key impetus, but also to developments elsewhere. Here is a dispassionate review.
- Obama prepares for chilly talks with Putin over Syria (Reuters)
- G8 opens amid dispute on Syria arms (FT)
- Economists Blame Fed for Higher Bond Yields (WSJ) - wait... what? Isn't the "stronger economy" to blame?
- What a novel concept - In the Czech Republic, a spying scandal has forced the PM to resign (BBG)
- Rigged-Benchmark Probes Proliferate From Singapore to UK (BBG)
- Economists Wary as Fed's Next Forecast Looms (Hilsenleak)
- Banks Balk at New Rules for Small Loans (WSJ)
- Sporadic clashes in Turkey as Erdogan asserts authority (Reuters)
"I am going to hit on some of the landmines that you can encounter within order-matching engines, and then I am going to give a forecast on, at least from my perspective, what’s going to happen over the course of 2013"