Copper

Tyler Durden's picture

US Equity Futures Suddenly Fall Off A Cliff As Europe Slides, Oil Tumbles, EM Currencies Turmoil





It was a relatively calm overnight session in which European stocks wobbled modestly, Japan was up, China was down following its weakest fixing since 2011 as the PBOC continues to aggressively devalue since the SDR inclusion (stoking concerns capital outflows are once again surging), EM stocks stocks were weak and the dollar was unchanged ahead of today's retail sales data and next week's Fed meeting, and then suddenly everything snapped.

 
Tyler Durden's picture

"Let's Just Hope Shipping Isn't Telling the Real Story of China"





For dry bulk, China has gone completely belly up,” said Erik Nikolai Stavseth, an analyst at Arctic Securities ASA in Oslo, talking about ships that haul everything from coal to iron ore to grain. “Present Chinese demand is insufficient to service dry-bulk production, which is driving down rates and subsequently asset values as they follow each other.”

 
Tyler Durden's picture

After Vicious Rollercoaster Session, Global Stocks Flat, US Futures Stage Tepid Rebound In Illiquid Chaos





After yesterday's rollercoaster session in both the S&P and in oil, where initially stocks soared alongside oil, only to promptly tumble as stops were taken out and as the refiners' inventory strategy was exposed after the DOE's latest weekly numbers were released, it has been a quieter session so far, though maybe not for China where stocks jumped at the open only to fizzle and close at the lows in what appears to be ever less intervention by the market manipulating "National Team."

 
Tyler Durden's picture

Glencore CDS Are Soaring Again As Default Risk Rises Above 50%





As of today, with Glencore stock once again trading near all time lows sliding as low at 75p, the company's default risk just hit 54%, the highest in 6 years, as a result of its CDS blowing out past 900 and wider than the intraday spreads hit in September as the following chart from Markit shows.

 
Tyler Durden's picture

Freeport McMoRan, World's Second Largest Copper Miner, Suspends Dividend





FCX announced today that its Board has suspended its annual common stock dividend of $0.20 per share. This action will provide cash savings of approximately $240 million per annum and further enhance FCX’s liquidity during this period of weak market conditions. FCX’s Board will review its financial policy on an ongoing basis and authorize cash returns to shareholders as market conditions improve.

 
Tyler Durden's picture

Global Stocks Slump As Mining Rout Accelerates, Concerns Grow About Chinese "Stealth Devaluation"





Overnight market action has largely been a continuation of Tuesday's key themes with European stocks falling as a selloff in mining companies extended to a 7th day, even as metals prices rose and crude oil rallied modestly from a six-year low after yesterday's API crude inventory draw. U.S. equity futures have rebounded from modest declines, as emerging-market shares extended their losing streak to a 6th day while Asian stocks dropped to 2 month lows.

 
Tyler Durden's picture

Frontrunning: December 8





  • Anti-Trump Effort Launches Super PAC (WSJ)
  • Muslims decry Trump's proposal to keep them out of US (AP)
  • Debate Heats Up Over No-Fly List, Gun Sales (WSJ)
  • OPEC Takes Down Oil Majors as Lower-for-Even-Longer Kicks In (BBG)
  • Chinese Companies Are Trapped in IPO Logjam (WSJ)
  • Republican Ted Cruz vaults into first place in new Iowa poll (Reuters)
 
Tyler Durden's picture

European, Asian Stocks Jump As Iron Ore Joins Oil Below $40 For First Time Since May 2009





With Draghi's Friday comments, which as we noted previously were meant solely to push markets higher, taking place after both Europe and Asia closed for the week, today has been a session of catch up for both Asian and Europe, with Japan and China up 1% and 0.3% respectively, and Europe surging 1.4%, pushing government bond yields lower as the dollar resumes its climb on expectations that Draghi will jawbone the European currency lower once more, which in turn forced Goldman to announce two hours ago that it is "scaling back our expectation for Euro downside."

 
Tyler Durden's picture

BIS Warns That "Uneasy Calm" In Markets May Be Shattered By Fed Hike Imperiling $3.3 Trillion In EM Debt





"Very much in evidence, once more, has been the perennial contrast between the hectic rhythm of markets and the slow motion of the deeper economic forces that really matter. Markets can remain calm for much longer than we think. Until they no longer can."

 
EconMatters's picture

The Gold Market





But Gold and Silver I figured were dead in the water until the Fed announcement on December 16th and they both showed signs of life from the long side on Friday.

 
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