• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Crude

Tyler Durden's picture

Copper & Crude Carnage Continues





Perhaps at the margin, weak Japanese GDP - as it heads for a quintuple-dip recession - could be today's catalyst but both crude and copper prices are re-tumbling this morning, pressing cycle lows. The USDollar is drifting higher and dos not appear a major driver today. However, broadly speaking malinvestment-driven overcapacity and the collapse of fake credit-fueled demand continue to provide the backdrop for commodity carnage...

 
Tyler Durden's picture

Futures Flat As Oil Drops To Fresh 6 Year Low; EM Currencies Crumble Under Continuing FX War





It was a relatively quiet weekend out of China, where FX warfare has taken a back seat to evaluating the full damage from the Tianjin explosion which as we reported on Saturday has prompted the evacuation of a 3 km radius around the blast zone, and instead it was Japan that featured prominently in Sunday's headlines after its Q2 GDP tumbled by 1.6% (a number which would have been far worse had Japan used a correct deflator), and is now halfway to its fifth recession in the past 6 year, underscoring Abenomics complete success in desrtoying Japan's economy just to get a few rich people richer. Of course, economic disintegration is great news for stocks, and courtesy of the latest Yen collapse driven by the bad GDP data which has raised the likelihood of even more Japanese QE, the Nikkei closed 100 points, or 0.5% higher. 

 
Monetary Metals's picture

Why Is Gold Becoming Scarcer, 16 Aug, 2015





Both the October and December gold contracts are backwardated, and Feb '16 contract is not far. The gold market is tight. Why?

 
Tyler Durden's picture

Asian Currency Crisis Continues As China Holds, Malaysia Folds, & Japan Heads For Quintuple Dip Recession





Asia got off to an inauspicious start this evening with Japan printing a disappointing 1.6% drop in GDP - heading for its fifth recession in 6 years... so much for Abenomics, but, of course, Amari spewed forth some standard propaganda that he expects Japan to recover moderately (and Japanese stocks popped modestly assuming moar QQE). Then Malaysia continued its collapse with the Ringgit down another 1% hitting fresh 17-year lows and stocks dropping further, as the Asian Currency crisis continues. Heading into the China open, offshore Yuan signaled further devaluation but the CNY Fix printed very modestly stronger at 6.3969; and following last week's best gains in 2 months, Chinese stocks are plunging at the open after Chinese farmers extend their streak of margin debt increases. Finally, WTI Crude drifted back to a $41 handle in early futures trading.

 
Marc To Market's picture

Is the Dollar Going on Summer Vacation?





Near-term dollar outlook, with some views on oil, Treasuries and S&P 500 thrown in for extra measure.  

 
Tyler Durden's picture

US Oil Rig Count Rises For 4th Consecutive Week - Highest Since April





While the total rig count remained unchanged at 884, Baker Hughes reported oil rigs rose 2 this week to 672 - its highest since April 2015.  This is the 6th rise in the last 7 weeks. There is little to no reaction in crude prices for now...

 
Tyler Durden's picture

Why Crude Oil's Carnage Has Only Just Begun





If crude’s slump back to a six-year low looks bad, Bloomberg notes that it’s even worse when you reflect that summer is supposed to be peak season for oil, and “it will get more so as refiners go into maintenance.”

 
Tyler Durden's picture

The Great China Ponzi - An Economic And Financial Trainwreck Which Will Rattle The World





There is an economic and financial trainwreck rumbling through the world economy. Namely, the Great China Ponzi. In all of economic history there has never been anything like it. It is only a matter of time before it ends in a spectacular collapse, leaving the global financial bubble of the last two decades in shambles. The resulting deflationary spiral will suck the global economy into its vortex. And Wall Street will go down for the count because this time the Fed will be utterly powerless to reverse the tide.

 
Tyler Durden's picture

Malaysia Meltdown: Asian Currency Crisis 2.0 Sends Ringgit, Stocks, Bonds Crashing





When China went the "nuclear" devaluation route earlier this week, everyone knew things were about to get a whole lot worse for an EM currency basket that was already reeling from plunging commodity prices, slumping Chinese demand, and the threat of an imminent Fed hike. With some Asian currencies already falling to levels last seen 17 years ago, some analysts fear that an Asian Financial Crisis 2.0 may be just around the corner. That rather dire prediction may have been validated on Friday when Malaysia’s ringgit registered its largest one-day loss in almost two decades, as stocks plunged and bond yields rose.

 
Tyler Durden's picture

Stock Futures Lower Despite Overnight Calm In Ongoing Currency Wars





After a week of relentless FX volatility, spilling over out of China and into all other countries, and asset products, it was as if the market decided to take a time-out overnight, assisted by the PBOC which after three days of record devaluations finally revalued the Yuan stronger fractionally by 0.05% to 6.3975. And then, as a parting gift perhaps, just as the market was about to close again, the Chinese central bank intervened sending the Onshore Yuan, spiking to a level of 6.3912 as of this writing, notably stronger than the official fixing for the second day in a row. In fact the biggest news out of China overnight is that contrary to expectations, the PBOC once again "added" to its gold holdings, boosting its official gold by 610,000 ounces, or 19 tons, to 1,677 tones.

 
Tyler Durden's picture

Oil Flash Crashes To Gundlach's Geopolitically "Terrifying Levels"





Forced liquidation... capitulation ... contract roll... or "liquidity provision" gone awry? You decide.

 
Tyler Durden's picture

Oil Trades Under $42 To 6 Year Lows, Gundlach Sees "Terrifying Geopolitical Consequences" Looming





For the first time since March 2009, the front-month WTI crude futures contract has traded with a $41 handle. As it draws ever nearer the 2009 lows, we are reminded of the ominous warnings that DoubleLine's Jeff Gundlach issued in January. - "I hope it does not go to $40 because then something is very, very wrong with the world, not just the economy. The geopolitical consequences could be – to put it bluntly – terrifying."

 
Tyler Durden's picture

"F$$king Morons": Russia's Lavrov Drops F-Bomb At Saudi-Syria Press Conference





Earlier this week, Russian Foreign Minister Sergei Lavrov met with his Saudi counterpart Adel al-Jubeir to discuss options for Syria’s future. At the post-meeting press conference, Russia's top diplomat let his real feelings for the Saudis slip.

 
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