France

Phoenix Capital Research's picture

The Coming Dissolution of the EU





How this will all end up is obvious to anyone: the EU Crisis will return and the whole mess will come crashing down.

 
 
Tyler Durden's picture

French Unemployed Hits Record High, Hollande Demands EU Budget "Must Be Adapted"





France's President Francois Hollande states confidently that "everyone should respeoct treaties," then 'Junckers' it with this stunningly hypocritical bullshit, "budget rules must be adapted" to support growth and France "has done what it has to do" on its deficit... one glance at the following chart suggests that Hollande has done nothing and has been enabled by Draghi... What a farce!!

 
Tyler Durden's picture

Banker Suicides Return: DSK's Hedge Fund Partner Jumps From 23rd Floor Apartment





The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.

 
Tyler Durden's picture

Frontrunning: October 24





  • Doctor with Ebola in New York hospital after return from Guinea (Reuters)
  • Ebola Puts Spotlight on Bellevue, Key NYC Trauma Center (WSJ)
  • Uber Driver Transported Ebola-Positive Doctor in New York (BBG)
  • GOP Gains in Key Senate Races as Gender Gap Narrows (WSJ)
  • ECB Tries for Third Time Lucky in European Stress Tests (BBG)
  • Security tight in Canada as police probe Parliament gunman's ties (Reuters)
  • Why Madrid's poor fear Goldman Sachs and Blackstone (Reuters)
  • Fed’s $4 Trillion Holdings Keep Boosting Growth Beyond End of QE (BBG)
 
Tyler Durden's picture

Overnight Futures Fail To Ramp As Algos Focus On New York's First Ever Ebola Case





And just like that, the Ebola panic is back front and center, because after one week of the west African pandemic gradually disappearing from front page coverage and dropping out of sight and out of mind, suddenly Ebola has struck at global ground zero. While the consequences are unpredictable at this point, and a "follow through" infection will only set the fear level back to orange, we applaud whichever central bank has been buying futures (and the USDJPY) because they clearly are betting that despite the first ever case of Ebola in New York, that this will not result in a surge in Ebola scare stories, which as we showed a few days ago, may well have been the primary catalyst for the market freakout in the past month.

 
Tyler Durden's picture

The Market Says Markit Is Full Of It: Global PMIs Are Painting An Unrealistically Rosy Picture





Why would one even look at a self-reported survey as an indicator of coincident activity: after all isn't it beyond obvious that every response will be full of confirmation bias and colored by the respondent's inherent optimism about the present and the future? Apparently it isn't, and neither is it obvious that for all business participants, hope dies last, something which always influences their responses. The problem is that in a world in which central banks have made a mockery of all other coincident signals, one has to dig very low. "We've used this measure less over the last couple of years as central banks have increasingly distorted the relationship between fundamentals and  valuation" says Deutsche Bank's Jim Reid. And as Jim Reid shows in the table below, the various regional PMIs have so consistenly overshot in their expectations of where the manufacturing and service sector of a given country is throughout 2014, that not even the market believes, well, Markit.

 
Tyler Durden's picture

Futures Bounce On Stronger Europe Headline PMIs Despite Markit's Warning Of "Darker Picture" In "Anaemic" Internals





Perhaps the most interesting question from late yesterday is just how did the Chinese PMI rebound from 50.4 to 50.2, when the bulk of its most important forward-looking components, New Orders, Output, New Export Orders, posted a material deterioration? When asked, not even Markit could provide an explanation that seemed remotely reasonable so we can only assume the headline was goalseeked purely for the kneejerk reaction benefit of various algos that only focus on the headline and nothing else. Luckily, we didn't have much time to ponder this quandary as a few hours later we got the latest batch of Eurozone PMI numbers.

 
Tyler Durden's picture

Central Banker Admits Central Bank Policy Leads To Wealth Inequality





Six years after QE started, and just about the time when we for the first time said that the primary consequence of QE would be unprecedented wealth and class inequality (in addition to fiat collapse, even if that particular bridge has not yet been crossed), even the central banks themselves - the very institutions that unleashed QE - are now admitting that the record wealth disparity in the world - surpassing that of the Great Depression and even pre-French revolution France - is caused by "monetary policy", i.e., QE.

 
Tyler Durden's picture

Equity Levitation Stumbles After Second ECB Denial Of Corporate Bond Buying, Report Of 11 Stress Test Failures





If the ultimate goal of yesterday's leak was to push the EUR lower (and stocks higher of course), then the reason why today's second rejection did little to rebound the Euro is because once again, just after Europe's open, Spanish Efe newswire reported that 11 banks from 6 European countries had failed the ECB stress test. Specifically, Efe said Erste, along with banks from Italy, Belgium, Cyprus, Portugal and Greece, had failed the ECB review based on preliminary data, but gave no details of the size of the capital holes at the banks.

 
Tyler Durden's picture

How To Start A War, And Lose An Empire





"...the American scheme of world domination through military aggression and unlimited money-printing is failing before our eyes. The public has no interest in any more “boots on the ground,” bombing campaigns do nothing to reign in militants that Americans themselves helped organize and equip, dollar hegemony is slipping away with each passing day, and the Federal Reserve is fresh out of magic bullets and faces a choice between crashing the stock market and crashing the bond market. In order to stop, or at least forestall this downward slide into financial/economic/political oblivion, the US must move quickly to undermine every competing economy in the world through whatever means it has left at its disposal, be it a bombing campaign, a revolution or a pandemic..."

 
Tyler Durden's picture

Snow-Plough Driver In Total CEO Plane Crash Was Drunk, Investigators Say





The awful news overnight of Total CEO Christophe de Margarie's death in a freak plane crash caused by the jet hitting a snow-plough on the runway has taken a darker twist. As RT reports, Russian prosecutors claim the driver of the snowplough was drunk, and the air traffic controller for the jet was an intern. However, his lawyer, however, says he was completely sober, due to a heart condition preventing him from drinking claiming "he was so sober at the time of the crash," adding "we don't want the blame for the accident falling on an ordinary man." Investigators added that "bad weather conditions and the possibility of a mistake by the pilot will also be considered." ITAR-TASS reports that Putin has sent his condolences and reached out to Francois Hollande, "Vladimir Putin has long known de Margerie and had a close working relationship with him."

 
Tyler Durden's picture

"Anti-Petrodollar" CEO Of French Energy Giant Total Dies In Freak Plane Crash In Moscow





Three months ago, the CEO of Total, Christophe de Margerie, dared utter the phrase heard around the petrodollar world, "There is no reason to pay for oil in dollars,"  as we noted here, and despite Western-imposed sanctions on Russia, Total is continuing to pursue a natural gas project in Yamal, a joint venture with Russia's Novatek. Today, RT reports the dreadful news that he was killed in a business jet crash at Vnukovo Airport in Moscow after the aircraft hit a snow-plough on take-off. The airport issued a statement confirming "a criminal investigation has been opened into the violation of safety regulations," adding that along with 3 crewmembers on the plane, the snow-plough driver was also killed. Debris from the aircraft was scattered up to 200 meters from the crash site.

 
Tyler Durden's picture

A Caliph In A Wilderness Of Mirrors





"He's invincible. He beheads. He smuggles. He conquers. He's the ultimate jack-of-all-trades. No Tomahawk or Hellfire can touch him. He always gets what he wants; in Kobani; in Anbar province; with the House of Saud (which he wants to replace) trying to make Putin (who he wants to behead) suffer because of low oil prices..."

 
Tyler Durden's picture

"Either You're The Butcher... Or The Cattle"





The common people are the cattle being led to slaughter. We are kept docile with incessant propaganda from the mainstream media; marketing messages to consume from Madison Avenue; filtered, adjusted, manipulated economic data fed to us by government agencies; an endless supply of iGadgets and other electronic distractions; government education designed to keep us ignorant; 24/7 reality TV on six hundred stations to keep us entertained; corporate toxic processed food to keep us obese and tame; and an endless supply of Wall Street supplied debt to keep us caged in our pens with no hope of escape. The butchers of the deep state have maintained control for decades, but we’re entering a new era.

 
Tyler Durden's picture

The Tragedy Of NATO: "Beware Foreign Entanglements"





Due to the inherent problems with collective security alliances – tragedy of the commons fed by socialism and moral hazard – nations should enter into them with great caution. George Washington’s farewell address has never sounded more prescient: Beware foreign entanglements.

 
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