France

Tyler Durden's picture

Repatriation Of Gold From Fed Suggests Historic Vote Of No Confidence





Since 2012, there’s been an unprecedented call from foreign nations to repatriate their gold from Federal Reserve vaults in the U.S. This is an incredible development given many countries’ 71-year reliance on the Fed as a custodian for their bullion. Something huge must of happened in the last few years to prompt such action. That something may be a break in foreign gold holders’ trust in the Fed as a custodian of their precious metals.

 
Pivotfarm's picture

Qatar, France, Fighter Jets and Migrants





The only thing that is of any interest when you say the word Qatar is the fact that the French have just struck a $7 billion deal for the sale of 24 Dassault Rafale fighter jets.

 
Tyler Durden's picture

Violent Moves Continue In European Bond Market; Equity Futures Rebound With Oil At Fresh 2015 Highs





This is how DB summarizes what has been the primary feature of capital markets this week - the huge move in European bond yields: "On April 17th, 10-year Bunds traded below 0.05% intra-day. Two and a half weeks later and yesterday saw bunds close around 1000% higher than those yield lows at 0.516% after rising +6.2bps on the day." Right out of the European open today, the government bond selloff accelerated with the 10Y Bund reaching as wide as 0.595% with the periphery following closely behind when at 9:30am CET sharp, just as the selloff seemed to be getting out of control, it reversed and out of nowhere and a furious buying wave pushed the Bund and most peripheral bonds unchanged or tighter on the day! Strange, to say the least. Also, illiquid.

 
Tyler Durden's picture

Following "Terrorist-Fighting" Ban On Cash, France Passes "Le Patriot Act"





In its efforts to 'protect' its citizens from terrorists, France deemed it necessary in March to "fight against the use of cash and anonymity in the French economy,"  and drastically reduced the public's freedom and privacy to spend. Today, that freedom and privacy took another blow as the French government passed "Le Patriot Act" dramatically beefing up the government's spying powers.

 
Tyler Durden's picture

ISIS Warns Of "Harsher And Worse" US Attacks After Claiming Responsibility For Botched Texas Shooting





As we first reported on Monday, ISIS has indeed claimed responsibility for the attack on a security guard in Garland, Texas on Sunday evening. In a statement, the group warns of further attacks that it promises will be "worse and more bitter" and may be "just around the corner." 

 
Tyler Durden's picture

Frontrunning: May 5





  • Fed's Yellen says met firm at heart of leak probes (Reuters)
  • EU Raises Growth Outlook as ECB Counters Greek Threat (BBG)
  • Hillary Clinton Takes Hit in WSJ Poll, but Holds Edge Over GOP Rivals (WSJ)
  • China stocks slump on tighter margin rules, IPOs; Hong Kong down (Reuters)
  • McDonald’s Chief Promises Turnaround in a Restructuring (NYT)
  • German Bond Market Selloff Continues (WSJ)
  • Vanguard overtakes Pimco’s Total Return following outflows in wake of Bill Gross’s departure (WSJ)
  • EU Demands Concessions as Greece Hurtles Toward Deadlines (BBG)
  • Junk Bonds Are The New Haven Assets (BBG)
 
Tyler Durden's picture

Futures, Treasurys Flat After Chinese Stock Bubble "Incident"; Bunds Stage Feeble Rebound





If yesterday's laughable lack of volume (helped by the closure of Japan and the UK) coupled with hopes that the end of the buyback blackout period was enough to send stocks surging if only to end with a whimper below all time highs despite what is now looking like three consecutive quarters of Y/Y EPS declines according to Factset, today's ramp will be more difficult for the NY Fed and Citadel to engineer, not least of all due to the headwind of the overnight "incident" by China's stock bubble which saw the Shanghai Composite tumble by 4%, the most since January.

 
Tyler Durden's picture

Key Events In The Coming Week





Quickly looking at the potential market moving events this week, US payrolls on Friday will be the clear focus. In terms of expectations, our US colleagues are expecting a +225k print which matches the current Bloomberg consensus, while they expect the unemployment rate to drop one-tenth to 5.4%. Elsewhere, Thursday’s UK Election will be closely followed while Greece will once again be front and center.

 
Tyler Durden's picture

Futures Levitate Following Worst Chinese Mfg PMI In One Year, Brent At 2015 Highs; Bund Slide Continues





The best news for stocks is twofold: volumes continue to be lethargic with both the UK (May Day bank holiday) and Japan closed until Thursday (Golden Week), while the bulk of the S&P500 has now exited the stock buyback quiet period. As such, ignore record equity outflows - all the matters is that corporate CFOs, flush with brand news bond issuance cash, will tell their favorite Wall Street trading desk to buy stocks at just the right inflection point sending the market surging just as shorts once again test the downtrend and the 50 DMA.

 
George Washington's picture

Why The Powers That Be Are Pushing A Cashless Society





Fiat Money May Be Junk ... But a Cashless Society Controlled by the TBTFs Is Dictatorship

 
Tyler Durden's picture

Why Central Banks Hate Physical, Love "Earmarked" Gold, And What Is The Difference





Until the advent of the BIS, gold held by central banks came in one version. Physical. It was only after the BIS arrived on the scene did gold's macabre doppelganger, so-called paper, registered or "earmarked", gold emerge for the first time. Here is a brief history of how earmarked gold came into being...

 
Tyler Durden's picture

Paul Craig Roberts: "Insanity Grips The Western World"





There is little sign that Washington and its vassals care about life on Earth.

 
Tyler Durden's picture

Goldman Explains The "Self-Fulfilling Loop" Driving Bund Yields





"As the decline in yields that has followed the liquidity injections has made its way to intermediate maturities, the market has extrapolated that the Bundesbank would have to purchase a larger share of longer maturity bonds to fill its quota. This is a self-reinforcing expectations loop, where lower yields beget lower yields," Goldman notes, describing the dynamic driving Bunds. We would note that this type of feedback loop also operates in the other direction and could thus be rather dangerous in a market that is becoming structurally very thin.

 
Tyler Durden's picture

What Happens When You Hand Over Your Gold To The Bank Of England For "Safekeeping"





With London, Paris, and Basel’s compliance, Nazi Germany had just looted 23.1 metric tons of gold without a shot being fired.

 
Tyler Durden's picture

The War On Cash: Transparently Totalitarian





"The War on Cash is the attempt by governments to phase cash out of their economies. Governments hate cash because they hate the financial privacy cash makes possible. And they prefer that you keep your money in a bank to help prop up an unsound fractional reserve banking system." As Ron Paul warned, “The cashless society is the IRS’s dream: total knowledge of, and control over, the finances of every single American.”

 
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