Greece

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Chinese Stocks Drop, End Worst Month Since August 2009; US Equity Futures Flat





In a repeat of Thursday's action, Chinese stocks which had opened about 1% lower, remained underwater for most of the session before attempting a feeble bounce which took the Shanghai Composite fractionally into the green, before the now traditional last hour action which this time failed to maintain the upward momentum and the last day of the month saw a surge in volume which dragged the market to its lows before closing roughly where it opened, -1.13% lower.  This caps the worst month for Chinese stocks since since August 2009, as the government struggles to rekindle investor interest amid a $3.5 trillion rout, one which has sent the Shanghai market lower by 15% - the biggest loss among 93 global benchmark gauges tracked by Bloomberg.

 
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"Greed Is King" - What We Learned Talking To Chinese Stock Investors





During a short stay in Shanghai a few weeks ago on unrelated business, we had an opportunity to witness the ground zero of the China market frenzy at its peak and its nascent plunge. Chinese retail investors make up 85% of the market, a far cry from the U.S. where retail investors own less than 30% of equities and make up less than 2% of NYSE trading volume for listed firms in 2009. Combined with the highest trading frequencies in the world and one of the lowest educational levels, describing China’s market as immature is an understatement.

 
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Brazil's Economy Slides Into Depression, And Now Olympians Will Be Swimming In Feces





Athletes in next year's Summer Olympics here will be swimming and boating in waters so contaminated with human feces that they risk becoming violently ill and unable to compete in the games. An AP analysis of water quality revealed dangerously high levels of viruses and bacteria from human sewage in Olympic and Paralympic venues — results that alarmed international experts and dismayed competitors training in Rio, some of whom have already fallen ill with fevers, vomiting and diarrhea.

 
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7 'Saves' In 7 Months: A Market Going Nowhere Fast





Can markets be saved an eighth time, a ninth time, a tenth time this year? How about next year?

 
GoldCore's picture

Threat Of Cyber War – “Other Reason To Own Physical Gold” – Rickards





Jim Rickards, “I think it’s always very important to own gold. I’ve recommended that investors have about 10% of their portfolio in the yellow metal.” “If I’m right and some catastrophic event is on the horizon, then that 10% would be your portfolio insurance.”

 
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New York Mayor de Blasio Demands A Federal Bailout For Puerto Rico





While the Puerto Rican creditors' bargaining power on the island is to put it mildly, negligible, especially after the budget director made the imminent default into a crusade of poor versus rich, saying he won’t redirect cash from its operating budget to make debt payments, an unexpected supporter has emerged thousands of miles from the beleaguered island: New York's socialist mayor Bill DeBlasio. As CBS reports "New York City Mayor Bill de Blasio demanded President Obama and Congress immediately come to the island's fiscal rescue." "It's the federal government's obligation to act, because they can't stand idly by and watch Puerto Rico fail," de Blasio told a crowd of hundreds of Puerto Rico boosters gathered on the steps of City Hall.

 
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"Say A Little Prayer" Bill Gross Warns, "Zombie Corporations Now Roam The Real Economy"





Having exposed the reality that the world's capital markets are a manipulated shell game, Janus' Bill Gross has a message for the perpetual bulls in his latest letter to investors - "say a little prayer." Gross continues, "low interest rates are not the cure – they are part of the problem," warning that ZIRP has enabled, "a host of zombie and future zombie corporations now roam the real economy. Schumpeter’s 'creative destruction' – the supposed heart of capitalistic progress – has been neutered. The old remains in place, and new investment is stifled." As he previously warned, when the central bank manipulation is removed the likely trajectory of prices is downward...

 
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Lagarde Says No To IMF Aid For Greece





"The International Monetary Fund’s board has been told Athens’ high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the institution will join the EU’s latest financial rescue."

 
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An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation





Speaking to a gathering of some 200 Syriza lawmakers on Wednesday, Greek PM Alexis Tsipras drew a line in the sand, insisting that the divisions within the party cannot persist. In a dramatic move, Tsipras called for a party referendum on Sunday to decide once and for all whether Syriza lawmakers will support the bailout or push for its cancellation.

 
Tyler Durden's picture

Frontrunning: July 30





  • Second-quarter GDP seen rebounding on consumer spending, housing (Reuters)
  • China Stocks Fall as Traders Puzzle Over Sudden Late-Day Swings (BBG)
  • European 'alliance of national liberation fronts' emerges to avenge Greek defeat (Telegraph)
  • Thomas Cook warns on earnings over Greece (MW)
  • Largest Greek toy seller Jumbo warns of hit from capital controls (Kathimerini)
  • Chevron and Exxon Get the Plaudits, but Some Smaller Drillers Faring Well (WSJ)
  • Schäuble outlines plan to limit European Commission powers (FT)
  • UBS Deal Shows Clinton’s Complicated Ties (WSJ)
 
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Chinese Stocks Tumble In Close Of Trading "Causing Panic", US GDP To Be Revised Higher On Seasonal Adjustments





We start off the overnight wrap up with the usual place, China, where in a mirror image of Wednesday's action, stocks once again started off uneventful, then gradually rose in the afternoon session and meandered near unchanged territory until the last half hour, when out of the blue they tumbled to close near the day's low, some 2.2% below yesterday's closing level.  What caused it?  One possible catalyst came from Reuters which reported that that Chinese banks were investigating their exposure to the stock market via wealth management products and loans backed by stock as collateral. 

 
Tyler Durden's picture

Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation





"He is going to pay me back in some sort of product when he is able to, maybe in cheese."

 
Tyler Durden's picture

4 Mainstream Media Articles Mocking Gold That Should Make You Think





Religious imagery... peak condescension... everyone proclaiming "gold is dead"... In a nutshell, sentiment has plunged to negative levels not seen in years, if not more than a decade. Here are four mainstream media articles that provide some evidence we may be approaching a sentiment low. Some of them we're sure you’ve seen, others perhaps not. What amazes us is how they’ve all come out within the last two weeks.

 

 
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If Varoufakis Is Charged With Treason, Then Dijsselbloem Should Be As Well





If Greece does find it has a legal basis to criminally charge Varoufakis with treason merely for preparing for a Plan B, then it brings up an interesting question: if Varoufakis was a criminal merely for preparing for existing the Euro, then comparable treason charges should also be lobbed against none other than Varoufakis' nemesis - Eurogroup president and Dutch finance minister Jeroen Dijsselbloem.

 
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