Greece

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Overnight Carry-Driven Futures Ramp Pushes Stocks Just Shy Of New Record





Just when it seemed that the ever deteriorating situation in the Crimean, the unexpected plunge in Chinese exports which has sent the Yuan reeling again, the Copper slam which is down some 10% in two days, and the outright collapse in Japan's capital flows, not to mention the worst GDP print under Abe, may not be quite "priced in" by a market that is now expecting well beyond perfection in perpetuity, further shown by Goldman over the weekend which reprorted that revenue multiples have never been greater, and futures may finally dip, here came - right on schedule - the USDJPY levitation liftathon, which boosted futures from down 10 to barely unchanged, and which should be green by the second USDJPY ramp some time just after 8 am.

 


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Guest Post: Understanding Why It Feels Different This Time





There probably isn’t a more over-used phrase thrown across the media landscape than, “It’s different this time.” One can’t look at the financial markets, the political stage, and more without shaking ones head. Nothing seems to make sense. Yet if one wants to lazily answer, “It’s different this time.” Things become crystal clear. Water now seems to run uphill. The definition of words no longer mean what they once did. (we’re still marveling on what is – is) Free society means the loss of only a few freedoms per year, as opposed to everything at once. Work is a bad thing however, if someone else goes to work and pay for your things – then that’s good. You can keep your plan if you like your plan – but if we don’t like it – well – you can’t. The Federal Reserve would never monetize the debt – however if you’re a preferred dealer in the QE (quantitative easing) program – they’ll do it for you. These precarious times leave many scratching their heads. Expressed another way, When everyone is on the band wagon – except the band. You had better take notice.

 


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An End To Austerity?





President Barack Obama has recently released his budget in which he calls for an “end of austerity.” This is an amazing statement from a president whose government has spent the highest percentage of GDP in history and added more to the national debt than all past presidents combined. What must he mean by austerity? The president’s rejection of austerity represents the Keynesian view which completely rejects austerity in favor of the “borrow and spend” — increase aggregate demand — approach to recession. What he really is rejecting is the infinitesimal cutbacks in the rate of spending increases and the political roadblocks to new spending programs. President Obama and Congress should get busy doing what is best for the economy and the American public instead of enriching themselves and those who feed at the public trough.

 


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Japan Scrambles Jets In Response To Chinese Military Planes





Just in case the world did not have enough potential geopolitical flashpoints and near-crises, here comes old faithful - the simmering nationalist rivalry between China and Japan, which may have been pushed to the backburner in light of the grand return of Cold War 2.0, but is neither forgotten nor resolved. In fact, recent developments which have seen Japan fully back the US strategy in Ukraine while China has voiced its support for Russia, will probably only enflame the direct tension between the two Asian superpowers. Moments ago we got the latest manifestation of precisely this when Japan scrambled military jets on Sunday to counter three Chinese military planes that flew near Japanese airspace, defence officials said.

 


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Seth Klarman On "Born Bulls", Bitcoin, & "The Truman Show" Market





With 40% of the portfolio in cash and having returned $4 billion to clients at year-end, Seth Klarman's Baupost Group has "drawn the line in the sand" as they reflect on the diminished opportunities in the so-called "Truman Show" market we see today. In the face of mixed economic data and at a critical inflection point in Federal Reserve policy, Klarman notes, the stock market, heading into 2014, resembles a Rorschach test - "what investors see in the inkblots says considerably more about them than it does about the market." From "born bulls" to "worry genes" and from Bitcoin to flash-mob-speculation, "there is a growing gap between the financial markets and the real economy...and the overall picture is one of growing risk and inadequate potential return almost everywhere one looks... as every 'Truman' under Bernanke’s dome knows the environment is phony."

 


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Martin Armstrong: Obama "Using Same Nonsense As Putin"





For Obama to claim that a public vote in Crimea would violate the Constitution of Ukraine and International Law is really just as absurd that the same argument put forth by Putin that nothing in Kiev was legal because it was not signed by Yanukovych. There should be a vote, but it should be monitored independently to ensure it is real. To argue that no state may move to secede from a federal government is ridiculous...

 


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Greek President Raises "War Reparations" With Germany





Greek President Karolos Papoulias raised the issue of World War II reparations to his German counterpart Joachim Gauck currently on a 3-day official visit to Athens. But as expected, Gauck repeated the official legal position of Berlin. Karolos Papoulias told Gauck that Greece has not dropped its compensation claim over the Nazi atrocities and the enforced loan by the Nazi occupiers during the World War II. “I want to point out that Greece has never given up its claim of German reparations, ” Papoulias reportedly told Gauch at a private meeting in Presidential Manson adding “it is necessary to solve the problem with the earliest possible start of negotiations.”

 


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US Guided-Missile Destroyer Truxtun Has Entered The Black Sea





As we reported yesterday, after getting permission to cross the Bosphorus, the guided-missile destroyer USS Truxtun departed the Greek port of Souda Bay on its way to the Black Sea. As of a few hours ago, it is already there. Sky News reports that the USS Truxtun passed the Dardanelles strait earlier today on its way to the Black Sea amid heightened tension over the crisis in Ukraine and reports that Russia has now 30,000 troops in Crimea.

 


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Watch As A US Missile Destroyer Departs Greece For The Black Sea





Yesterday we reported that with the US aircraft carrier, CVN-77 George H.W. Bush, anchoring in Piraeus, Greece, an unnamed US warship had been granted permission by Turkey to cross the Bosphorus and enter the Black Sea. There was speculation it may be the carrier itself, even though such a crossing would be forbidden by the Montreaux Convention. Today we have the answer: it is not CVN-77, but one of the ships from its aircraft carrier strike group - the guided-missile destroyer USS Truxton, which as the clip below shows, just departed the Greek port of Souda Bay earlier today.

 


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Futures Drift Higher Pushed By Yen Carry In Advance Of BOE, ECB Announcements





Following yesterday's abysmal employment and service data which led to an unchanged close it quite clear that the market has returned to a mode where it ignores all newsflow - at least the bad, which is due to the weather, the good news is due to the recovery - and instead is simply driven by such "fundamental drivers" as the momentum and position of the Yen carry trade. And overnight the USDJPY positively exploded following news that the Japan advisory committee has decided the nation's pension fund, the GPIF, does' t need a domestic bond focus. Implicitly this means that the GPIF will soon be able to purchase stocks like Facebook and Tesla, which is a guaranteed way of generated short-term gains and longer-term total losses for the Japanese pensioners. Of course, when the latter happens, nobody will have been able to foresee it and some scapegoat somewhere will be summarily fired. As for what this means for futures, the drift higher has made SPOOs rise once more and at last check was just below if not at new all time highs on an ongoing barrage of increasingly negative macro news.

 


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US Warship Given Permission To Cross Bosphorus, Enter Black Sea





Yesterday it was two Russian and one Ukrainian warships which had crossed the Bosphorus in direction Crimea, today it is the Americans. As Hurriyet reports, Turkish authorities have given permission to a U.S. Navy warship to pass through the Bosphorus within the next two days as fears grow that the standoff between Russia and Ukraine and the West over Crimea could soon become militarized. Turkish sources, speaking with the Hürriyet Daily News on March 5, declined to elaborate on the name of the U.S. warship. The same officials, speaking on condition of anonymity, however, noted that it was not the USS George H.W. Bush nuclear aircraft carrier as suggested in some news reports, as it did not meet the standards specified by the 1936 Montreux Convention in terms of weight.

 


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Ukraine Won't Pay Russia For Gas, Has Billions In Obligations Due; Europe Promises Aid Money It Doesn't Have





About an hour ago, the head of Russia's top natural gas producer Gazprom said on Wednesday that Ukraine had informed the company it could not pay for February gas deliveries in full, further adding to tensions between Moscow and Kiev. Alexei Miller said Ukraine's total debt to Gazprom for gas deliveries was nearing $2 billion. "Our Ukrainian colleagues informed us that they would not be able to pay in full for February gas deliveries," he told Russian President Vladimir Putin.

 


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Greek Health Minister: "Cancer Not Urgent Unless In Final Stages"





"If you're sick in Greece, you have an expiration date," is the cheery message from Greece. As WaPo reports, while economists proclaim Europe is turning the corner, a look across the still-bleak landscape, from Greece to Spain, Ireland to Portugal, suggests a painful aftermath, where the plight of millions of Europeans is worsening even as the financial crisis passes with public health being hit in the most troubled corners of the European Union. Greece is the hardest hit and while Greek Health Minister Adonis Georgiadis is attempting to create a fund to help the most acute cases, his concluding remarks are chillingly blunt, "illnesses like cancer are not considered urgent, unless you are in the final stages."

 


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Ukraine's Prime Minister Speaks





Ukraine's acting PM Arseniy Yatsenyuk speaks. Highlights below:

  • UKRAINE TO FULFILL ALL IMF REQUIREMENTS, PREMIER SAYS - like Greece?
  • UKRAINE PM SAYS BELIEVES RUSSIAN TROOPS WON'T INVADE E. UKRAINE - because they are there already?
  • UKRAINE PM SEEKS TO INCREASE RESERVES TO EASE FX FLUCTUATIONS - "Whatever it takes", even printing dollars
  • UKRAINE PM SAYS NAFTOGAZ SHOULD BE PRIVATIZED - Ukraine oligarchs delighted by this development
  • UKRAINE PM SAYS NEW GOVERNMENT HAS NO INTENTION OF NATIONALISING PRIVATE COMPANIES" - Ukraine oligarchs even more delighted by this development

And finally, why all the above was irrelevant:

  • UKRAINE PM SAYS RUSSIA REFUSES TO HOLD BILATERAL UKRAINE TALKS

Oh well, as long as it fools those USDJPY ramp algos if only for a few minutes.

 


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Global Equities Tumble Over Ukraine Fear





We were perhaps even more amused than our readers by our Friday headline "Stocks Close At New Record High On Russian Invasion, GDP Decline And Pending Home Sales Miss." It appears that today the market forgot to take its lithium, and is finally focusing on the Ukraine part of the headline, at least until 3:30 pm again when everything should once again be back to market ramp normal. As expected, the PMI data from China and Europe in February, was promptly ignored and it was all about Ukraine again, where Russia sternly refuses to yield to Western demands, forcing the shocked market to retreat lower, and sending Russian stocks lower by over 11%. This is happening even as Ukraine is sending Russian gas to European consumers as normal, gas transport monopoly Ukrtransgas said on Monday. "Ukrtransgas is carrying out all its obligations, fulfilling all agreements with Gazprom. The transit (via Ukraine to Europe) totalled 200 million cubic meters as of March 1," Ukrtransgas spokesman Maksim Belyavsky said. In other words, it can easily get worse should Russia indeed use its trump card.

 


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