Hong Kong

Tyler Durden's picture

Frontrunning: July 31





  • Moscow fights back after sanctions; battle rages near Ukraine crash site (Reuters)
  • On Hold: Merkel Gives Putin a Blunt Message (WSJ)
  • Argentina’s Default Clock Runs Out as Debt Talks Collapse (BBG)
  • Argentina braces for market reaction to second default in 12 years (Reuters)
  • Banco Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss (BBG)
  • Adidas Plunges After Cutting Forecast on Russia, Golf (BBG)
  • GOP Says Lerner Emails Show Bias Against Conservatives (WSJ)
  • Londoners Cashing in Flee to Suburbs as Home Rally Wanes (BBG)
  • BNP Paribas Reports Record $5.79 Billion Quarterly Loss (WSJ)
  • Swiss Banks Send U.S. Client Data Before Cascade of Settlements (BBG)
  • Putin Sows Doubt Among Stock Bears Burned by 29% Rebound (BBG)
 
Tyler Durden's picture

Frontrunning: July 30





  • Fed Decision-Day Guide: QE Tapering to Inflation Debate (BBG)
  • Obama says strains over Ukraine not leading to new Cold War with Russia (Reuters)
  • Siemens to BP Prepare for Downward Russia Business Spiral (BBG)
  • Paying Ransoms, Europe Bankrolls Qaeda Terror (NYT)
  • Argentina Banks Preparing Bid to Help Argentina Avoid Default (WSJ)
  • Obama Weighs Fewer Deportations of Illegal Immigrants Living in U.S. (WSJ)
  • India Warships Off Japan Show Rising Lure as China Counterweight (BBG)
  • Hong Kong Popping Housing Bubbles London Can’t Handle (BBG)
  • Carnage at U.N. school as Israel pounds Gaza refugee camp (Reuters)
 
Tyler Durden's picture

Chinese 'Fake' Trade Data Remains "A Bit Of A Mystery" Despite Clean-Up Efforts





Over a year ago we first brought China's 'fake' trade data and abundant discrepancies to the public's attention and in December China's State Administration of Foreign Exchange (SAFE) began clamping down on trade-financing on fabricated deals after the first crackdown failed to eliminate the deception. Now over a year later, as Bloomberg reports, China's data still does not add up. "It's still a bit of a mystery," said StanChart's Stephen Green, the data "suggest that some of that is still going on."

 
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China's Billionaire Ex-National Security Chief Investigated For "Serious Disciplinary Violation"





With an estimated net worth of $14 Billion, Zhou Yongkang, the man formerly in charge of China's vast security apparatus, was one of the nine most senior politicians in China until 2012. But now, as The BBC reports, state media have announced he is being investigated for "serious disciplinary violation", a term usually used to refer to corruption. The news ended months of speculation about his fate as numerous people in his sphere of influence are either under investigation or have been sentenced to death. This move confirms Xi Jinping's determination to root out corruption but could also be seen, given Zhou's influence, as an effort to eliminate a center of power in China's factional political system.

 
Tyler Durden's picture

Is Hong Kong-US Dollar Link About To End? HKMA Buys $715 Million To Support Peg





Yesterday saw something quite unusual in the New York trading session. The Hong Kong Monetary Authority bought $715 million (selling HKD) in the FX markets to manage its currency peg, injecting the money into the banking system (and expanding its balance sheet) to prevent HKD from rising above its permitted range. HKMA projects its balance sheet to grow to the end of July, but as Simon Black (of Sovereign Man blog) notes, this could well be the start of a bigger shift - an end to the US Dollar peg..."The US is no longer the undisputed superpower it once was. The US dollar is dragging them down. Hong Kong is easily strong enough to stand on its own."

 
Tyler Durden's picture

Frontrunning: July 29





  • EU finalises Russian sanctions as BP warns of impact on business (FT)
  • Geopolitical Risk Rises for Global Investors (BBG)
  • Jaded Argentines brace for looming debt default (Reuters)
  • In Argentina, Mix of Money and Politics Stirs Intrigue Around Kirchner (WSJ)
  • Mom ‘Trusting God’ for Ebola-Infected U.S. Doctor’s Life (BBG)
  • Thanks NSA: Tech Companies Reel as NSA's Spying Tarnishes Reputations (BBG)
  • Goldman unit eyes foray into China amid metals financing scandal (Reuters)
  • Cash out time: London’s Gherkin Tower Offered for Sale by Its Lenders (BBG)
  • Apenomics strikes again: McDonald’s Japan axes profit guidance amid food safety scandal (FT)
  • Do you see what happens Larry when you are the only USDJPY bid? Nomura Profit Falls More Than Estimated on Broking Slump (BBG)
 
Tyler Durden's picture

Frontrunning: July 28





  • The market in one sentence: Buying on Dips Pays Most in Five Years as Stocks Rebound (BBG)
  • Europe subdued, Russia shares tumble on new sanctions (Reuters)
  • Chinese Data Don’t Add Up (WSJ)
  • Argentine Default Drama Nears Critical Stage (WSJ)
  • Global Pressure Mounts on Israel to End Gaza Fighting (BBG)
  • Ukraine troops advance as experts renew attempt to reach crash site (Reuters)
  • Prospects Brighten for Republicans to Reclaim a Senate Majority (WSJ)
  • Europe’s banking union faces legal challenge in Germany (FT)
  • Investors Bet on China's Large Property Developers (WSJ)
  • Hague court orders Russia to pay over $50 billion in Yukos case (Reuters)
 
Tyler Durden's picture

US Equities Flat While China Surges On More Stimulus And Bailout Hopes





There has been little in term of tier 1 data releases to drive the price action so far in the overnight session which means participants focused on the upcoming US related risk events including the Fed, Q2 GDP and July Payrolls. This, combined with WSJ article by Fed’s Fisher who opined that the FOMC should consider tapering the reinvestment of maturing securities and begin shrinking the Fed’s balance sheet (note that Fisher’s opinion piece is written based on a speech he gave on July 16th) meant that USTs came under pressure overnight in Asia and in Europe this morning. There has been little notable equity futures action (for now: the USDJPY algo team gave it a good ramp attempt just before Europe open, and will repeat just around the US open despite Standard Chartered major cut to its USDJPY forecast from 110 to 106 overnight), although we expect that to change since today is the day when Tuesday frontrunning takes place with full force. We expect equities to completely ignore the ongoing deterioration in Ukraine and the imminent release of EU's own sanctions against Russia, as well as what is now shaping up as an Argentina default on July 30.

 
Capitalist Exploits's picture

Europe – Here is What the Wealthy are Doing





Passing a European Banking stress test these days is a little like farting - easy to do, mostly hot air, and yet it typically warns of something else coming down that isn't going to be pretty

 
Tyler Durden's picture

The Future Is Smaller - That's The Only Way This Works





History tells us that large governments almost invariably lead to waste, corruption, and overextension of power. It’s the large governments that rattle the sabers and constantly threaten warfare. It’s large governments that maintain police states, that spy on their citizens, and commandeer nearly every personal choice imaginable with regulatory agencies that tell us how to educate our children and what we can/cannot put in our own bodies. As Kohr theorized, bigness often leads to tyranny.

 
Tyler Durden's picture

Frontrunning: July 23





  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick's cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)
 
Tyler Durden's picture

1 In 25 New Yorkers Is A Millionaire





New York "has the second largest millionaire and largest billionaire population of any global city," according to analysis by Spear's magazine, but as LA Times reports, walk down the streets of The Big Apple and 1 in every 25 New Yorkers you bump into is a millionaire. But if you really want to rub shoulders with the rich... almost 1 in 3 Monaco residents are millionaires) and likely billionaires too...

 
Tyler Durden's picture

Frontrunning: July 22





  • EU Works to Punish Russia as MH17 Bodies Leave Rebel Area (BBG)
  • Bodies From Malaysia Airlines Flight Begin Long Trip to Netherlands (WSJ)
  • Israel pounds Gaza as Kerry arrives (Reuters)
  • U.S. judge dismisses Republican lawsuit over Obamacare subsidy for Congress (Reuters)
  • Israel Soldier Missing Amid Assault on Hamas in Gaza (WSJ)
  • Detroit Retirees Vote in Favor of Pension Cuts (WSJ)
  • Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield  (BBG)
  • Wall Street Cut From Guest List for Jackson Hole Fed Meeting (BBG)
  • Credit Suisse to Exit Commodities, Posts Big Quarter Loss (BBG)
  • Draghi Cedes Euro Control to Yellen on Fed Rate Wagers (BBG)
 
Tyler Durden's picture

Stocks Desperate To Put Ukraine In Rearview Mirror But More Russian Sanctions Loom





Following the overnight ramp in various JPY crosses (dragging equity futures higher, and the Nikkei up 0.8%) it is as if the market is desperate to put all of last week's geopolitical events in the rearview mirror, and while yesterday there were no economic events of note, today's CPI and existing home prints should provide at least some distraction from the relentless barrage of one-line updates on Ukraine and Gaza. Still, that is precisely where the biggest risk remains, with an emphasis on the possibility of more Russian sanctions, this time by Europe.

 
Tyler Durden's picture

Goldman Managing Director Found Dead In Apparent Kite Surfing Accident





Police are still investigating the tragic death of 39-year-old Goldman Sachs Managing Director Nicholas Valtz this weekend. As Bloomberg reports, Valtz, a "novice kiteboarder," was found dead yesterday by family members who went searching for him after he didn’t return from a kiteboarding outing. While there is no accusation of suicide in this case, it sadly brings the number of young financial services executives deaths to 16 this year.

 
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