In December 2016, Muddy Waters' Carson Block said China's largest dairy farm operator, Hong-Kong listed China Huishan Dairy Holdings Co., is "worth close to zero" and questioned its profitability in a report. Today, with no catalyst, it suddenly almost is. The stock collapsed over 80% in minutes to a record low.
East Asia is the world’s most dynamic economic region. Strong countries surround bodies of water over which there is competition. These are some of the world’s most important sea lanes. Japan and China (in that order) are the region’s two most significant powers. But, the most powerful country in the Pacific, the US, is far away. Its Navy patrols and keeps freedom of movement across the Pacific. At the center of this power struggle is China. China’s struggle against its domestic and geographic constraints is the key to understanding the future of this region.
European and Asian stocks were modestly in the green, with U.S. futures higher, before a critical procedural vote on a Republican health-care bill to repeal Obamacare, while Janet Yellen is set to speak in Washington at 8:45am.
"What's going on in the US now is a culture clash. They don't just dislike each other and disagree on politics; they can no longer even have a conversation. They hate each other on a visceral gut level. They have totally different world views. I've never seen anything like this in my lifetime. There hasn't been anything like this since the War Between the States, which shouldn't be called "The Civil War," because it wasn't a civil war. "
Global stocks tumbled amid growing doubts President Trump will be able to deliver on a promise of tax cuts that has powered stocks markets to record highs pushed shares lower on Wednesday and drove investors to seek safety in government debt, gold and the yen. As DB put it: "Warning! US equities can occasionally go down as well as up a lot."
As is customary virtually every time the Chinese central bank commences some form of tightening, overnight China’s central bank injected hundreds of billions of yuan into the financial system after some smaller lenders failed to repay borrowings in the interbank market, according to traders cited by Bloomberg.
As previewed last week, moments ago Apple has introduced a 9.7-inch iPad with Retina display, starting at $329. Today AAPL also announces red edition of iPhone 7 and iPhone 7 Plus to mark more than 10 years of partnership between Apple and HIV/AIDS charity.
Global markets start the week mixed with Asian stocks rising (Japan was closed for holiday), European stocks sliding, weighed down by declines in oil-and-gas shares and banks, and S&P500 futures also down. The dollar fell to a six-week low, falling four days in a row for the first time since early November as G20 leaders scrap a long-standing commitment to reject all forms of trade protectionism.
World stock indexes surged to record highs on Thursday while the dollar traded close to a one-month low after the Federal Reserve hiked U.S. interest rates but signaled no pick-up in the pace of tightening, while the Dutch elections were broadly interpreted as a drop in support for Europe's anti-establishment powers.
It is fitting that just a few hours until the Fed's second rate hike in two quarters, and one day after Goldman downgraded global stocks to Neutral for the next 3 months, not to mention with the results of the anticipated Dutch election due shortly, that global stocks as well as S&P futures are higher, while crude oil has finally managed to stage a rebound as the Dollar DXY index is fractionally in the red.
The real story here is that there is no story: what MSNBC confirmed is that Trump made more money than some of his accusers said he made, and that he paid a generous effective income tax rate, well above that paid by Mitt Romney.
Blockchain and gold will likely make a “good team”, but they’re not ready yet. RCM and GoldMoney blockchain product asks you to trust in government and the technology, servers, IT, websites etc of the providers
European bourses advance and Asian share rose led by a surge in Hong Kong stocks which rose the most in three months as Japan hit 15 month highs. U.S. futures are little changed along while the dollar rebounded from session lows after Friday's selloff. Crude oil has continued its retreat, down 0.2% and sliding for a 6th straight day after breifly dropping below $48 in overnight trading.