• Marc To Market
    11/22/2014 - 10:16
    Contrary to the death of the dollar chatter, the US currency continues to appreciate.  Here's why there is still punch left in the bowl.  
  • Tim Knight from...
    11/21/2014 - 21:06
    As you can see by this view of the NQ, this massively bullish news has not, as of yet, represented any kind of sea-change in the markets. Before the day was even out (again, in some, not all markets...

Italy

Tyler Durden's picture

Sell, Sell, Sell... The Central Bank Madmen Are Raging





The global financial system has come unglued. Everywhere the real world evidence points to cooling growth, faltering investment, slowing trade, vast excess industrial capacity, peak private debt, public fiscal exhaustion, currency wars, intensified politico-military conflict and an unprecedented disconnect between debt-saturated real economies and irrationally exuberant financial markets.

 
Tyler Durden's picture

The Need To Escape Collapsing Empires





I believe aggressive empires with bloated bureaucracies, unsustainable debt loads, and chronic military overreach cannot compete against the now capitalist, relatively free-market Asia. The truth is Asia is rising and the debt-ridden Western democracies are failing. The world is an interesting place, and the American Dream still lives - just not so much in the United States any longer. But countries can change for the better; tyrannies are overthrown, and the Internet reformation is a big advantage for people desiring freedom and honest information around the world.

Don’t fence yourself in.

 
Tyler Durden's picture

Europe's New Scariest Chart





Recent polls show pro-default parties growing popular in peripheral euro-area countries such as Greece, Italy and Spain. As Bloomberg Brief's Maxime Sbaihi notes, in a depressed economic environment, their promises to restructure public debt might soon bring them to power and tempt traditional parties to adopt their ideas. This return of political risk in the euro area doesn’t appear to be priced in by market participants. As Italy's Beppe Grillo recently exclaimed, "we will leave the Euro and bring down this system of bankers, of scum."

 
Tyler Durden's picture

In Addition To China, Here Is What Other Central-Banks Moved Overnight Markets





While the biggest news of the day will certainly be China's rate cut (and the Dutch secret gold repatriation but more on the shortly), here is a list of all the other central-banking/planning events which have moved markets overnight, because in the new normal it no longer is about any news or fundamentals, it is all about the destruction of the value of money and the matched increase in nominal asset values.

 
Tyler Durden's picture

3 Of The 10 Largest Economies In The World Have Already Fallen Into Recession – Is The U.S. Next?





Are you waiting for the next major wave of the global economic collapse to strike? Well, you might want to start paying attention again. Three of the ten largest economies on the planet have already fallen into recession, and there are very serious warning signs coming from several other global economic powerhouses.

 
Tyler Durden's picture

Hugh Hendry Live 2: "QE 'Worked' By Redistributing Wealth Not Creating It"





In the second of three interviews (part 1 here), Hugh Hendry tells MoneyWeek's Merryn Somerset Webb why central banks will go even further than anyone expects to keep the global economy afloat. Hendry notes, "there’s so much debt that if you reprice debt, the economy slows down. We saw that I think in 2012, after the taper tantrum and ten-year bond use went over 3%. What happened next? The economy slowed down. If anything I would be a buyer of U.S. Treasuries."

 
Tyler Durden's picture

As The "Sanctions War" Heats Up, Will Putin Play His 'Gold Card'?





The topic of ‘currency war’ has been bantered about in financial circles since at least the term was first used by Brazilian Finance Minister Guido Mantega in September 2010. Recently, the currency war has escalated, and a ‘sanctions war’ against Russia has broken out. History suggests that financial assets are highly unlikely to preserve investors’ real purchasing power in this inhospitable international environment, due in part to the associated currency crises, which will catalyse at least a partial international remonetisation of gold. Vladimir Putin, under pressure from economic sanctions, may calculate that now is the time to play his ‘gold card’.

 
GoldCore's picture

Ebola Remains a Risk - Deaths in Nebraska and New York





The Ebola crisis has faded from headlines but remains a risk after the death of another Ebola patient in Nebraska and the death of a suspected victim in New York yesterday. This brings the number of confirmed deaths to two in the U.S. and possibly three if the New York victim is confirmed as having had Ebola.

 
Tyler Durden's picture

Global Slowdown Confirmed By PMIs Missing From Japan To China To Europe; USDJPY Nears 119 Then Slides





The continuation of the two major themes witnessed over the past month continued overnight: i) the USDJPY rout accelerated, with the Yen running to within 2 pips of 119 against the dollar as Albert Edwards' revised USDJPY target of 145 now appears just a matter of weeks not months (even though subsequent newsflow halted today's currency decimation and the Yen has since risen 100 pips , and ii) the global economic slowdown was once again validated by global PMIs missing expectations from Japan to China (as noted earlier) and as of this morning, to Europe, where the Manufacturing, Services and Composite PMI all missed across the board, driven by a particular weakness in France (Mfg PMI down from 48.5 to 47.6, below the 48.8 expected), but mostly Germany, after Europe's growth dynamo, which disappointed everyone after yesterday's rebound in the Zew sentiment print, printed a PMI of only 50.0, down from 51.4 a month ago, down from 52.7 a year ago, and below the 51.5 expected. And just as bad, Europe's composite PMI just tumbled to 51.4, the lowest print in 16 months!

 
Tyler Durden's picture

Frontrunning: November 19





  • Yellen Inherits Greenspan’s Conundrum as Long Rates Sink (BBG)
  • West African Mining Projects Take Hit From Ebola Crisis (WSJ)
  • Saudi oil policy uncertainty unleashes the conspiracy theorists (Reuters)
  • Senate Rejection of Keystone XL Measure Sets Up 2015 Showdown (BBG)
  • Ferguson, Missouri, remains on edge ahead of grand jury report (Reuters)
  • Putin Said to Stun Advisers by Backing Corruption Crackdown (BBG)
  • Italian ‘Invasion’ Has Swiss Fuming as Immigration Vote Looms (BBG)
  • Apple and Others Encrypt Phones, Fueling Government Standoff (WSJ)
 
Tyler Durden's picture

Frontrunning: November 18





  • Japan Prime Minister Shinzo Abe Calls Snap Election (WSJ) - as repeatedly priced in...
  • Flash Boys Raising Volatility in Wild New Treasury Market (BBG)
  • Not Greece again: Greek Bailout Review Stalls as Troika Demands Final Steps (BBG)
  • Iran uses China bank to transfer funds to Quds-linked companies (Reuters)
  • Porn Mags With Free Madrid Theater Tickets in Tax Protest (BBG)
  • Hong Kong, China stocks ease on profit-taking after stock connect launch (Reuters) - Hang Seng down 500 points in past 2 days
  • Halliburton Mega-Deal Sealed by CEOs Over Coke and Coffee (BBG)
  • Wall Street to Reap $316 Million From Day of Mega Deals (BBG)
  • Mass murderer Charles Manson gets marriage license, state says (Reuters)
 
Tyler Durden's picture

Algos Sell The News, Then BTFD Following Much Anticipated Abe Snap Election Announcement





After weeks of relentless flashing red headline barrage whose only purpose was to force snap algo buying of the USDJPY pair time after time after time, Japan is once again out of FX algo danging carrots after moments ago Abe confirmed what everyone had known already: he called a snap election to seek a mandate for his decision to delay by 18 months a further sales-tax increase that had been planned for next year; he also said he would dissolve the lower house of parliament on Nov. 21 in preparation for an election in December, without specifying a date. Cited by the WSJ, Abe said "To ensure the success of Abenomics, I’ve concluded that it shouldn’t be carried out next October and instead be postponed by 18 months,” the prime minister told a nationally televised news conference, stressing that the additional tax burden would risk putting the economy back into deflation. “I will seek the people’s judgment over our economic policy."

 
Cognitive Dissonance's picture

Sovereignty Series: Lost in America





People blame human nature as the source of our global problems, but they rarely see themselves as part of the problem. And yet there they are, smack dab in the middle of the mess, demanding someone else clean it up.

 
Tyler Durden's picture

JPMorgan's 5 Reasons To Sell USA & Buy Europe





JPMorgan Cazenove's global equity strategy group has decided enough is enough - the underperformance of the Eurozone is getting stretched (they note), and are upgrading Euro equity allocations to Overweight at the expense of an Underweight in US stocks. Here are the fives reasons why they made the shift...

 
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