• EconMatters
    11/30/2015 - 16:21
    The ISIS group sells most of its crude directly to independent traders at the wellhead for $20-$45 a barrel earning the group an average of $1.5 million a day.


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Frontrunning: November 12

  • Stock futures little changed as Yellen comments awaited (Reuters)
  • Draghi stimulus hint underpins stocks, knocks euro (Reuters)
  • Black Friday's Losing Its Mojo and Retailers Might Be Relieved (BBG)
  • Macy’s Fights Downward Spiral With Bet on Off-Price Backstage Stores (WSJ)
  • Greece Comes to a Standstill as Unions Turn Against Tsipras (BBG)
  • Euro zone production falls more than expected in September (Reuters)
  • Valeant played a key role in building, operating Philidor RX (Reuters)
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Frontrunning: November 9

  • Global Stocks Slip Lower (WSJ)
  • Dollar sits pretty, bond yields rise as Fed bets firm (Reuters)
  • Takeover Loans Have Few Takers on Wall Street (WSJ)
  • Chinese Buyers Seek Dollar Assets as Promise of Yuan Gains Fades (BBG)
  • Banking Giants Learn Cost of Preventing Another Lehman Moment (BBG)
  • Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece (WSJ)
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Emerging Markets Slide On Strong Dollar; China Surges On Bad Data, IPOs; Futures Falter

Once again, the two major macroeconomic announcements over the weekend came from China, where we first saw an unexpected, if still to be confirmed, increase in FX reserves, and then Chinese trade data once again disappointed tumbling by 6.9% while imports plunged 18.8%. So how did the market react? The Shanghai Composite Index rose for a fourth day and reached its highest since August 20because more bad data means more easing from the PBOC, and just to give what few investors are left the green light to come back into the pool, overnight Chinese brokers soared after Chinese IPOs returned after a 5 month hiatus. Elsewhere, Stocks and currencies in emerging markets slump on prospect of higher U.S. borrowing costs before year-end and after data underscored slowdown in Asia’s biggest economy. Euro strengthens.

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Volkswagen To Offer Cash To Diesel Car Owners After Engineers Admit To Emissions Manipulation

In the aftermath of the Volkswagen emissions manipulation scandal, things for the giant German car maker appear to be going from bad to worse with every passing week.

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US Threatens UK With Trade Barriers If It Leaves The European Union

According to the Guardian, the US trade representative, Michael Froman, in the first public comments from a senior US official on the matter, said that "the United States is not keen on pursuing a separate free trade deal with Britain if it leaves the European Union."

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For Luxury Car Markers, The Chinese "Cash Cow Is Dying"

"China, the world’s largest car market by sales, has been the main engine of profitability for the likes of BMW, Daimler’s Mercedes-Benz car division and Audi in recent years, helping paper over structural weakness in Europe. But according to one Chinese dealer representative: “the cash cow is dying”.

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Did The Classic Car Bubble Just Quietly Burst?

It’s not just rare art and obscene homes that appear to be reaching peak insanity, it’s collector cars as well which, incidentally, speaks to the same dynamic that’s driving the art and mega mansions markets: namely, the relentless, central bank-fueled run up in financial assets has given the ultra rich more money than they know how to spend, leading directly to hyperinflation in the types of things billionaires buy when they get bored.

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Frontrunning: June 16

  • Greek PM sticks to hard line as contagion hits euro zone bonds (Reuters)
  • Greek Deadlock Has Leader Hoping for Miracle to Avoid Default (BBG)
  • Greek Showdown Puts Merkel's Teflon Legacy at Risk (BBG)
  • Greek standoff saps Europe, dollar swings ahead of Fed (Reuters)
  • Allianz Increased Holdings of Greek Debt as Its Largest Investor (BBG)
  • French Bonds Infected as Greek Crisis Swells Euro-Region Spreads (BBG)
  • Statoil to cut 1,500 more jobs as savings drive intensifies (FT)
  • UnitedHealth, Anthem Seek to Buy Smaller Rivals (WSJ)
  • Five Million Reasons Why China Could Go to War (BBG)
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Frontrunning: May 26

  • Developed-Country Growth Slows, OECD Says (WSJ)
  • Charter Agrees to Buy Time Warner Cable for About $55 Billion (BBG)
  • Dollar hits one-month high as periphery woes weigh on Europe (Reuters)
  • IMF Says Yuan No Longer Undervalued Amid Reserve-Status Push (BBG)
  • Hanergy secured $200m loan ahead of solar group stock tumble (FT)
  • Congressional Inaction Threatens NSA Spy Program (WSJ)
  • Germany sees progress on Greece, EU officials to confer on Thursday (Reuters)
  • Hayes ‘motivated by greed’, prosecutor says in Libor case (FT)
  • Whistleblowers Find SEC Rewards Slow and Scarce (WSJ)
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Frontrunning: March 26

  • Saudi Arabia, allies launch air strikes in Yemen against Houthi fighters (Reuters)
  • Pilot on Crashed Jet Was Locked Out of Cockpit, NY Times Says (BBG)
  • Why Bombing This Tiny Oil Producer Is Roiling the Energy Market (BBG)
  • U.S.-led coalition, Iraqis pound Islamic State in Tikrit (Reuters)
  • Munger Says Prepare for Harder World as Buying Power Slides (BBG),Mocks Greek ‘Idiotic Idea’ You Can Vote Yourself Rich (BBG)
  • The Central Banker Who Saved the Russian Economy From the Abyss (BBG)
  • Bank of Canada says foreign buyers complicate housing market (Reuters)
  • Investors Scoop Up Companies’ Bonds (WSJ)
  • Espirito Santo Probe Turns Mariana Mortagua Into Portuguese Star (BBG)
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This Is What Happens When The Government Cracks Down On Subprime Auto Loans

A running theme here has been the great rotation of bubble-blowing credit from subprime housing to subprime auto-loans. Amid government probes of underwriting standards and soaring delinquencies, it appears when the least-creditworthy Americans are cut off from debt servitude, bad things happen in car sales... FORD FEB. U.S. LIGHT-VEHICLE SALES FALL 2.0%, EST. UP 5.8% (miss!). Worst Still - US Domestic Vehicle Sales Worst Start To The Year Since 2010. Of course, the real blame - as we will be told - is the weather... It seems Obama's new American Dream of a brand new Ford or GM (or Maserati) in every driveway may be another broken promise.

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Frontrunning: January 13

  • Oil Drops Below $45; U.S. Stockpiles May Speed Collapse (BBG)
  • Pound Drops as Traders Write Off Higher Rates on Inflation Slump (BBG)
  • Oil prices down again as UAE defends holding production (Reuters)
  • The Politics Behind the ECB's Threat to Cut Greece Funding (BBG)
  • France dispatched thousands of police and military personnel to protect synagogues and Jewish schools, as the government warned of continued terror threats after three days of deadly violence (WSJ)
  • Chinese Car Dealers Find Days of ‘Printing Money’ Ending (BBG)
  • Gold Rises to Highest Since October as U.S. Rate Outlook Weighed (BBG)
  • Divers retrieve crashed AirAsia jet's cockpit voice recorder (Reuters)
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Frontrunning: January 12

  • Earnings Pessimism Jumps as Oil Threatens S&P 500 Growth (BBG)
  • It’s Amateur Hour in the Booming Chinese Stock Market (BBG)
  • France mobilizes 10,000 troops at home after Paris shootings (Reuters)
  • European Stocks Gain With S&P 500 Futures While Oil Drops (BBG)
  • Nasdaq Looks to Operate Dark Pools for Banks (WSJ)
  • This Guy Called Bonds in ’14. You Listening This Time? (BBG)
  • Paris attacks boost support for Dutch anti-Islam populist Wilders (Reuters)
  • OPEC price war in Asia intensifies as oil falls below $50 (Reuters)
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Frontrunning: December 3

  • Fall of the Bond King: How Gross Lost Empire as Pimco Cracked (BBG)
  • Hong Kong 'Occupy' leaders surrender as pro-democracy protests appear to wither (Reuters)
  • Ashton Carter, Ex-Pentagon No. 2, Emerges as Obama Favorite for Defense Secretary (WSJ)
  • Oil, the Ruble and Putin Are All Headed for 63. A Russian Joke -- for the Moment (BBG)
  • New U.S. oil and gas well November permits tumble nearly 40 percent (Reuters)
  • Swedish government on brink of collapse (AJ)
  • China says Britain has no moral responsibility for Hong Kong (Reuters)
  • Indian Labs Deleted Test Results for U.S. Drugs, Documents Show (BBG)
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Frontrunning: October 30

  • "Soaring consumer confidence" - How the Economy Is Stoking Voter Anger at Incumbent Governors (WSJ)
  • Euro zone deflation worries shield German Bunds from upbeat Fed (Reuters)
  • Greece’s Euro Dilemma Is Back as Minister Sees Volatility (BBG)
  • Ukraine gas supplies in doubt as Russia seeks EU payment deal (Reuters)
  • Sterling Lads Chats Show FX Traders Matching Fix Orders (BBG)
  • NATO Tracks Large-Scale Russia Air Activity in Europe (WSJ)
  • U.K. SFO Charges Ex-Tullett Prebon Broker in Libor-Rigging Probe (BBG)
  • Jerusalem on edge after shooting of rabbi (FT)
  • Israeli police kill Palestinian suspected of shooting far-right activist (Reuters)
  • Samsung seeks smartphone revamp to arrest profit slide (Reuters)
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