Following yesterday's OPEC "production freeze" meeting in Doha which ended in total failure, where in a seemingly last minute change of heart Saudi Arabia and specifically its deputy crown prince bin Salman revised the terms of the agreement demanding Iran participate in the freeze after all knowing well it won't, oil crashed and with it so did the strategy of jawboning for the past 2 months had been exposed for what it was: a desperate attempt to keep oil prices stable and "crush shorts" while global demand slowly picked up. And whether it is central banks, or chronic BTFDers, just 12 hours after oil opened for trading with a loud crash, the commodity has nearly wiped out all losses, and both brent and WTI were down barely 2%, leading to both European stocks and US equity futures virtually unchanged on the session.
As many traders are terrified that the next round of layoffs will cost them their job, it's not all doom and gloom especially when one recalls that, on average, most traders are paid far better than 99% of all other jobs. And some are certainly more equal than others. Below we present a breakdown of the highest paying trading jobs, based on an analysis from Emolument, which has examined London traders' salary and bonus data at Director level to provide a glimpse into their remuneration profiles
Customers flocked to the Heweilai Restaurant chain in the southern Chinese city when it introduced robots last year, but the chain has stopped using the machines. A staff member said the robots couldn't effectively handle soup dishes, often malfunctioned, and had to follow a fixed route that sometimes resulted in clashes."The robots weren't able to carry soup or other food steady and they would frequently break down."
With a $15 minimum wage becoming a reality across most states, McDonalds is increaingly thinking of next steps... such as the zero wage McCafe Coffee Kiosk.
Whether it’s a question of saving our lives from a dreaded disease, or saving our wealth and freedom, the outcome will likely be better if we behave as Homo sapiens, rather than Homo Struthio.
Modern "Free Trade" Deals Aren't Really About Trade
Panic Below The Surface: "Banks Are Selling Energy Loans At Cents On The Dollar To Ensure Their Own Survival"Submitted by Tyler Durden on 02/21/2016 12:46 -0400
"It is estimated that ~250,000 people have lost their jobs in the industry in the last 18 months. People who had been saying that this is the worst downturn since the 1980’s are now thinking that this is a return to the 1980’s. There are reports of banks selling loans at cents on the dollar to try and ensure their own survival and bankruptcy courts and workout specialists are seeing their best market in decades."
"Folly For The Ages": After Buying Back 63 Million Shares At $83, Hess Just Sold 25 Million Shares At $39Submitted by Tyler Durden on 02/06/2016 17:22 -0400
The bottom line: Hess just sold 25 million shares at a price of $39 after purchasing 63 million shares through 2015 at an average price that was more than double, or $83 share. As Reuters puts it, "this modern Hess era is a case study that should be required reading in boardrooms everywhere."
After the biggest two-day surge in oil in seven years, early in the overnight session both Brent and WTI continued their run for a third day, entering a bull market, 20% up from recent lows hit just last week (still 15% down on the year) when Saudi Arabia spoiled the momentum party after the world’s biggest crude exporter said it’s keeping up investments in energy projects while diesel consumption in China dropped for a fourth consecutive month, signaling an industrial slowdown. And thanks to the near record correlation between equities and oil, global stocks and US equity index futures initially rose only to slide following the Saudi comments.
"Fake", a simple definition: something that is not what it purports to be, a worthless imitation passed off as genuine; an impostor or charlatan.
Example: “American society is extraordinarily fake; filled with lies, fraud, facades, mirages, deception, disinformation, misinformation, propaganda and brainwashing.”
"The hardest questions we are trying to reconcile here are how is that possible to see all these signs of weakness under the surface being balanced by very strong equity markets and upbeat employment picture. One of these sides has to be wrong..."
The hardest questions we are trying to reconcile here are how is that possible to see all these signs of weakness under the surface – including weak commodities, tightening credit, retrenching consumer spending – being balanced by very strong equity markets and upbeat employment picture. One of these sides has to be wrong in its assessment of the current macro environment, and seeing both of them extending well into the future appears unlikely to us.
Marijuana is quickly becoming a very important part of the economy and of pop culture.