Mexico

Tyler Durden's picture

Frontrunning: March 6





  • Kuroda to Hit ‘Wall of Reality’ at BOJ, Ex-Board Member Says (BBG)
  • Venezuelans mourn Chavez as focus turns to election (Reuters)
  • South Korea says to strike back at North if attacked (Reuters)
  • Milk Powder Surges Most in 2 1/2 Years on New Zealand Drought (BBG)
  • As Confetti Settles, Strategists Wonder: Will Dow's Rally Last?  (WSJ)
  • Pollution, Risk Are Downside of China's 'Blind Expansion' (BBG)
  • Obama Calls Republicans in Latest Round of Spending Talks (BBG)
  • Ryan Budget Plan Draws GOP Flak (WSJ)
  • Samsung buys stake in Apple-supplier Sharp (FT)
  • China Joining U.S. Shale Renaissance With $40 Billion (BBG)
  • Say Goodbye to the 4% Rule  (WSJ)
  • Traders Flee Asia Hedge Funds as Job Haven Turns Dead End (BBG)
  • Power rustlers turn the screw in Bulgaria, EU's poorest country (Reuters)
 
Tyler Durden's picture

Venezuela's Hugo Chavez Is Dead





The most unsurprising news of the day has just hit, and while we have already had some 20+ rumors on this issue previously, this time it is official:

Venezuela's Hugo Chavez has died, says VP Maduro
Chavez who ruled Venezuela since 1999, died from cancer at the age of 58
Venezuela's army chiefs pledge to support President Nicolas Maduro after Hugo Chavez's death
Special deployment of armed forces announced in Venezuela after death of Hugo Chavez

Time to celebrate Hugo's memory with some more currency devaluation? It is unclear if Goldman's record profits on Venezuela exposure (see How The Glorious Socialist Revolution Generated A 681% Return For Goldman Sachs) are about to snap back with a vengeance.

 
Marc To Market's picture

Week Ahead Highlights: Central Banks in the Spotlight





The week ahead promises to be eventful. Three main items stand out: service sector purchasing managers surveys, five major central bank meetings, and the US employment data.

 
Tyler Durden's picture

Previewing The Key Macro Events In The Coming Week





In the upcoming week the key focus on the data side will be on US payrolls, which are expected to be broadly unchanged and the services PMIs globally, including the non-manufacturing ISM in the US. Broadly speaking, global services PMIs are expected to remain relatively close to last month's readings. And the same is true for US payrolls and the unemployment rate. On the policy side there is long lost with policy meetings but we and consensus expect no change in any of these: RBA, BoJ, Malaysia, Indonesia, ECB, Poland, BoE, BoC, Brazil, Mexico.  Notable macro issues will be the ongoing bailout of Cyprus, the reiteration of the OMT's conditionality in the aftermath of Grillo's and Berlusconi's surge from behind in Italy. China's sudden hawkishness, the BOE announcement and transition to a Goldman vassal state, and finally the now traditional daily jawboning out of the BOJ.

 
Tyler Durden's picture

Guest Post: Programs That Should Be Cut - But Won’t Be Cut - From The Federal Budget





Washington is laying on the malaise pretty thick lately over automatic budget cuts set to take effect in March, with admonitions and partisan attacks galore.  Of course, those of us who are educated in the finer points of our corrupt puppet government are well aware that the public debate between Democrats and Republicans amounts to nothing more than a farcical battle of Rock’Em Sock’Em Robots with only one set of hands behind the controls.  The reality is, their decisions are scripted, their votes are purchased, and they knew months ago exactly how America’s fiscal cliff situation would progress.  The drama that now ensues on the hill is meant for OUR benefit and distraction, and no one else. There are plenty of irrelevant federal appendages out there that could be amputated, but probably won’t be, while other more useful programs will come under fire.  In the end, the budget cuts are not about saving money; they are about social maneuvering and political gain.  They will be used as an excuse for everything, and will produce nothing favorable, not because cuts are not needed, but because the people in charge of them are not trustworthy.

 
Bruce Krasting's picture

On Awful Deals and France





MS has brought us another Awful Deal, basically MS sold Offal to the public.

 
Tyler Durden's picture

Frontrunning: February 28





  • Grillo kills move to break Italy deadlock (FT)
  • Abe nominates Kuroda to run BoJ (FT)
  • More WMT bad news: Wal-Mart Chief Administrative Officer Mars to Leave: WSJ (BBG)
  • Japan's Abe: Islands Are Indisputably Ours (WSJ) - Except for China of course
  • Low-key departure as pope steps down, to enter the final phase of his life "hidden from the world" (Reuters)
  • Cuts unlikely to deliver promised budget savings (Reuters)
  • European Union caps bankers’ bonuses (FT)
  • White House, Republicans dig in ahead of budget talks (Reuters)
  • Jockeying Stalls Deal on Cuts (WSJ)
  • Argentina Says It Won’t Voluntarily Comply With Bond Ruling (BBG)
  • Italian president says forming new government cannot be rushed (Reuters) - or happen at all
  • Central Banks Spewing Cash Must Plan Exit Timing, Rohde Says (BBG)
  • China Regional Targets Cut in Sign Debt Concerns Heeded (BBG)
  • RBA Says Up to 34 Central Banks Holding Australian Dollars (BBG)
 
Tyler Durden's picture

The Starbucks Index - Coffee Price Parity





Despite Abe's protestations, it would appear - from WSJ's index of Starbucks coffee prices around the world - that Japan's currency 'value' is similar to the US while it is Mr. Hollande (in France) that has more reason to hope for a currency devaluation in his country. With India and Mexico showing the lowest price for a grande latte (suggesting undervalued currencies), it appears Europeans (from Madrid to Paris to Athens) pay significantly more for a latte than even the New Yorkers. Forget the Big Mac Index, forget Purchasing Power Parity - the Scandinavians are suffering from over-priced currencies and significant divergence from Coffee Price Parity.

 
Tyler Durden's picture

Frontrunning: February 27





  • Wal-Mart's Sales Problem—And America's (WSJ)
  • Investors fret that Italy may undermine ECB backstop (Reuters)
  • Monti Government Mulls Delaying Monte Paschi Bailout (BBG)
  • Norway Faces Liquidity Shock in Record Redemption (BBG)
  • ECB's Praet Says Accommodative Policy Could Lose Effectiveness (BBG)
  • EU Chiefs Tell Italy There’s No Alternative to Austerity (BBG)
  • New Spate of Acrimony in congress As Cuts Loom (WSJ)
  • BOE's Tucker hints at radical growth moves (FT)
  • Kuroda Seen Getting DPJ Vote for BOJ, Iwata May Be Opposed (BBG)
  • Russian Banks Look to Yuan Bond Market (WSJ)
  • Dagong warns about rising debt (China Daily)
  • Italy Election Impasse Negative for Credit Rating, Moody’s Says (BBG)
 
Tyler Durden's picture

Frontrunning: February 26





  • Italy Political Vacuum to Extend for Weeks as Bargaining Begins (BBG)
  • Italian impasse rekindles eurozone jitters (FT)
  • On Spending Cuts, the Focus Shifts to How, Not If (WSJ)
  • Obama spending cuts strategy focused on waiting game (Reuters)
  • BOE’s Tucker Says He’s Open to Expanding Asset-Purchase Program (BBG)
  • Fed Faces Explaining Billion-Dollar Losses in Stress of QE3 Exit (BBG)
  • Carney warns over lack of trust in banks (FT) - here's a solution: moar bank bailouts!
  • Bundesbank tells France to stick to budget (FT)
  • China to tighten shadow banking rules (FT)
  • Saudis Step Up Help for Rebels in Syria With Croatian Arms (NYT)
  • After election win, Anastasiades faces Cyprus bailout quagmire (Reuters)
  • Just for the headline: Singapore’s Darwinian Budget Sparks Employer Ire (BBG)
 
Tyler Durden's picture

Guest Post: The Coming Water Wars





Peak oil we can handle. We find new sources, we develop alternatives, and/or prices rise. It's all but certain that by the time we actually run out of oil, we'll already have shifted to something else. But "peak water" is a different story. There are no new sources; what we have is what we have. Absent a profound climate change that turns the evaporation/rainfall hydrologic cycle much more to our advantage, there likely isn't going to be enough to around. As the biosphere continually adds more billions of humans (the UN projects there will be another 3.5 billion people on the planet, a greater than 50% increase, by 2050 before a natural plateau really starts to dampen growth), the demand for clean water has the potential to far outstrip dwindling supplies. If that comes to pass, the result will be catastrophic. People around the world are already suffering and dying en masse from lack of access to something drinkable... and the problems look poised to get worse long before they get better.

 
Tyler Durden's picture

Key Macro Events In The Coming Week





Next week’s calendar is packed with important events and releases, aside of course from the biggest event of the week which are the Italian elections. In fact we already got the first one in the form of China's disappointing HSBC flash PMI which consensus expectations would print stable yet which dropped to a 4 month low. On Friday, the ISM is expected to come out mildly softer vs last month’s strong 53.1 print and consensus at 52.5. Chicago PMI will also be followed by markets on Thursday. On the central bank front markets will be primarily looking for further news on the BOJ leadership succession front. From the perspective of Fed speakers, Chairman Bernanke’s testimony ahead of the Senate Banking Committee will also be followed as markets continue to track the Fed’s assessment of the economic recovery. In the global currency warfare front, the Bank of Israel is expected to cut policy rates by 25bps on Monday, as well as the National Bank of Hungary on Tuesday.

 
Tyler Durden's picture

Frontrunning: February 25





  • Risk of instability hangs over Italy poll (FT), Protest votes add to uncertainty in close Italy election (Reuters), and... Risk On
  • Czech inspectors find horsemeat in IKEA meatballs (Reuters)
  • China’s Slower Manufacturing Casts Shadow Over Recovery (Bloomberg)
  • So much for reform: China Prepares for Government Shuffle as Zhou Stays at PBOC (Bloomberg)
  • France to pause austerity, cut spending next year instead: Hollande (Reuters)
  • Sinopec to buy stake in Chesapeake assets for $1.02 billion (Reuters)
  • White House warns states of looming pain from March 1 budget cuts (Reuters)
  • China Quietly Invests Reserves in U.K. Properties (WSJ)
  • Osborne Keeps Austerity as Investors See Downgrade as Late (BBG)
  • South Korea's new president demands North drop nuclear ambitions (Reuters)
  • Russia accuses U.S. of double standards over Syria (Reuters)
 
Tyler Durden's picture

Frontrunning: February 20





  • Office Depot Agrees to Buy Officemax for $13.50/Shr in Stock
  • Bulgarian Government Resigns Amid Protests (WSJ)
  • Rome will burn, regardless of Italian election result (Reuters)
  • Abe Says No Need for Foreign Bond Buys Under New BOJ Chief (BBG)
  • Rhetoric Turns Harsh as Budget Cuts Loom (WSJ)
  • Muddy Waters Secret China Weapon Is on SEC Website (BBG)
  • Business Loans Flood the Market (WSJ)
  • Staples May Be Winner in Office Depot-OfficeMax Merger (BBG)
  • Fortescue Won't Pay Dividend, Profit Falls (WSJ)
  • Key Euribor rate on hold after rate cut talk tempered (Reuters)
  • FBI Probes Trading in Heinz Options  (WSJ)
  • Spain Said to Impose Yield Ceiling on Bond Sales by Regions (BBG)
  • BOK’s Kim Signals No Rate Cut Needed Now as Outlook Improves (BBG)
 
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