Michigan

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Frontrunning: January 20





  • Oil slump rocks markets again in equity rout (Reuters)
  • Global Stocks on Brink of Bear Market as Oil Slides; Ruble Drops (BBG)
  • Global Stocks Slide on Oil Rout (WSJ)
  • Emerging Markets Roiled as Stock Selloff Surpasses Asian Crisis (BBG)
  • Rising Debt in Emerging Markets Poses Global Threat (WSJ)
  • China shares slip as oil slides, outweighing stimulus hopes (Reuters)
 
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Borderland Homicides Show Mexico's Gun Control Has Failed





While it refuses to admit the abject failure of its gun control program, the Mexican state instead attempts to shift the blame to Americans and has attempted to impose international gun control measures on the US. For Mexican politicians, it's easier to shift the blame than to recognize the fact that neighboring Americans right across the border enjoy far lower homicide rates along side relatively easy access to firearms. (Even California looks like a gun-owner's paradise compared to Mexico.) The Mexican state (and many Mexicans) are unfortunately impervious to these facts, and, many Mexicans still believe that Mexicans will be safer if the Mexican regime tightens its grip even more on firearms, in spite of the spectacular failure of gun control in that country.

 
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Equity Futures Rise After Oil Rebounds From 12 Year Lows; US Markets Closed





With the US closed today for Martin Luther King Holiday, global risk tone has once again been set entirely by oil, which opened sharply lower at fresh 12 year lows on fears of an Iran oil glut, but has steadily rebounded on the latest OPEC comments, and at last check both WTI and Brent were unchanged trading in the low $29's on muted volume. With Asian markets mixed, European shares swung between gains and losses, while the yen weakened as China stepped up efforts to curb foreign speculation against its currency. Crude oil rose from a 12-year low after the Organization of Petroleum Exporting Countries forecast a decline in supplies from rival producers.

 
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Global Risk Off: China Reenters Bear Market, Oil Tumbles Under $30; Global Stocks, US Futures Gutted





Yesterday, when looking at the market's "Bullard 2.0" moment, which in many ways was a carbon copy of the market's response to Bullard's "QE4" comments from October 17, 2014 until just a few minutes before the market close when suddenly selling pressure appeared, we said that either the S&P would soar - as it did in 2014 - hitting all time highs just a few months later, or the "Fed is now shooting VWAP blanks." Judging by what has happened since, in what may come as a very unpleasant surprise to the "the market is very oversold" bulls, it appears to have been the latter.

 
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Why The Powerball Jackpot Is Nothing But Another Tax On America's Poor





American adults spent an average of $251 on lottery tickets.  With a return of 53 cents on the dollar, this means the average person threw away $118 on unsuccessful lotto tickets – not a great investment.  So why are we spending so much?  Well, lotteries are a fun, cheap opportunity to daydream about the possibility of becoming an overnight millionaire (or in this case billionaire), but on the flip side people tend to overestimate the odds of winning.  Lower-income demographics spend a much greater portion of their annual earnings on lottery tickets than do wealthier ones

 
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15 News Stories From 2015 You Should Have Heard About But Probably Didn't





In 2015, the iron fist of power clamped down on humanity, from warfare to terrorism to surveillance, police brutality, and corporate hegemony. The environment was repeatedly decimated, the health of citizens was constantly put at risk, and the justice system and media alike were perverted to serve the interests of the powers that be. However, while 2015 was discouraging for more reasons than most of us can count, many of the year’s most underreported stories evidence not only a widespread pattern that explicitly reveals the nature of power, but pushback from human beings worldwide on a path toward a better world.

 
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Inbetween Rounds Of Golf Obama Sends His Condolences After Deadly Winter Storms Slam US





In the aftermath of the first deadly winter storm of the year, a dazed and confused nation suddenly finds itself in need of leadership. Unfortunately, it won't get it: "Obama offered condolences for those who lost their lives and for those who lost their homes in the tornadoes." He then spent the next 6 hours golfing and was "all smiles."

 
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Trump Promises Not To Assassinate Journalists, Says "Schlonged" Hillary Clinton's Bathroom Run Was "Disgusting"





"These people, I hate some of these people. But I would never kill them." 

“I know where she went. It’s disgusting. I don’t want to talk about it. It’s disgusting."

 
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Futures Jump After Friday Drubbing, Despite Brent Sliding To Fresh 11 Year Lows, Spanish Political Uncertainty





In a weekend of very little macro newsflow facilitated by the release of the latest Star Wars sequel, the biggest political and economic event was the Spanish general election which confirmed the end of the PP-PSOE political duopoly at national level.  As a result, there was some early underperformance in SPGBs and initial equity weakness across European stocks, which however was promptly offset and at last check the Stoxx 600 was up 0.4% to 363, with US equity futures up nearly 1% after Friday's oversold drubbing. In other key news, the commodity slide continues with Brent Oil dropping to a fresh 11-year low as futures fell as much as 2.2% in London after a 2.8% drop last week.

 
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2015 Year In Review - Scenic Vistas From Mount Stupid





“To the intelligent man or woman, life appears infinitely mysterious, but the stupid have an answer for everything.” ~Edward Abbey

 
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State Of Emergency Declared In Michigan City After Lead Found In Children's Blood





"The City of Flint has experienced a Manmade disaster," said the city’s mayor Monday evening, as she declared a state of emergency over evidently staggering levels of lead in the city’s tap water. Mayor Karen M. Weaver has requested federal assistance to deal with the fallout from over a year’s worth of tainted water delivered to Flint residents and, allegedly, falsely declared safe by government officials.

 
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Will 'Elites' Blow Up The GOP?





Has the GOP establishment learned nothing from history? What the elites have to realize is that it is they and the policies they produced that are the reason Trump, Carson and Cruz currently hold an overwhelming majority of Republican votes.

 
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Dow, DuPont To Merge In $130 Billion Deal; 10% Of DowDuPont's Workforce To Be Fired





It's official: two of America oldest publicly traded companies will merge, with Dow and DuPoint merging as equals in a combined company that will have a $130 billion market cap and will be named DowDuPont. And while shareholders already benefited from the deal with shares of both consitutents rising by 10% in the days preceding the official announcement, the biggest loser are once again the employees: the combined company announced that as part of the $700 million in restructuring efforts, 10% of the combined company's employees will be laid off.

 
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US Equity Futures Suddenly Fall Off A Cliff As Europe Slides, Oil Tumbles, EM Currencies Turmoil





It was a relatively calm overnight session in which European stocks wobbled modestly, Japan was up, China was down following its weakest fixing since 2011 as the PBOC continues to aggressively devalue since the SDR inclusion (stoking concerns capital outflows are once again surging), EM stocks stocks were weak and the dollar was unchanged ahead of today's retail sales data and next week's Fed meeting, and then suddenly everything snapped.

 
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Key Economic Events For This Week





After a week full of macroeconomic and headline news (and blooper) fireworks, it’s a fairly quiet start to the week today, with the usual post-payrolls lull in the US.

 
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