Middle East

Tyler Durden's picture

Mysterious Chinese Buyer Of Record Crude Oil Cargoes Revealed





Last week we noted a near-record number of VLCC oil tankers sailing towards Chinese ports as we speculated that the world's largest economy looked to rebuild its strategic petroleum reserve at low-low prices. Now we know... as Bloomberg reports, China National United Oil Co., a unit of the country’s biggest energy company, bought the most ever cargoes of Middle East crude through a pricing platform in Singapore. "The big question is what China will do with all of these cargoes," notes one analyst, "It's very difficult for the market to know Chinaoil's strategy."

 
Tyler Durden's picture

Frontrunning: October 29





  • Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time?
  • Insider-Trading Probe Focuses on Medicare Agency (WSJ)
  • He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG)
  • China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters)
  • Dubai Insists the Boom is Not a Bubble This Time Around (BBG)
  • Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG)
  • Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG)
  • Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG)
  • French drugmaker Sanofi sacks CEO Viehbacher (Reuters)
 
Tyler Durden's picture

Nomi Prins: Why The Financial & Political System Failed And Stability Matters





The recent spike in global political-financial volatility that was temporarily soothed by ECB covered bond buying reveals another crack in the six-year-old throw-money-at-the-banks strategies of politicians and central bankers. The very fact - that without excessive artificial stimulation or the promise of it - more hell breaks loose - is one that government heads neither admit, nor appear to discuss. But the truth is that the global financial system has already failed. The political system that stumbles to sustain the illusion that economies can be built on rampant financial instability, has also failed us. Past presidents talked of a square deal, a new deal and a fair deal. It’s high time for a stability deal that prioritizes the real financial health of individuals over the false one of financial institutions.

 
Tyler Durden's picture

Martin Armstrong On The Danger Of Conspiracy Theories





If you want to hide something in plain view, exaggerate it to the point it becomes extreme and convert it to a conspiracy theory.

 
Tyler Durden's picture

Putin Warns Of Risk Of Major Conflict, Says Dollar Losing Reserve Currency Status





Having been relatively quiet for a while, Russia's leader Vladimir, speaking in Sochi (following meetings with Middle East crown princes who confirmed Russia as a key partner - "isolated"?), has unleashed his most aggressive statements with regard the failing world order: PUTIN SAYS U.S. DOLLAR LOSING TRUST AS RESERVE CURRENCY, WORLD WITHOUT RULES IS POSSIBILITY; ANARCHY GROWING. Adding that the risk of major conflicts involving major countries is growing, as well as the risk of arms control treaties being violated, Putin exclaimed that the US-led unipolar world is like a dictatorship over other countries and that "US leadership brings no good for others," and calls for a new global consensus.

 
Tyler Durden's picture

Forget "Lower For Longer", The Fed's New Message Is "Sooner But Slower"





Many have recently drifted toward believing the Fed will be ‘lower for longer’.   My view is that the Fed will be ‘sooner, but slower’.  In other words, I expect the Fed to hike in March or sooner, but then run into problems that will slow the pace (and make it difficult to get to 1% by the end of 2015).  Moreover, today’s equity market ‘melt-up’ should be a warning sign to the Fed of the moral hazard, one-way, bubble-like conditions it has instigated.

 
Tyler Durden's picture

Why Gold Is Undervalued





Gold has been in a bear market for three years. Technical analysts are asking themselves whether they should call an end to this slump on the basis of the "triple-bottom" recently made at $1180/oz, or if they should be wary of a coming downside break beneath that level. The purpose of this article is to look at the drivers of the gold price and explain why today's market value is badly reflective of gold's true worth.

 
Tyler Durden's picture

This Is How Caterpillar Just Blew Away Q3 Earnings





Moments ago, CAT, which is a major DJIA component, just reported blowaway EPS of $1.72, far above the $1.35 expected. How did it achieve this stunning number which has pushed DJIA futures higher by almost half a percent?  Simple: first there was the usual exclusions, with "restructuring costs" adding back some $0.09 to the bottom line number. But the punchline was this: "In addition to the profit improvement, we have a strong balance sheet and through the first nine months of the year, we've had good cash flow.  So far this year, we've returned value to our stockholders by repurchasing $4.2 billion of Caterpillar stock and raising our quarterly dividend by 17 percent," Oberhelman said." And here is just how the surge in buyback activity looked in comparison to Q3 2013...

 
Tyler Durden's picture

Futures Bounce On Stronger Europe Headline PMIs Despite Markit's Warning Of "Darker Picture" In "Anaemic" Internals





Perhaps the most interesting question from late yesterday is just how did the Chinese PMI rebound from 50.4 to 50.2, when the bulk of its most important forward-looking components, New Orders, Output, New Export Orders, posted a material deterioration? When asked, not even Markit could provide an explanation that seemed remotely reasonable so we can only assume the headline was goalseeked purely for the kneejerk reaction benefit of various algos that only focus on the headline and nothing else. Luckily, we didn't have much time to ponder this quandary as a few hours later we got the latest batch of Eurozone PMI numbers.

 
Tyler Durden's picture

"Saudi's Policy Of Downplaying Oil Prices Will Backfire On Them"





Saudi Arabia wants to use lower oil prices to pressure Russia to change its stance on Syria, to antagonize Iran, and to force US shale gas out of the market, Pepe Escobar explains the possible blowback...

 
Tyler Durden's picture

Russia Deploys Troops, Robots Along Entire "2nd Middle East" Arctic Belt





On the heels of Sweden's military deployment (following the discovery of a damaged Russian sub), it appears Russia is taking no chances with its access to Arctic resources.As Reuters reports, the Russian defense minister announced today that Russian military units will be deployed along the entire Arctic border from Murmansk to Chukotka in 2014. Interfax adds that combat robots are also being deployed to protect Russian oil and gas infrastructure in the harsh environment of the Arctic. This should be no surprise as The Guardian notes, the Arctic’s hydrocarbon resources nevertheless exert a powerful pull. It has been compared to "a second Middle East", with oil and gas reserves thought to represent 17% and 30%, respectively, of the global total.

 
Tyler Durden's picture

"Either You're The Butcher... Or The Cattle"





The common people are the cattle being led to slaughter. We are kept docile with incessant propaganda from the mainstream media; marketing messages to consume from Madison Avenue; filtered, adjusted, manipulated economic data fed to us by government agencies; an endless supply of iGadgets and other electronic distractions; government education designed to keep us ignorant; 24/7 reality TV on six hundred stations to keep us entertained; corporate toxic processed food to keep us obese and tame; and an endless supply of Wall Street supplied debt to keep us caged in our pens with no hope of escape. The butchers of the deep state have maintained control for decades, but we’re entering a new era.

 
Tyler Durden's picture

The Collapse Of "Well-Established" Stock Market Conventions





Equity markets live and die on several well-established conventions, according to ConvergEx's Nick Colas, noting that these are the rules that investors use as the bedrock of their fundamental analysis. The volatility of the last few weeks shows that some of these paradigms are now under attack. Chief among the question marks: “Do central banks always have the power to tip the balance between growth and recession?” Another rising concern: “Can stocks constantly shrug off recessionary signals from commodity and fixed income markets?” Lastly, “How many exogenous, if largely unpredictable, global events can equities ignore before their collective weight halts a bull market?” Bottom line: the debate on these topics isn’t over for October or the balance of the year.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!