New York State

Bitcoin Tumbles 10%

Overnight the bitcoin buying appears to have finally stumbled, and after hitting $785 just a few days ago, the digital currency tumbled over 10% earlier, and as of this moment was trading at around $640, which incidentally is where it was trading just ten days ago.

How Hillary Clinton "Clinched "The Nomination On A Day Nobody Voted

"This is the perfect symbolic ending to the Democratic Party primary: The nomination is consecrated by a media organization, on a day when nobody voted, based on secret discussions with anonymous establishment insiders and donors whose identities the media organization – incredibly – conceals."

Your Last Minute Payrolls Preview: What Wall Street Expects

Today's NFP report will be under intense scrutiny as it is the final jobs report before the June rate decision by the FOMC. The market has increased the probability of a hike at the June meeting significantly in recent weeks and a strong labour market will be critical to allow the Fed to proceed with a June or July "normalization."

Former Head Of Morgan Stanley Energy Group Indicted for Evading $45 Million In Taxes

In the aftermath of the Panama Papers revelations, US authorities including the IRS appear to have begun a crackdown on tax evaders (if staying away from Washington D.C. for the time being for obvious reason), and according to Bloomberg they just landed a juicy target in the face of Morris Zukerman, a former head of Morgan Stanley’s energy group who now runs a private investment firm, who was indicted in Manhattan on charges of evading more than $45 million of federal and New York state taxes.

As Insurance Losses Mount So Do Refusals: "Sorry, We Don't Take Obamacare"

A McKinsey study shows Obamacare insurers lost money in 2014 and the losses doubled in 2015. Amazingly, the study concludes there’s nothing to worry about because “30 percent of insurers nationwide were profitable.” Meanwhile, outright refusals to accept Obamacare mount. “Sorry, We Don’t Take Obamacare” is now a frequent response.

Key US Macro Events In The Coming Week

After last week's key event, the retail sales number, which the market discounted as being too unrealistic (and overly seasonally adjusted) after printing at a 13 month high and attempting to refute the reality observed by countless retailers, this week has a quiet start today with no data of note due out of Europe and just Empire manufacturing (which moments ago missed badly) and the NAHB housing market index of note in the US session this morning.

Are Chip Readers A 'Clever' Way For Visa And MasterCard To Increase Revenue?

Ever since merchants changed out payment terminals last October in order to comply with new rules and accept chip cards, merchants are seeing expenses relating to debit transaction fees increasing, in some cases as much as 20%. The reason stems from transaction terminals being set up to steer transactions in such a way that will generate the most revenue for the data processing company...

DOJ Probing Whether Citadel Is Frontrunning Its Clients

We were not surprised, though certainly delighted, to see that after years of railing against Citadel's dominant position at the intersection of HFT trading and retail orderflow - recently Citadel was found to be the largest private US trading venue - this morning Reuters reports that Federal authorities are investigating the market-making arms of Citadel LLC and KCG Holdings looking into the possibility that the two giants of electronic trading are giving small investors a poor deal when executing stock transactions on their behalf. In other words, the DOJ is looking into whether Citadel is frontrunning its clients, something we have claimed for years.

The Unintended Consequences Of Minimum Wage Increases

As politicians and businesses trip over each other to see who can raise the minimum wage the fastest and to what extent, the typical "totally unforeseen" consequences of central planning are being felt.

Trump On Hillary: "If She Were A Man She Wouldn't Get 5%"

As the battle heats up between the presumptive nominees for President, the word-wars have begun. Following Hillary's "love Trump's hate" breaking-barriers speech last night, a seemingly calmer, friendlier Trump went after Hillary exclaiming that "the only thing she's got going is the woman's card...and the beautiful thing is that women don't like her." Trump added that he'll "do far more for women than Hillary Clinton will do," and that "if Hillary Clinton were a man, I don't think she'd get 5 percent of the vote."

Futures Rebound Off Lows Following Chinese Intervention; Oil Dips Ahead Of Fed, BOJ

Futures are currently unchanged, but the E-mini was down as much as 12 points less than two hours earlier after the European open when this time it was up to the PBOC to intervene in global markets by pushing the Yuan higher (selling USDCNY via intermediary banks) sending global stocks sharply higher off session lows and leaving the S&P futures virtually unchanged. As Bloomberg reported, there has been increasing USD/CNY selling in afternoon session as Dollar Index edged lower. This is the PBOC entering the building and levitating stocks.