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Frontrunning: September 3





  • U.S. Treasury's Lew says China will be held accountable on currency (Reuters) ... but not Japan
  • Bank of Japan Not Convinced of Need for Further Easing (WSJ)
  • Stocks Advance With Commodities on Signs of European Revival (BBG)
  • IMF Says China Slowdown, Other Risks Threaten Global Outlook (WSJ)
  • Xi Says China No Threat, Announces Military Cuts at Parade (BBG)
  • China holds massive military parade, to cut troop levels by 300,000 (Reuters)
  • Migrants leave Budapest for Austrian frontier; pressure builds for EU action (Reuters)
 
Tyler Durden's picture

Third Greek Bailout Suddenly In Jeopardy: Creditors Warn Cash May Be Delayed If Elections Don't Go As Desired





Just when everyone was convinced that the main "risk off" event of the summer, namely the Greek bailout, was safely tucked away and that having abdicated its sovereignty to its creditors  and Germany in particular, who now hold the Greek banking system hostage courtesy of draconian capital controls, that Greece would continue to receive its monthly cash allotment just so it could repay creditors from its first two bailouts and would not make headlines for the foreseeable future , Market News just reported that suddenly even the Greek bailout is no longer on autopilot as a result of the upcoming elections in three weeks, whose outcome is anything but assured.

 
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Is George Soros Betting On The Long-Term Future Of Coal?





Perhaps the greatest nightmare for investors in a commodity stock is that the commodity in question goes the way of coal. After more than a century of dominance in the U.S. and abroad, coal appears to have entered into a structural decline. A funny thing happened on the way to the graveyard for coal companies though – one of the industries greatest detractors, George Soros, appears to be stepping in as a supporter.

 
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Is This Man Responsible For China's Stock Market Crash?





Meet Wang Xiaolu, the journalist detained by Chinese authorities is being held responsible for the “chaos” in China’s stock market.

 
Tyler Durden's picture

China Dramatically Intervenes To Boost Stocks Despite Reports It Won't; US Futtures Slump On J-Hole





Yesterday, the FT triumphantly proclaimed: "Beijing abandons large-scale share purchases", and that instead of manipulating stocks directly as China did last week on Thursday and Friday, China would instead focus on punishing sellers, shorters, and various other entities. We snickered, especially after the Shanghai Composite opened down 2% and dropped as low as 4% overnight. Just a few hours later we found out that our cynical skepticism was again spot on: the moment the afternoon trading session opened, the "National Team's" favorite plunge protection trade, the SSE 50 index of biggest companies, went super-bid and ramped from a low of 2071 to close 140 points higher, ending trading with a last minute government-facilitated surge, and pushing the Composite just 0.8% lower after trading down as much as -4.0%.

 
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80 Year Old Woman Trampled To Death In Venezuela Supermarket Stampede





With 30% of Venzuelans eating two or fewer meals per day, social unrest is mounting rapidly in President Nicolas Maduro's socialist utopia. As WSJ reports, soldiers have now been deployed to stem rampant food smuggling and price speculation, which Maduro blames for triple-digit inflation and scarcity. "Due to the shortage of food... the desperation is enormous," local opposition politician Andres Camejo said, and nowhere is that more evident than the trampling death of an 80-year-old woman outside a state-subsidized supermarket.

 
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Chinese Stocks Slump After "Arrest-Fest", Yuan Strengthens Most In 9 Months, Goldman Cuts Outlook





Update: So much for the "no more intervention" - CHINA SAID TO ORDER BROKERAGES TO BOOST STOCK MARKET SUPPORT

A busy weekend in Asia was dominated by mayhem in Malaysia, and witch-huntery in China. Chinese authorities began a wide-scale crackdown on rumor-mongerers, arrested journalists, and even detained a regulator for insider trading, as they lifted loan caps on the banking system at the same as withdrawing (verbally) support for the stock market. China strengthen the Yuan fix by 0.15% to 6.3893 - this is the biggest 2-day strengthening of the Yuan fix since Nov 2014. Then just to rub some more salt in the wounds, Goldman cut China growth expectations to 6.4% and 6.1% respectively for the next 2 years. Chinese stocks are opening modestly lower (SHCOMP -3.3%).

 
Tyler Durden's picture

Guns, Drugs, & Booze: The Bipartisan Support For Prohibition





It’s been noticed more than a few times that there aren’t many substantive differences between the Republicans and Democrats. What they have in common - at least the mainstream varieties - is a desire to use the state to shape society in whatever way they see fit. As Andrew Napolitano put it, "We have migrated from a two-party system into a one-party system, the big-government party. There’s a democratic wing that likes taxes and wealth transfers and assaults on commercial liberties and there’s a republican wing that likes war and deficits and assaults uncivil liberties." And both parties love prohibition, just of different things.

 
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Lagarde: "China's Slowdown Was Predictable, Predicted"... Yes, By Everyone Except The IMF





"The [Chinese] slowdown was predictable, predicted, unavoidable," Lagarde was quoted as saying." Well, yes, it was... by everyone but the IMF. Here is the history of the IMF's Chinese GDP growth forecasts taken straight from its World Economic Outlook quarterly pieces. The graph needs no explanation.

 
Tyler Durden's picture

Remembering The Summer Of 1929





The Summer of 1929 was unusually hot, with the stock market going up and down like a roller coaster, making investors and pundits almost dizzy. That is, until the great push up to the very height of the market in early September. It was the laissez-faire abuses of the 1920’s, the reign of supply side economics, the institutionalized political corruption of easy money, an oversized, overly influential and powerful financial/industrial sector that set the stage for the terrible Depression of the 1930’s. It also gave rise to the many reforms introduced by the FDR administration. Most of which have been steadily overturned, one by one, by the big money interests who care for nothing but themselves, and would do it again, and again, if allowed to do so.

 
Tyler Durden's picture

Chinese Man Jumps From 17th Floor In First Stock Market Casualty





It appears the collapse of China's stock market has officially taken its first victim. While we have heard from desperate farmers who lost everything after realizing that making money in stocks is not easier than farmwork, RT reports that a 57-year-old man has allegedly committed suicide in Shenyang, the largest city in Liaoning Province, by jumping off the 17th floor of a building with a black briefcase "full of stock-related materials," local press reported.

 
Tyler Durden's picture

Morning Has Broken: A Deep Dive Into The Trading Patterns Of The American Retail Invetor





Americans associate the morning with “Time to trade equities”. They hear news – in the case of the last few days, bad news from overseas – first thing in the morning. By the time the market opens, they have made their decisions and entered their orders. About half as many will check in around the close to see how things turned out, but for many the next piece of market news won’t hit their mental “Screen” until 20 hours or so later. 

 
Tyler Durden's picture

Frontrunning: August 27





  • Virginia TV journalists killed by suspect with 'powder keg' of anger (Reuters)
  • Policeman shot to death and three women stabbed, one fatally, in Louisiana (Reuters)
  • China Intervened Today to Shore Up Stocks Ahead of Military Parade (Reuters)
  • Margin Calls Bite Investors, Banks (WSJ)
  • "Computer glitch" is preventing dozens of mutual funds, ETFs from promptly pricing their securities (WSJ)
  • Oil prices rise more than 4 percent as equities rally (Reuters)
  • Oil Industry Needs Half a Trillion Dollars to Endure Price Slump (BBG)
 
George Washington's picture

Government Spying “Worse than Orwell”





"Current Surveillance is Far Beyond an Orwellian State"

 
Tyler Durden's picture

Frontrunning: August 25





  • China’s Central Bank Cuts Interest Rates (WSJ)
  • Chinese Stocks Crash Again to Extend Biggest Plunge Since 1996 (BBG)
  • China cuts rates, reserve ratio to aid economy as stocks sink (Reuters)
  • Wall St. suffers worst day in four years, S&P confirms correction (Reuters)
  • Europe's Stocks Head for Best Day Since 2011 (BBG)
  • Market turmoil clouds Fed rate outlook (FT)
  • For All Its Heft, China’s Economy Is a Black Box (WSJ)
 
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