Puerto Rico

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Frontrunning: April 28





  • Markets Get the Worst Kind of Kuroda Surprise as BOJ Stands Pat (BBG)
  • Bank of Japan brushes aside calls for more easing despite price falls (WSJ)
  • Ford Profit Surges to Record as Sales of SUVs, F-150 Gain Speed (BBG)
  • Valeant Pharmaceuticals to Make Sweeping Changes to Board (WSJ)
  • Trump breaks taboos, attacks Clinton on gender issue (Reuters)
 
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Gundlach Predicts "Trump Will Win", Says "The Federal Reserve Has Basically Given Up"





"The US stock market seems egregiously overvalued versus other stock markets... you are going to see declines in the US stock market and since the correlations are so high this means that probably the junk bond market will go back down, too. Negative interest rates are the dumbest idea ever. It’s horrible.... Gold is doing fine. It’s preserving capital in the US, it’s been making money over the last couple of years for European investors. That’s why I own gold.... Trump is going to win. I think Clinton and Sanders are both very poor candidates."

 
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Frontrunning: April 14





  • Global shares reach four-month high, forex hit by Singapore sting (Reuters)
  • Dollar Rally Hits Commodities as Europe Halts Global Stock Gains (BBG)
  • Currencies Across Asia Fall Sharply Against U.S. Dollar (WSJ)
  • IEA expects limited impact from oil output freeze at Doha (Reuters)
  • IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop (BBG)
  • BofA Profit Declines 13% on Trading Slump, Energy Reserves (BBG)
 
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Frontrunning: April 13





  • China trade surprise gives stocks a lift (Reuters)
  • JPMorgan profit hurt by drop in investment banking revenue (Reuters)
  • About 40,000 Verizon workers launch strike (Reuters)
  • Regulators Set to Reject Some Big Banks’ ‘Living Wills’ (WSJ)
  • More Startups Are Getting Lower Valuations Than Joining the Billion-Dollar Club (BBG)
  • Closures and court cases leave Turkey's media increasingly muzzled (Reuters)
 
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Frontrunning: April 13





  • Gloomy start to results season hits shares (Reuters)
  • Stocks Rise Around World as Commodities Advance; Bonds, Yen Drop (BBG)
  • Oil hits 2016 high above $43 on producer meeting hopes (Reuters)
  • Rosneft chief Igor Sechin says low oil prices will not last (FT)
  • Banks Face Massive New Headache on Oil Loans (WSJ)
  • Wells Fargo Misjudged the Risks of Energy Financing (BBG)
 
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Bill Gross : "Negative Rates Destroy Savers, The Bedrock Of Capitalism", Larry Fink Agrees





... consider mom and pop and other people who read Barron’s. They are saving for retirement and to put their kids through college. They might have depended on a historic 8%-like return from stocks and bonds. Well, sorry. When interest rates get to zero—and that isn’t the endpoint; they could go negative—savers are destroyed. And savers are the bedrock of capitalism. Savers allow investment, and investment produces growth.

 
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Frontrunning: April 1





  • Italian Bank Stocks are Surging on the Back of Rescue Reports (WSJ)
  • European Stocks Rise Led by Italian Banks; Emerging Markets Gain (BBG)
  • Oil price dips on prospects for producers' meeting (Reuters)
  • U.S. shale oil firms feel credit squeeze as banks grow cautious (Reuters)
  • U.S. banks' dismal first quarter may spell trouble for 2016 (Reuters)
  • Miserable Year for Banks: Stocks Suffer as Rates Stay Low (WSJ)
 
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Puerto Rico Bonds Crash After "Moratorium" Raises Default Risk





Just a day after Governor Alejandro Garcia Padilla signed a law that enables him to temporary halt debt payments, dramatically raising the risk of widespread defaults, Puerto Rico securities had the biggest one-day drop in more than eight months.

 
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Frontrunning: April 7





  • U.S. readies bank rule on shell companies amid 'Panama Papers' fury (Reuters)
  • Co-Founder of Mossack Fonseca Defends Law Firm at Center of ‘Panama Papers’ (WSJ)
  • Fed's Cautious Approach on April Rate Hike Raises Stakes for June (BBG)
  • Dollar sinks again after Fed remains cautious (Reuters)
  • New Tax Rules on Inversion Deals Are Met With Protest (WSJ)
  • Fed Chairs Since 1979 Offer Peek Into Central-Bank Philosophy (BBG)
 
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Governor Of Puerto Rico Set To Impose Capital Controls





The newly signed Puerto Rico Emergency Moratorium & Financial Rehabilitation Act also empowers the governor to order the financially battered Government Development Bank (GDB) to restrict the outflow of cash in a bid to stabilize its dwindling liquidity levels, which stood at roughly $560 million as of April 1, according to the bill. In other words, capital controls.

 
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Frontrunning: April 6





  • Cruz, Sanders score decisive victories in Wisconsin (Reuters)
  • Clinton Can’t Get to New York Fast Enough After New Sanders Win (BBG)
  • Trump, Clinton Have Single-Digit Leads in Pennsylvania (BBG)
  • Panama law firm says data hack was external, files complaint (Reuters)
  • ‘Panama Papers’ Puts Spotlight on Boom in Offshore Services (WSJ)
  • Barclays partners with Goldman-backed bitcoin payments app (FT)
 
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Puerto Rico Bonds Plunge After Senate Passes Debt Moratorium Bill





The ongoing feud between Puerto Rico and its mostly hedge fund creditors is promptly shaping up as the next "Argentina", where "vulture investors" may well end up holding the island commonwealth hostage for years, during which time, however, they won't get paid. This is shaping up as the latest development in the saga in which earlier today Puerto Rico’s Senate approved a bill calling for a moratorium on a wide range of debt payments, including general-obligation bonds, through January 2017 in what Bloomberg dubbed "the latest escalation of the Caribbean island’s fiscal crisis."

 
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Frontrunning: March 29





  • Headline of the day: Oil prices fall as investors' faith in rally wanes (Reuters)
  • Europe shares, dollar gain as investors look to Yellen (Reuters)
  • Chinese Bidder for Starwood Has Mysterious Ownership Structure (WSJ)
  • Germany wants refugees to integrate or lose residency rights (Reuters)
  • BlackRock Joins Pimco Warning Investors to Seek Inflation Hedge (BBG)
  • Goldman Sachs and Bear Stearns: A Financial-Crisis Mystery Is Solved (WSJ)
 
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Frontrunning: March 23





  • Futures little changed day after Brussels attacks (Reuters)
  • Trump, Clinton win big in Arizona, but Cruz, Sanders show fight (Reuters)
  • Belgium identifies Brussels bomb suspect, suicide bombers (Reuters)
  • After Brussels Terrorist Attacks, Security Ramped Up in U.S. Cities (WSJ)
  • Terror Impact Threatens Cameron EU Pitch, Merkel's Open Door (BBG)
  • Brussels Attacks Will Jolt 2016 U.S. Presidential Race (WSJ)
 
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