RBS

Tyler Durden's picture

US Equities Flat While China Surges On More Stimulus And Bailout Hopes





There has been little in term of tier 1 data releases to drive the price action so far in the overnight session which means participants focused on the upcoming US related risk events including the Fed, Q2 GDP and July Payrolls. This, combined with WSJ article by Fed’s Fisher who opined that the FOMC should consider tapering the reinvestment of maturing securities and begin shrinking the Fed’s balance sheet (note that Fisher’s opinion piece is written based on a speech he gave on July 16th) meant that USTs came under pressure overnight in Asia and in Europe this morning. There has been little notable equity futures action (for now: the USDJPY algo team gave it a good ramp attempt just before Europe open, and will repeat just around the US open despite Standard Chartered major cut to its USDJPY forecast from 110 to 106 overnight), although we expect that to change since today is the day when Tuesday frontrunning takes place with full force. We expect equities to completely ignore the ongoing deterioration in Ukraine and the imminent release of EU's own sanctions against Russia, as well as what is now shaping up as an Argentina default on July 30.

 
StalingradandPoorski's picture

Settlements and Fines from TBTF Institutions Since the Crisis





Let's take a look at the amount of settlements/fines from various banks and financial institutions around the world since the crisis.

 
Tyler Durden's picture

Futures Dragged Down By Visa, Amazon Despite USDJPY Levitation





Following yesterday's disappointing results by Visa, which is the largest DJIA component accounting for 8% of the index and which dropped nearly 3%, while AMZN's 10% tumble has weighed heavily on NASDAQ futures, it has been up to the USDJPY to push US equity futures from dropping further, which it has done admirably so far with the tried and true levitation pump taking place just as Europe opened. One thing to keep in mind: yesterday the CME quietly hiked ES and NQ margins by 6% and 11% respectively. A modest warning shot across the bow of what may be coming down the line?

 
Tyler Durden's picture

FX-Rigging Probe Settlement Accelerates With UK Regulator





As the proof piles up, and retired/suspended traders increase, Bloomberg reports that talks to reach the first settlement in the FX-rigging probe are accelerating, with Britain’s markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the talks said.

*FCA SAID TO BE SEEKING FAST-TRACK SETTLEMENT WITH NARROW SCOPE
*FCA TALKS SAID TO INCLUDE BARCLAYS, CITIGROUP, JPMORGAN, UBS, RBS, AND HSBC

The question remains, will guilt be admitted... or is the pending fine just another cost of doing business in the trillion dollar market manipulation miasma in which we find ourselves.

 
Tyler Durden's picture

Want To Outperform The Market, Buy Illiquid Stocks (And Pray)





As part of Bernanke's and now Yellen's experiment in market central-planning, in which newsflow no longer matters to a market that has lost all ability to discount anything except how big a central bank's balance sheet will be and where HFT momentum is far more important than fundamentals, one of the greatest investing perversions to emerge has been our finding from two years ago since confirmed on a monthly basis, that the best performing asset classes happens to also be the most hated one, as the most shorted stocks have outperformed the market better than twofold just since 2012.

 
Tyler Durden's picture

Frontrunning: July 23





  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick's cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)
 
Tyler Durden's picture

Frontrunning: July 22





  • EU Works to Punish Russia as MH17 Bodies Leave Rebel Area (BBG)
  • Bodies From Malaysia Airlines Flight Begin Long Trip to Netherlands (WSJ)
  • Israel pounds Gaza as Kerry arrives (Reuters)
  • U.S. judge dismisses Republican lawsuit over Obamacare subsidy for Congress (Reuters)
  • Israel Soldier Missing Amid Assault on Hamas in Gaza (WSJ)
  • Detroit Retirees Vote in Favor of Pension Cuts (WSJ)
  • Russia Axes 1st Bond Sale in 3 Months as Ukraine Drives Up Yield  (BBG)
  • Wall Street Cut From Guest List for Jackson Hole Fed Meeting (BBG)
  • Credit Suisse to Exit Commodities, Posts Big Quarter Loss (BBG)
  • Draghi Cedes Euro Control to Yellen on Fed Rate Wagers (BBG)
 
Tyler Durden's picture

Frontrunning: July 18





  • Ukraine Says Malaysian Airliner Shot Down Near Russian Border (BBG)
  • Downing of airliner seen as pivotal moment in Ukraine crisis (Reuters)
  • Malaysian Air Flight Took Route Avoided by Qantas, Asiana (BBG)
  • Russian-Made Missile Hit Malaysia Jet, U.S. Officials Say (BBG)
  • Netanyahu Orders Military to Ready Wider Gaza Incursion (BBG)
  • Silvio Berlusconi Underage Sex Conviction Overturned (WSJ)
  • But... but... "economic patriotism" - AbbVie to Buy Shire for $54.8 Billion as Drug Deals Surge (BBG)
  • SEC targets 10 firms in high frequency trading probe - SEC document (Reuters)
  • Art bubble pop: Sotheby's to Lay Off 'Modest' Number of Employees (WSJ)
  • Moar Abenomics: Hermes Sales Trail Estimates as Japanese Revenue Declines (BBG)
 
Tyler Durden's picture

Frontrunning: July 9





  • Xi Says China Conflict With U.S. Would Be Disaster (BBG)
  • Short selling drops to lowest level since Lehman (FT)
  • Scoping the new subprime as watchdogs cry 'bubble' (Reuters)
  • Carlos Slim to break up América Móvil empire (FT)
  • Jury Acquits Rengan Rajaratnam in Insider-Trading Case (WSJ)
  • Hamas rockets land deep in Israel as it bombards Gaza Strip (Reuters)
  • Hong Kong Buyers Queue for New Homes After Prices Plunge (BBG)
  • Rebel Stronghold in Ukraine Braces for Its Showdown (WSJ)
  • Tiny Houses Big With U.S. Owners Seeking Economic Freedom (BBG)
  • Chinese Cash-Bearing Buyers Drive U.S. Foreign Sales Jump (BBG)
 
Tyler Durden's picture

"Optimism Bias" & "Nervous Stasis"; The Sell-Side Fears "It Feels Like 2007 All Over Again"





As with any drug addiction, the first step is admitting you have a problem (or waking up naked in Glasgow train station). It seems HSBC - among a number of other sell-side strategists - are starting to wake up to their undying 'faith' and 'hope' that, based on the world's addiction to free money, there will be a return to the old normal status quo. As HSBC's Chief economist Steophen King notes, "there is an optimism bias, largely reflecting an attachment to pre-crisis growth trends which, post-crisis, have mostly remained out of reach," and they are finally facing up to the fact that "the world economy has succumbed to a lower structural rate of economic growth." But it is RBS that is waving the red flag as they warn of a "sense that this nervous stasis is dulling our perceptions about risk... it feels like 2007 all over again."

 
Tyler Durden's picture

Frontrunning: June 26





  • Minorities Seen Driving U.S. Household Growth (Reuters)
  • GM prepares to recall some Cruze sedans with Takata air bags (Reuters)
  • PBOC Halts Repos as China Money Rate Climbs to Seven-Week High (BBG)
  • Ukraine Optimism Wavers on Peace as Cease-Fire Winds Down (BBG)
  • Economic Rebound Seen Undercut by Weak Pay as Vote Winner (BBG)
  • Cracks Open in Dark Pool Defense With Barclays Lawsuit (BBG)
  • The Survivor: How Eric Holder outlasted his (many) critics (Politico)
  • IBM, Lenovo Tackle Security Worries on Server Deal (WSJ)
  • Militants take Iraqi gas field town, president calls parliament session (Reuters)
  • Carney Surprises Confounding Markets as BOE Manages Guidance (BBG)
 
GoldCore's picture

UK Bank RBS Has '£100 Billion Black Hole' & In 'Danger Of Failing' - Bail-Ins Cometh





Bail-ins or deposit confiscation can now be used in the UK, EU, U.S. and G20 countries. Investors and savers best get prepared for the coming bail-in era. After Cyprus, which country will be the next to suffer bail-ins?

 
Tyler Durden's picture

Repackaged Junk Has Never Smelled So Sweet: JPM Forecasts Record $100 Billion In 2014 CLO Issuance





If the Fed is looking for definitive proof of bubble euphoria it should look no further than the CLO market: according to Bloomberg, so far in 2014, more than $46 billion of collateralized loan obligations have been raised, after $82 billion were sold in all of 2013. As a result of this epic dash for repackaged trash, JPMorgan boosted its annual forecast for CLO issuance from $70 billion to as much as $100 billion, which means 2014 may end up as the biggest year on record. We assume it is with great irony that Bloomberg summarizes: "The business of bundling junk-rated corporate loans into top-rated securities is booming like never before after the implementation of regulation aimed at making the financial system safer."

 
Tyler Durden's picture

Frontrunning: May 20





  • "May?" New Cold War May Emerge in Ukraine Crisis, Medvedev Says (BBG)
  • Wristslaps will be fast and furious: EU Commission charges HSBC, JPMorgan, Credit Agricole with rigging (Reuters)
  • Credit Suisse Rises as U.S. Guilty Plea Ends 3-Year Probe (BBG)
  • After Martial Law Declaration, Thailand Waits for General's Next Move (WSJ)
  • China property slowdown spells trouble for Asia bonds (FT)
  • Russia Close to $400 Billion Gas Pipeline Deal in Pivot to China (BBG)
  • Dimon-by-the-Sea Shows London Banking’s Engine of Growth (BBG)
  • Modi Faces Greece-Sized Snag to Economic Revival (FT)
  • U.K. Inflation Accelerates on Airfare Surge (BBG)
 
Tyler Durden's picture

Frontrunning: May 12





  • Hillary and Me: The 2008 campaign was a nightmare. Will 2016 be as bad?  (Politico)
  • What Timothy Geithner Really Thinks (NYT)
  • Rebels declare victory in east Ukraine self-rule vote (Reuters)
  • Race for AIG's Top Job Has Two Favorites (WSJ)
  • America on the Move Becomes Stay-at-Home Nation for Millennials (BBG)
  • Old, Fired at IBM: Trendsetter Offers Workers Arbitration (BBG)
  • Bad luck Jonathan: Pressure Mounts on Nigerian President (WSJ)
  • Iran leader slams West's 'stupid' missile stance before talks (Reuters)
  • Conchita Wurst of Austria Wins Eurovision Song Contest (WSJ)
  • Greek Finance Ministry expects Q1 GDP contraction of less than 1.5 pct (Kathimerini)
 
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