• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

recovery

Tyler Durden's picture

Stories Of Despair From The Forgotten People That The U.S. Economy Has Left Behind





There really are “two Americas” in 2016, and they are getting farther and farther apart with each passing year.  On the one hand, you have lots of people smiling in New York City these days because of the stock market boom, and property values have soared to ridiculous levels in San Francisco because of the tech bubble.  But in between the two coasts there are vast stretches of forgotten people that the U.S. economy has left behind. 

 
Tyler Durden's picture

Silver: Do Old Indicators Matter Or Is Physical About To Overrun Paper?





"The physical market dog is starting to wag the paper market tail. Anyone trading paper-centric historical patters is driving forward while looking in the rear view mirror."

 
Tyler Durden's picture

Will Algos Push Oil Back To $60? Morgan Stanley Begs You To "Forgive The Macros, They Know Not What They Do"





“Close your eyes and buy” seems to be the mantra for now. While fundamentals don’t justify a cyclical recovery in oil yet, the market continues to move higher. The primary driving force has been macro funds, index money and CTAs. Technicals and momentum have only added to it, and there is a sense from some of investors that they need to buy for fear of missing out. Similar to 2015, we see a confirmation bias where any bullish data point is embraced outages, weekly US production, etc) and bearish data points are dismissed or spun as a buying opportunity.

 
Tyler Durden's picture

Case-Shiller Home Price Growth Slowest Since September





For the 5th month in a row (and 10th of last 11), S&P Case-Shiller Home Price growth YoY missed expectations. February saw prices rise 5.38% (below 5.5% exp) which is the weakest annual growth since September 2015. Seattle and San Francisco rose the most MoM as Cleveland and New York saw the biggest drops MoM.

 
Tyler Durden's picture

No Energy Recovery In Sight: Freeport Fires 25% Of Its Oil And Gas Workers





FCX is taking immediate steps to reduce oil and gas costs further. In April 2016, FCX announced a new management structure and is instituting an approximate 25 percent oil and gas workforce reduction. The newly structured oil and gas management team is actively engaged in managing costs and developing plans to preserve and enhance asset values.

 
Tyler Durden's picture

Frontrunning: April 26





  • The Fed Is Meeting in April to Talk About June (BBG)
  • Global stocks, oil prices climb as investors ready for Fed (Reuters)
  • Apple Results to Show How Far iPhone Sales Have Fallen  (BBG)
  • On Election Eve for five states, Trump rips Cruz and Kasich (Reuters)
  • President Xi Jinping’s Most Dangerous Venture Yet: Remaking China’s Military (WSJ)
  • Oil's Recovery Inches Higher as 'Fracklog' Awaits Price Trigger (BBG)
 
Tyler Durden's picture

IIF Ruins The Party, Predicts Another $420 Billion In Chinese Capital Outflows This Year





According to the latest Institute of International Finance forecast, and in validation of Kyle Bass' strong conviction that China is about to suffer a major 15%+ devaluation, China's capital outflow headaches may be only just starting. According to the IIF's latest report released today, global investors are expected to pull $538 billion out of China's slowing economy in 2016, which means another $420 billion after the $118 billion that has already been withdrawn in Q1.

 
Tyler Durden's picture

As Fed Meeting Begins Futures Are Flat In Sleepy Session; Apple Earnings On Deck





With the Fed decision just one day away, followed the very next day by the increasingly more irrational BOJ, stocks had no desire to make significant moves and overnight's boring session was the result, as European stocks and U.S. index futures rose modestly but mostly hugged the flatline while Asian declined 0.2% for a third day as raw-material shares declined and Tokyo equities slumped before central bank meetings in the U.S. and Japan this week. China’s stocks rose the most in almost two weeks, up 0.6% but failed to rise above 3000 on the Shanghai Composite, in thin trading.

 
Tyler Durden's picture

Major UK Pension Fund Slashes Benefits As Funding Crisis Spreads





One of the largest educator pension funds in the U.K., the Universities Superannuation Scheme (USS) is implementing significant changes to the plan benefits as it becomes increasingly under-funded, just like its peers in the United States. The changes are drastic, and are meant to keep the fund solvent in order to at least pay some benefits rather than none over time. Additionally, the plan, which represents 330,000 members, will transition from defined benefit to defined contribution leaving members at the mercy of the performance of the money managers handling their investments.

 
Tyler Durden's picture

Is There A Problem With The BLS Employment Reports?





It is quite evident there is something amiss about the BLS’ employment reports. Is the disparity simply an anomaly in the seasonal adjustments caused by the depth of the financial crisis? Is there an exceptional and unaccounted for margin of error in the surveys? Or, is it something more intentional by government-related agencies to keep “confidence” elevated as Central Banks globally “paddle like crazy” to keep global economies afloat.

 

 
Tyler Durden's picture

The Most Dangerous Divergence





The dangerous divergence will then take a nasty turn. The bottom half of the 1% will now be as angry as the 99%. Any attempt by the establishment to further screw the nation by bailing themselves out will be met with violent disapproval. The country is a powder keg. The upcoming election is guaranteed to inflame opposing factions. A stock market crash in the next six months would sow the seeds of financial, political, and social upheaval not seen in this country since the 1960s. The established social order will be swept away in a swirl of chaos and retribution. The dangerous divergence will be resolved.

 
Tyler Durden's picture

Bad News For Trannies: "These Headcount Numbers Aren't Encouraging"





"... let’s be honest about what the cost reductions are telling us, especially the cuts to headcount and therefore, wage and benefit costs. If a company is cutting headcount, it probably means the freight environment isn’t robust. We’ve seen three data points in the last few days that provide a clearer look into the headcount reductions being experienced across the freight transportation sector."

 
Tyler Durden's picture

What Oil Recovery? Saudi Borrowing Costs Spike To 7 Year Highs





Despite oil's rebound off cyclical lows and the world's exuberance that the energy space may be saved (on the basis of headline-reading algos pumping momentum into commodity futures products that only leveraged Chinese speculators could find value in), something ugly is occurring in Saudi Arabian money-markets.There appears to be a growing funding squeeze in The Kingdom as 3-month interbank rates spike above 2% for the first time since Jan 2009 prompting King Salman to approve a 'post-oil economic plan'.

 
Steve H. Hanke's picture

Why the Saudi Princes are Panicked





Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

The Saudi deputy crown prince, Mohammed bin Salman, recently pulled the plug on an output freeze deal that was scheduled to have been signed in Doha, Qatar. Since then, the press has been filled with the same story: Prince Mohammed was offended because Iran was a “no show” in Doha. So, he shredded the draft output freeze agreement.

 
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