Regions Financial

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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)
 
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Frontrunning: July 3





  • Obama Decries Big Bonuses at Bank Trading Desks as Risky  (BBG)
  • India central bank seeks to swap gold to improve reserves quality (Reuters)
  • There goes Q3 GDP: Arthur Strengthens to Become First Atlantic Hurricane (BBG)
  • Airports Serving U.S. Tighten Checks on Stealth-Bomb Threat (BBG)
  • Fear, cash shortages hinder fight against Ebola outbreak (Reuters)
  • Brent Declines as Libya Rebels Say Ports Are Open (BBG)
  • Shiites Train for Battle in Iraqi Holy City (WSJ)
  • Dimon’s Cancer Has 90% Cure Rate With Demanding Therapy (BBG)
  • Goldman says client data leaked, wants Google to delete email (Reuters)
  • ECB Watchers in the Dark Look to Draghi for Illumination (BBG)
 
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Frontrunning: May 1





  • Two-Thirds of Insurance Exchange Enrollees Paid Premiums (WSJ)
  • Panic: Criminal Charges Against Banks Risk Sparking Crisis (BBG)
  • Did the junk bubble pop: Junk Loans Pulled as Investors Say No After Fed Raises Concerns (BBG)
  • CME mulls price fluctuation limits for gold, silver futures (Reuters)
  • AT&T Has Approached DirecTV About Possible Acquisition (WSJ)
  • NBA sets wheels turning for Clippers sale; Oprah in wings (Reuters)
  • One way to fix prison overcrowding: Florida Jail Hit by Deadly Blast (WSJ)
  • New Boeing jets hold key to more than half of future sales (Reuters)
  • Sony slashes profit estimate by 70% (Guardian)
 
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Frontrunning: April 22





  • Ukraine Accord Nears Collapse as Biden Meets Kiev Leaders (BBG)
  • Novartis reshapes business via deals with GSK and Lilly (Reuters)
  • Moscow Bankers See Fees Slide 67% as Ukraine Crisis Grows (BBG)
  • Why ECB's QE will be Ukraine's fault: Draghi Gauges Ukraine Effect as ECB Tackles Low Inflation (BBG)
  • As Phone Subsidies Fade, Apple Could Be Hurt (WSJ)
  • Amazon Sales Take a Hit in States With Online Tax (BBG)
  • Ford Speeds Up Succession Plan: Mark Fields, Auto Maker's No. 2, Seen Replacing Alan Mulally as CEO Ahead of Schedule (WSJ)
  • U.S. force in Afghanistan may be cut to less than 10,000 troops (Reuters)
  • IBM End to Buyback Splurge Pressures CEO to Boost Revenue (BBG)
 
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Frontrunning: January 14





  • House Unveils $1.01 Trillion Measure to Fund Government (BBG)
  • Credit Suisse Tells Junior Bankers to Take Saturdays Off (BBG)
  • Spot the odd word out: ECB Sees Bad-Debt Rules as Threat to Credible Bank Review (BBG)
  • Insert laugh track here: Spain GDP grows at fastest pace in almost six years (FT)
  • Scandinavian Debt Crisis Waiting to Happen Puzzles Krugman (BBG)
  • Fed Said to Release Plan to Limit Banks’ Commodities Activities (BBG)
  • Thai Protesters Extend Blockade After Rejecting Poll Talks (BBG)
  • China provinces set lower growth goals for 2014 (BBG)
 
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Frontrunning: January 6





  •  'Life-threatening' cold bites Midwest, heads east (Reuters)
  • Gold Analysts Get Most Bullish in a Year After Rout (BBG)
  • Asian Stocks Fall Most in Three Weeks on China Services (BBG)
  • Angela Merkel in skiing accident, cancels visits (Reuters)
  • High-Speed Traders Form Trade Group to Press Case (WSJ)
  • Toyota and Honda post record China sales (FT)
  • China Shadow Banking Risks Exposed by Local Debt Audit (BBG)
  • J.P. Morgan to Pay Over $2 Billion to U.S. in Penalties in Madoff Case (WSJ)
  • Corruption trial of Trenton, N.J., mayor starts Monday (Reuters)
  • Car Makers at Consumer Electronics Show Tout Ways to Plug Autos Into the Web (WSJ)
 
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Frontrunning: October 23





  • Top China Banks Triple Debt Write-Offs as Defaults Loom (BBG)
  • PBOC suspends open market operations again (Global Times)
  • Eurozone bank shares fall after ECB outlines health check plan (FT)
  • O-Care falling behind (The Hill)
  • Key House Republican presses tech companies on Obamacare glitches (Reuters)
  • J.P. Morgan Faces Another Potential Huge Payouta (WSJ)
  • Yankees Among 10 MLB Teams Valued at More Than $1 Billion (BBG)
  • Free our reporter, begs newspaper as China cracks down on journalists (Reuters)
  • Peugeot Reviews Cost-Saving Alliance With GM (WSJ)
 
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Frontrunning: October 3





  • Mounting Wall Street fears of US default (FT)
  • This is what the US government does when it is "shut down" - CIA ramping up covert training program for moderate Syrian rebels (WaPo)
  • SEC Weighs Overhaul of Exchanges’ Self-Regulatory System (WSJ) - just let Goldman and JPM do all the policing; not like anyone cares anymore
  • Reid Sets Tone for Democrats in Shutdown Fight (WSJ)
  • No Movement in Shutdown Standoff (WSJ)
  • Shutdown will not slow Fed nomination, says Obama (FT)
  • Syrian Regime Chokes Off Food to Town That Was Gassed (WSJ)
  • Tesla Says Car Fire Began in Battery (AP)
  • China Services Index Increases in Sign of Sustained Rebound (BBG) or sustained data manipulation
 
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Frontrunning: April 26





  • Reinhart and Rogoff: Responding to Our Critics (NYT)
  • Differences with centre-right delay Italy's Letta (Reuters)
  • Italy's Letta moves forward to shape government (Reuters)
  • China’s leaders warn on financial risks (FT)
  • Norway oil fund makes big move from bonds to stocks (FT) - worked wonders for the Bank of Israel
  • Smuggling milk is the new smuggling heroin in HK: Milk Smugglers Top Heroin Courier Arrests in Hong Kong (BBG)
  • RenTec's mean reversion models fail on BOJ lunacy: Yen Bets Don't Add Up for a Fund Giant (WSJ)
  • From 'Fabulous Fab' to Grad Student (WSJ)
  • BOJ in credibility test as divisions emerge over inflation target (Reuters)
  • Boston Bombing Suspect Moved from hospital to prison (WSJ)
  • Provopoulos Says ECB May Never Need to Use Bond-Buying Program (BBG) which is good because, legally, it doesn't exist
 
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Frontrunning: January 31





  • Risky Student Debt Is Starting to Sour (WSJ)
  • Political scandal in Spain as PP secret accounts revealed (El Pais)
  • New York Times claims Chinese hackers hijacked its systems (NYT)
  • Spain's Rajoy, ruling party deny secret payment scheme (Reuters)
  • Iran crude oil exports rise to highest since EU sanctions (Reuters)
  • BlackBerry 10’s Debut Fizzles as U.S. Buyers Left Waiting (BBG)
  • Costs drag Deutsche Bank to €2.2bn loss  (FT)
  • And the gaming of RWA continues - Deutsche Bank Beats Capital Goal as Jain Shrugs Off Loss (BBG)
  • More fun out of London - Barclays, RBS May Pay Billions Over Improper Derivatives Sales (BBG)
  • Hagel to face grilling by Senate panel on Mideast, budget (Reuters)
 
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Frontrunning: December 24





  • Global Currency Tensions Rise (WSJ) - in other words, when everyone eases to infinity, nobody eases
  • EU to give Spain, France more time to cut deficit (Reuters) - But not because their economies are not "recovering" fast enough, oh no.
  • As we expected, Grupo Bimbo considering a bid for Hostess' snack cakes and bread brands (NY Post)
  • Time for bus-control: Eleven children killed in latest Chinese bus crash (Reuters)
  • Greece Should Write Off Billions of Overdue Taxes, Report Says (BBG) - not all taxes in perpetuity?
  • India clamps down on gang-rape protests, PM appeals for calm (Reuters)
  • But Meredith Whitney said... Push for Cheaper Credit Hits Wall (WSJ)
  • For Greece, last major austerity package, says eurozone official (Kathimerini)...  "unless there is another one"
  • Americans Miss $200 Billion Abandoning Stocks (BBG) ... and two flash crashes... and $15 trillion in artificial central bank props
  • Goldman Sachs Takes Long View Over Payouts (FT)
  • Cliff Would Strike Low Incomes Hard (WSJ)
  • Afghan policewoman kills US police adviser (AP)
  • For Sale in Japan: Electronics Assets (WSJ)
 
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Frontrunning: November 16





  • Israel Mobilizes Troops as Hostilities Escalate (WSJ)
  • FHA Sets Stage for Taxpayer Subsidy With 2012 Deficit (Bloomberg)
  • On eve of fiscal cliff talks, positions harden (Reuters)
  • Japan PM Noda contradicts challenger Abe on BOJ (Reuters)
  • Regulators cut JPMorgan's ability to trade power (Reuters)
  • EU Should Reach Agreement on Greek Aid Next Week, Grilli Says (BBG)
  • Moscovici rejects talk of French crisis (FT)
  • Egypt Urges Push for Gaza Peace as Rockets Hit Israel (BBG)
  • Leading Japan politicians draw election battle lines (Reuters)
  • Fed Push to Tie Zero-Rate to Economic Goals Faces Doubts (BBG)
  • China’s commerce minister voted out in rare congress snub (Reuters)
  • China’s new leaders could have reform thrust upon them (Reuters)
  • Both Sides of Gaza Border Brace for Further Conflict (WSJ)
  • Fed Sees Hurdles in Housing Rebound (Hilsenrath)
  • The Complete 2012 Business Schools Ranking (Bloomberg)
 
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Frontrunning: August 22





  • Merkel's Dilemma: Risk Euro Zone or Her Government (WSJ)... as first suggest by ZH 2 months ago, with only one resolution: referendum
  • Russia warns West over Syria after Obama threats (Reuters)
  • Consider keeping Bernanke, Romney adviser Glenn Hubbard says (Reuters)... Glenn Hubbard is the star of the movie Inside Job
  • Spain Deficit Goals at Risk as Cuts Consensus Fades (Bloomberg)
  • Czech Austerity Revolt Threatens Cabinet as Slump Bites (Bloomberg)
  • Greek cuts to be deeper than trailed (FT)
  • Akin rebuffs Romney, Republican calls to quit Senate race (Reuters)
  • Obama Leads Romney in Poll Showing Disdain for Congress (Bloomberg)
  • Greece needs more time to reform, PM Samaras tells paper (Reuters)
  • UK banks face scandal over toxic insurance products (Reuters)
  • Iceland Shelves Monetary Tightening as Krona Seen Appreciating (Bloomberg)
  • India Considers $35 Billion Debt Revamp After Biggest Blackout (Bloomberg)
 
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Eric Sprott: The [Recovery] Has No Clothes





For every semi-positive data point the bulls have emphasized since the market rally began, there's a counter-point that makes us question what all the fuss is about. The bulls will cite expanding US GDP in late 2011, while the bears can cite US food stamp participation reaching an all-time record of 46,514,238 in December 2011, up 227,922 participantsfrom the month before, and up 6% year-over-year. The bulls can praise February's 15.7% year-over-year increase in US auto sales, while the bears can cite Europe's 9.7% year-over-year decrease in auto sales, led by a 20.2% slump in France. The bulls can exclaim somewhat firmer housing starts in February (as if the US needs more new houses), while the bears can cite the unexpected 100bp drop in the March consumer confidence index five consecutive months of manufacturing contraction in China, and more recently, a 0.9% drop in US February existing home sales. Give us a half-baked bullish indicator and we can provide at least two bearish indicators of equal or greater significance. It has become fairly evident over the past several months that most new jobs created in the US tend to be low-paying, while the jobs lost are generally higher-paying. This seems to be confirmed by the monthly US Treasury Tax Receipts, which are lower so far this year despite the seeming improvement in unemployment. Take February 2012, for example, where the Treasury reported $103.4 billion in tax receipts, versus $110.6 billion in February 2011. BLS had unemployment running at 9% in February 2011, versus 8.3% in February 2012. Barring some major tax break we've missed, the only way these numbers balance out is if the new jobs created produce less income to tax, because they're lower paying, OR, if the unemployment numbers are wrong. The bulls won't dwell on these details, but they cannot be ignored.

 
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