In what appears to be a bid to lure Asian buyers to lock in longer-term supplies, Reuters reports that Iran has cut its quarterly selling price (for its flagship 'light' crude) to its lowest (relative to Saudi) since Q4 2012. According to recent tanker loading data, Iran's oil sales in September are set to hit a six-month low, and this price reduction is just one of the steps taken by the OPEC producer to ramp up output and regain market share lost since U.S. and European sanctions aimed at its nuclear program cut its crude oil exports by more than half.
"The fence, in part being built by prisoners along the 175-km (109-mile) border, would be completed sooner than planned, by the beginning rather than the end of October. 'This 3.5-4-metre tall fence can be adequate to protect the country, especially if policemen are patrolling on the other side,"' Minister Viktor Orban's chief of staff Janos Lazar told a weekly news conference."
Since the “impossible” global panic in 2008, there have been 10 QE’s in Japan but using the numerical standard which has been applied to the Federal Reserve there may have been as many as 22 or more. What none of those have amounted to is an actual and sustainable economic advance; NONE, no matter how you count them. In very simple fact, the idea that central banks “need” to keep doing them in continuous fashion is quite convincing that at the very least they don’t mean what central bankers think they mean, and perhaps worse that the more they are done and to greater extents the more harm that eventually befalls.
Europe's handling of its refugee crisis has led to much criticism and left even more to be desired, but until now Europe's general population was largely on the side of the misplaced migrants who are trying to reestablish their lives away from the daily horrors of the middle east, all in the name of a Qatari gas pipeline. That may soon change as Europe realizes the influx of tens of thousands of refugees will result in a dramatic surge in public costs, costs which have to be footed by someone. That someone will be the general population (with the wealthy targeted at first) courtesy of even higher taxes.
With the war drums beating louder by the day, US officials are now warning that Russia's military buildup in Syria is "unprecedented" and is "beginning to look like Crimea." Meanwhile, the Kremlin has accused the US of "international boorishness" for Washington's "rubbish" attempts to characterize Moscow's relationship with Damascus unfairly.
I'm guaranteed to hear, "But... Who could've seen this coming?" Or "We knew prices were frothy, but no on could've foreseen the effect it had on XYZ asset classes". Yeah, right! This should mark my 3rd accurate bubble pop call in 8 years.
Of course, with Goldman's desk making millions in commissions executing AAPL's weekly, if not daily, buyback orders, the last thing Goldman would dare to do is issue a report that angers Tim Cook. But another problem may be emerging for AAPL: China. As a reminder, China recently became the biggest end-market for iPhone demand and any hints this may be jeopardized could have severe repercussions on the stock price. Which is why we paid particular attention to the report overnight from China's finance ministry, which accused a China unit of Apple of underpaying taxes in 2013 by 452 million yuan ($71 million), "which comes as China toughens its stance on tax payments by foreign firms."
It has become virtually impossible to differentiate between actual central bank intervention, hopes of central bank intervention, and how the two interplay on what was once the "market" but is now merely the place where money printers duke it out every day in some pretense of price discovery set by those who literally print money.
Now that Europe's migrant crisis is making international headlines on a nightly basis, France and Britain are set to use the influx of aslylum seekers as a pretext for airstrikes in Syria. The timing could not be more convenient as new "intelligence" suggests that Russia is expanding its presence in the Assad stronghold around Latakia. For its part, Germany is out warning the Kremlin against "military engagement."
The Minneapolis Fed's Narayana Kocherlakota is at it again, suggesting that if Congress really cares about dragging the US economy out of the post-crisis doldrums, it will give the Fed more rope by issuing more debt.
Remember when two months ago Schauble, jokingly, offered Jack Lew to "trade" Greece for Puerto Rico? Something tells us in the interim period the German finmin changed his mind because while the Greek can has been kicked again, if only for the time being until bailout #4, the full severity of the Puerto Rican insolvency was laid out for all to see moments ago when top officials and outside advisors to the commonwealth released a highly-anticipated report showing that island's whopping funding gap of $28 billion will at best be reduced to "only" $13 billion over the next several years. Worse: according to the report of the so-called Working Group, the Treasury’s single cash account and Government Development Bank would exhaust available liquidity before the end of the year