• Pivotfarm
    05/30/2015 - 08:32
    Warren Buffet isn’t one of the richest men in the world with the flair for making a fast buck or two for nothing.

Reuters

Tyler Durden's picture

Former Head Of Plunge Protection Team Lands At DE Shaw





Brian Sack, he who held the fattest finger on the Fed's green buy button until Simon Potter and his young protege Kevin Henry stepped into those prodigious shoes, has landed a role at mega quant fund D.E.Shaw. As Reuters reports, the former head of the Fed's Market Group will be the co-Director of Global Economics. The fund, with its reputation for mathematical modeling and computer-driven trading over short-term horizons will, we are sure, benefit from Sack's empirical ability to stomp on the throat of the VIX and tinker with VWAPs, though we hope he lasts longer than Larry Summers did. Of course, this almost guarantees that former-D.E.Shaw alum Jeff Bezos' Amazon.com share price will continue to surge as its fundamental performance plunges. The Plunge Protection Team, it appears, is in strong demand, though we hope someone explains that maybe D.E.Shaw does have a MtM policy (and not unlimited balance sheet).

 
GoldCore's picture

Russia, Korea And Central Banks Accumulate Gold On Dip Below $1,600/oz





The World Gold Council noted that central banks increased gold buying 17% to 534.6 tons last year.

Central banks are among the shrewd investors who buy gold bullion on dips. It was reported that South Korea bought 20 tonnes of gold last month rumoured to be below the $1,600/oz mark. This is the first purchase this year for South Korea, after they purchased 30 tonnes in 2012.  Previously they purchased in July 2012 at the same price levels.

 
Phoenix Capital Research's picture

Stocks Are At New Highs... But We're All Poorer For It





 

Checkmate, Fed. You’re spending over $100 million per day to create a grand illusion. Stocks are hitting new all time highs, but none of us are any richer for it.

 
 
Tyler Durden's picture

Frontrunning: March 7





  • French unemployment rises again to highest since 1999 (Reuters)
  • BoJ rejects call for monetary easing (FT)
  • North Korea threatens pre-emptive nuclear strike against US (Guardian)
  • Firms Race to Raise Cash (WSJ)
  • Time Warner Will Split From Magazine Unit in Third Spinoff (BBG) - slideshows, kittens, "all you need to knows" coming to Time
  • U.S. economy, world's engine, remains in "neutral": Fed's Fisher (Reuters)
  • BOE Keeps QE on Hold as Officials Weigh More Radical Measures (BBG)
  • Jobs start to go as US sequestration cuts in (FT)
  • BofA Times an Options Trade Well  (WSJ)
  • Congress Budget Cuts Damage U.S. Economy Without Aiding Outlook (BBG)
  • Dell’s Crafted LBO Pitch Gets Messy as Investors Circle (BBG)
  • Dell says Icahn opposes go-private deal (Reuters)
  • Portugal Rating Outlook Raised to Stable by S&P on Budget Plan (BBG)
  • China’s Richer-Than-Romney Lawmakers Reveal Reform Challenge (BBG)
 
Tyler Durden's picture

Futures Ignore 13 Year High In French Unemployment, Tumble In German Factor Orders; Rise On Spanish Auction





In today's overnight trading, it was all about Europe (and will be with today's BOE and ECB announcements), where things continue as they have for the past six months: when it is a problem that can be "solved" by throwing bucketloads of money, and/or guaranteeing all risk, things appear to be better, such as today's EUR5.03 billion Spanish bond auction (the 0.03 billion part being quite critical as otherwise how will the authorities indicate the pent up demand by the Spanish retirement fund and various other insolvent ECB-backstopped Spanish banks for Spanish debt). And while events that can be "fixed" with massive liquidity injections are doing better, those other events which rely on reality, and the transfer of liquidity into the real economy, are just getting worse and worse. Sure enough, today we also learned that French unemployment rate just hit a 13 year high. But it wasn't only the French economy that continued to slide into recession: Germany wasn't immune either following "surprising" news that German January Factory Orders tumbled -1.9% M/M on expectations of a 0.6% rise, down from a revised 1.1% in December. The great equalization in Europe continues, as the PIIGS, kept still on artificial life support do everything in their power to drag down the core.

 
Tyler Durden's picture

Frontrunning: March 6





  • Kuroda to Hit ‘Wall of Reality’ at BOJ, Ex-Board Member Says (BBG)
  • Venezuelans mourn Chavez as focus turns to election (Reuters)
  • South Korea says to strike back at North if attacked (Reuters)
  • Milk Powder Surges Most in 2 1/2 Years on New Zealand Drought (BBG)
  • As Confetti Settles, Strategists Wonder: Will Dow's Rally Last?  (WSJ)
  • Pollution, Risk Are Downside of China's 'Blind Expansion' (BBG)
  • Obama Calls Republicans in Latest Round of Spending Talks (BBG)
  • Ryan Budget Plan Draws GOP Flak (WSJ)
  • Samsung buys stake in Apple-supplier Sharp (FT)
  • China Joining U.S. Shale Renaissance With $40 Billion (BBG)
  • Say Goodbye to the 4% Rule  (WSJ)
  • Traders Flee Asia Hedge Funds as Job Haven Turns Dead End (BBG)
  • Power rustlers turn the screw in Bulgaria, EU's poorest country (Reuters)
 
Tyler Durden's picture

Frontrunning: March 5





  • As ZH has been saying for months... Draghi Will Need to Push the Euro Down Some More (WSJ) ... but careful with "redenomination risk"
  • Senate Report Said to Fault JPMorgan (NYT)
  • EU Opens Way for Easier Budgets After Backlash (BBG)
  • China Moves to Temper Growth - Property Bubble Is a Key Concern (WSJ)
  • China bets on consumer-led growth to cure social ills (Reuters)
  • Italian president mulls new technocrat government (Reuters)
  • Grillo says MPS won't back technocrats (ANSA)
  • The Russians will be angry: Euro Chiefs Won’t Rule Out Cyprus Depositor Losses (BBG)
  • China Bankers Earn Less Than New York Peers as Pay Dives (BBG)
  • Investors click out of Apple into Google (FT)
  • Community colleges' cash crunch threatens Obama's retraining plan (Reuters)
  • Alwaleed challenges Forbes over his billions - Calculation of $20bn net worth is flawed, says Saudi prince (FT)
  • Guy Hands Dips Into Own Pockets to Fund Bonuses at Terra Firma (BBG)
  • North Korea to scrap armistice if South and U.S. continue drills (Reuters)
 
Tyler Durden's picture

Gundlach Says Stocks "Obviously Overbought", Buys "More Long-Term Treasuries In Last Month Than In Four Years"





Doubleline's Jeff Gundlach must not be a GETCO algo because unlike the algorithmic programs who are all that's left of traders in this policy farce of a manipulated market and who are programmed to BTFD especially when there is a massive stop hunt program about to be unleashed on 10-20 ES contracts, he is not buying stocks. Instead the bond manager has closed his July 2012 call when he called the top in Treasurys, and told Reuters that he has bought "more long-term Treasuries in the last month" than in the last four years." And this coming form the so-called new "bond king." Gundlach said he started buying benchmark 10-year U.S. Treasury notes in the last month after yields popped above 2 percent, because he sees value there relative to other asset classes, including stocks, which he said are "overbought."

 
Marc To Market's picture

Dragi and Italy





Will the Italian election impact ECB policy ?

 
Tyler Durden's picture

Chart Of The Day: China’s $3.3 Trillion FX Reserves Could Buy All World’s Gold Twice





China’s foreign currency reserves have surged more than 700% since 2004 and are now enough to buy every central bank’s official gold supply -- twice. The Bloomberg CHART OF THE DAY shows how China’s foreign reserves surpassed the value of all official bullion holdings in January 2004 and rose to $3.3 trillion at the end of 2012. The price of gold has failed to keep pace with the surge in the value of Chinese and global foreign exchange holdings. Gold has increased just 263% from 2004 through to February 28, with the registered volume little changed, according to data based on International Monetary Fund and World Gold Council figures. By comparison, China’s reserves rose 721% through 2012, while the combined total among Brazil, Russia and India rose about 400% to $1.1 trillion.

 
Tyler Durden's picture

Frontrunning: March 4





  • Must defend against Chinese colonial expansion and get the Nigerian oil: U. S. Boosts War Role in Africa (WSJ)
  • BOJ nominee Kuroda sets out aggressive policy ideas (Reuters)
  • China becomes world’s top oil importer (FT)
  • Baby Cured of HIV for the First Time, Researchers Say (WSJ)
  • Obama to nominate Walmart's Burwell as White House budget chief (Reuters)
  • Wal-Mart Anxious to Combat Amazon’s Lead in Web Vendors (BBG)
  • Nasdaq executing trades at a loss (FT)
  • Spending cut debate casts pall over Obama's second-term agenda (Reuters)
  • Russell Indexes to Reclassify Greece as Emerging Market (BBG)
  • Bond Bears Collide With Swaps Showing Low Rates (BBG)
  • Buffett Deputies Leaving Billionaire in the Dust Get More Funds (BBG)
  • Brazil's leftist president fights to win back business (Reuters)
  • U.S. Special Forces train Syrian Rebels in Jordan (Le Figaro)
  • Carlos Slim Risks Losing World’s Richest Person Title as Troubles Mount (BBG)
 
Tyler Durden's picture

Frontrunning: March 1





  • US braced as cuts deadline passes (FT)
  • U.S. stares down start of steep "automatic" budget cuts (Reuters)
  • Yeltsin-Era Tycoons Sell Resources for Distance From Kremlin (BBG)
  • Italy's center-left leader rules out coalition with Berlusconi (Reuters)
  • Apple Required Executives to Hold Triple Their Salary in Stock (WSJ)
  • BOJ Seen Spiking Punchbowl in April Under New Chief Kuroda (BBG)
  • Diplomatic fallout from EU bonus cap (FT)
  • Italy’s Stalemate Jeopardizes Resolution of Crisis, Finland Says (BBG)
  • Chinese trader accused of busting Iran missile embargo (Reuters)
  • JPMorgan No. 1 Investment Bank Amid a Flurry of New Deals (BBG)
  • Eurotunnel’s Ferry Strategy at Risk as Rivals Cry Foul (BBG)
  • Telepathic rats team up across continents (FT)
 
Tyler Durden's picture

March Starts Off With A Whimper As Global Economic Data Slump





If the new year started off with a bang, March is setting up to be quite a whimper. In the first news overnight, we got the "other" official Chinese PMI, which as we had predicted (recall from our first China PMI analysis that "it is quite likely that the official February print will be just as weak if not more") dropped: while the HSBC PMI dropped to 50.4, the official number declined even more to just barely expansionary or 50.1, below expectations of a 50.5 print, and the lowest print in five months. This was to be expected: Chinese real-estate inflation is still as persistent as ever, and the government is telegraphing to the world's central banks to back off on the hot money. One country, however, that did not have much hot money issues was Japan, where CPI declined -0.3% in January compared to -0.1% in December, while headline Tokyo February data showed an even bigger -0.9% drop down from a revised -0.5% in January. Considering the ongoing surge in energy prices and the imminent surge on wheat-related food prices, this data is highly suspect. Then out of Europe, we got another bunch of PMIs and while French and Germany posted tiny beats (43.9 vs Exp. 43.6, and 50.3 vs 50.1), with Germany retail sales also beating solidly to cement the impression that Germany is doing ok once more, it was Italy's turn to disappoint, with its PMI missing expectations of a 47.5 print, instead sliding from 47.8 to 45.8. But even worse was the Italian January unemployment rate which rose from 11.3% to 11.7%, the highest on record, while youth unemployment soared from 37.1% to 38.7%: also the highest on record, and proof that in Europe nothing at all is fixed, which will be further confirmed once today's LTRO repayment shows that banks have no desire to part with the ECB's cash contrary to optimistic expectations.

 
Tyler Durden's picture

Frontrunning: February 28





  • Grillo kills move to break Italy deadlock (FT)
  • Abe nominates Kuroda to run BoJ (FT)
  • More WMT bad news: Wal-Mart Chief Administrative Officer Mars to Leave: WSJ (BBG)
  • Japan's Abe: Islands Are Indisputably Ours (WSJ) - Except for China of course
  • Low-key departure as pope steps down, to enter the final phase of his life "hidden from the world" (Reuters)
  • Cuts unlikely to deliver promised budget savings (Reuters)
  • European Union caps bankers’ bonuses (FT)
  • White House, Republicans dig in ahead of budget talks (Reuters)
  • Jockeying Stalls Deal on Cuts (WSJ)
  • Argentina Says It Won’t Voluntarily Comply With Bond Ruling (BBG)
  • Italian president says forming new government cannot be rushed (Reuters) - or happen at all
  • Central Banks Spewing Cash Must Plan Exit Timing, Rohde Says (BBG)
  • China Regional Targets Cut in Sign Debt Concerns Heeded (BBG)
  • RBA Says Up to 34 Central Banks Holding Australian Dollars (BBG)
 
Tyler Durden's picture

German FinMin Warns "I Never Said The Euro Crisis Was Over"





Following on the heels of Merkel's adviser Lars Feld's comments, German finance minister Schaeuble has raised concerns over the results of the Italian elections. His comment that,"I never said the euro crisis was over," stands in contrast to the claims of Monti, Draghi, Lagarde, Barroso, and Sarkozy who all have. along with the market's "doubts that a stable government can be formed," raises the risk of turmoil spreading to other euro countries. Schaeuble commented further that, "now it is up to those who were elected in Italy on Sunday to form a stable government. The faster they do this, the quicker the uncertainty will be overcome." The problem, as Reuters reports, appears to be not just Italy's public dissension over Germany's demands for austerity but his French counterpart's comments that "austerity has gone far enough," to which the German rebuked, "France must also do more here, Hollande knows this and so does Pierre Moscovici." Tension is certainly rising in the depression-addled union, even as Draghi explains - it's all ok, he promises.

 
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