• Tim Knight from...
    10/06/2015 - 17:03
    As we head into another earnings season, the bulls better pray to whatever pagan gods they worship that company after company magically defy the downturn that the economy is quite obviously entering.


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Frontrunning: September 23

  • Global Stocks Steady Despite China Slowdown (WSJ)
  • European Recovery Saves Markets From China Gloom as Stocks Rally (BBG)
  • Pope starts U.S. trip with tone of conciliation (Reuters)
  • FBI Said to Recover Personal E-Mails From Hillary Clinton Server (BBG)
  • Volkswagen chief faces grilling by board over diesel scandal (Reuters)
  • 'European Detroit' Fear Grips VW Company Town as Scandal Widens (BBG)
  • Berlin finds itself caught up in Volkswagen scandal (FT)
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Euro Jumps After ECB Members, Leaks Confirm No QE Boost In Near Term

In the aftermath of Yellen's "hung hold" decision, which left the world confused if the economy is getting better or worse, global equity markets proceeded to take both Europe and Japan to task, trying to push one of the last two remaining central banks to boost their QE. And until this morning it was unclear who was going to take the lead. Then, following comments over the past several hours from ECB governing council members Ewald Nowotny and Bostjan Jazbec, as well as a well-directed leak via Market News, we got confirmation that anyone hoping for Mario Draghi to blink first may be disappointed this time around.

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As SEC Rolls Out Liquidity Risk Plan, Here Are The Bond Funds That May Be Most Vulnerable In A Meltdown

With the SEC moving to head off the risk of a bond market meltdown triggered by a dangerous combination of illiquidity and bond fund proliferation, WSJ decided to see which fund providers are the most at risk in a crisis. The list may surprise you...

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The Red Swan? China's Military "Strongly Opposed" To Large Scale Troops Cuts

Hot on the heels of British military threats of a coup, the potential for a truly 'red' black swan of an event has reared its ugly head in China, just as Xi tours America. As Reuters reports, bitterness is growing within China's armed forces to President Xi Jinping's decision to cut troop numbers by 300,000, and, according to a source and commentaries in the military's newspaper, considerable effort will be needed to overcome opposition to the order with PLA official sources warning "people are worried, it's been too sudden."

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Europe Will Force Countries To Accept Refugee Quotas As Migrant "Dictat" Approved

"The dissenters were the ministers representing the Czech Republic, Hungary, Romania and Slovakia. Under European law, three of the countries — the Czech Republic, Romania and Slovakia — would be required to accept migrants against their will, said one European Union diplomat, who spoke on condition of anonymity shortly after the vote."

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PIMCO's Balls On The Fed: There Will Be No Escape From ZIRP

"There is a chance that the Fed, like a number of central banks in recent years, may find it impossible to escape the effective lower bound to which policy rates were cut during the dark days of the crisis some seven years ago."

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Frontrunning: September 22

  • Pressure builds on Volkswagen CEO as emissions-cheating probe spreads (Reuters)
  • Volkswagen Emissions Scandal Relates to 11 Million Cars (WSJ)
  • Volkswagen Emissions Investigations Should Widen to Entire Auto Industry, Officials Say (WSJ)
  • Germany's Bosch makes VW's U.S. diesel components (Reuters)
  • Volkswagen scandal will have personnel consequences - state economy minister (Reuters)
  • Glencore Falls to Record as Mining Shares Lead Stock Losses (BBG)
  • Despite Slump, China’s Xi Jinping Pledges Economic Reforms (WSJ)
GoldCore's picture

Keynes Would Be “Buying Gold Hand Over Fist” Today

"Unlike his acolytes, Keynes understood the value of gold and the dangers of currency debasement ... World where currencies are backed by nothing more than a governmental promise to pay while the printing presses whirled unchecked ..."

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Kremlin Calls For "Action" After Russian Embassy In Syria Hit By Mortar Fire

As Benjamin Netanyahu visits Moscow to discuss the possibility that Russian arms delivered to Syria could end up being funneled to Hezbollah, the action on the ground heats up with the Russian embassy in Damscus coming under mortar fire. The Kremlin has condemned the attack as "criminal" and is now calling for "action." 

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Frontrunning: September 21

  • Fed is out so...BOJ brainstorms stimulus overhaul as options dwindle (Reuters)
  • And... Yellen Pause Ups Pressure on Draghi as Global Pessimism Mounts (BBG)
  • But... Eurozone Nears Limits of What Monetary Policy Can Do (WSJ)
  • Global shares struggle on global growth concerns (Reuters)
  • VW's Emissions Cheating Found by Curious Clean-Air Group (BBG)
  • David Cameron allegedly fucked a dead pig's head (Mirror)
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US Equity Futures Hit Overnight Highs On Renewed Hope Of More BOJ QE

After sliding early in Sunday pre-market trade, overnight US equity futures managed to rebound on the now traditional low-volume levitation from a low of 1938 to just over 1950 at last check, ignoring the biggest single-name blowup story this morning which is the 23% collapse in Volkswagen shares, and instead have piggybacked on what we said was the last Hail Mary for the market: the hope of more QE from either the ECB or the BOJ. Tonight, it was the latter and while Japan's market are closed until Thursday for public holidays, its currency which is the world's preferred carry trade and the primary driver alongside VIX manipulation of the S&P500, has jumped from a low of just over 119 on Friday morning to a high of 120.4, pushing the entire US stock market with it.

GoldCore's picture

Russians Buy 1 Million Ounces of Gold Bars In August

Gold had a 3 percent weekly gain and silver had a 3.5% weekly gain. Gold ended with a gain of 0.73% on Friday while silver rose to as high as $15.43 before ending with a gain of 0.26%.

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Carson Says "No Muslim Should Be In Charge Of America" As Fiorina Surges Into Second Place

"I would not advocate that we put a Muslim in charge of this nation. I absolutely would not agree with that."

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US Syria Strategy Officially Unravels: Kerry Admits Timetable For Assad Exit Is Completely Unknown

With both Russia and Iran seemingly prepared to do what's necessary to ensure Bashar al-Assad isn't toppled in Syria, John Kerry admits that the US strategy of brining about regime change in Damascus is now in serious jeopardy. Speaking from London on Saturday, Kerry attempted to hang on to the “Assad must go” narrative, but in what might fairly be described as the most conciliatory language yet, Washington’s top diplomat essentially admitted that the timetable for Assad’s exit is now completely indeterminate. Meanwhile, Moscow and Tehran are set to hash out Syria's future seemingly without any input from the Americans.

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How The China-Led Bank That's Reshaping The Global Economic Order Almost Never Was

"At the start, China wasn't very confident. The worry was that there was no money for this."

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