• Marc To Market
    08/29/2015 - 10:18
    Dollar recovered from the exaggerated panic at the start of last week.  Outlook is still constructive.  Here is an overview of the technical condition of currencies, bonds, oil , and S&...

Reuters

GoldCore's picture

Gold Bullion Holds Its Own As Media Stocks Collapse





That hasn’t stopped many gold bears from using this as an opportunity to disparage gold. A recent article points out that the gold rout has cost China and Russia $5.4 billion. An amount that would sound colossal were it not for the fact that U.S. media companies such as Disney and Viacom collectively lost over $60 billion for shareholders in as little as two days last week ...

 
Tyler Durden's picture

Third Time's The Charm? Greece Agrees To Bailout Amid Rampant Skepticism





After what were described as "marathon" negotiations, Greece and its creditors have agreed to the terms of the country’s third bailout program. Although some remain optimistic, the general consensus seems to be that, as Finnish Foreign Minister Timo Soini said over the weekend, "we should just admit that this isn't going to work."

 
Tyler Durden's picture

Frontrunning: August 11





  • China Rattles Markets With Yuan Devaluation (BBG)
  • China Move Sparks Wave of Yuan Selling (WSJ)
  • China's devaluation raises currency war fear as Greece strikes deal (Reuters)
  • Protests return to Ferguson streets, state of emergency declared (Reuters)
  • Heavily armed 'Oath Keepers' inject new unease to riot-hit Ferguson (Reuters)
  • Greece Secures Bailout Deal After All-Night Talks in Athens (BBG)
  • U.S. Identifies Insider Trading Ring With Ukraine Hackers (BBG)
 
Tyler Durden's picture

China's Historic Devaluation Sends Equity Futures, Oil, Bond Yields Sliding, Gold Spikes





If yesterday it was the turn of the upside stop hunting algos to crush anyone who was even modestly bearishly positioned in what ended up being the biggest short squeeze of 2015, then today it is the downside trailing stops that are about to be taken out in what remains the most vicious rangebound market in years, in the aftermath of the Chinese currency devaluation which weakened the CNY reference rate against the USD by the most on record, in what some have said was an attempt by China to spark its flailing SDR inclusion chances, but what was really a long overdue reaction by an exporter country having pegged to the strongest currency in the world in the past year.

 
Tyler Durden's picture

Don't Be Fooled By The Political Game: The Illusion Of Freedom In America





Being a citizen in the American corporate state is much like playing against a stacked deck: you’re always going to lose. The game is rigged, and “we the people” keep getting dealt the same losing hand. Even so, most stay in the game, against all odds, trusting that their luck will change. The problem, of course, is that luck will not save us.

 
Tyler Durden's picture

Frontrunning: August 10





  • Grim China data keeps stimulus hopes alive (Reuters)
  • Berkshire Hathaway to Buy Precision Castparts for About $37 Billion (BBG)
  • Greece, lenders in final push to seal new bailout (Reuters)
  • Quantitative Easing With Chinese Characteristics Takes Shape (BBG)
  • Greece nears €86bn accord with creditors (FT)
  • Oil Futures Signal Weak Prices Could Last Years (WSJ)
  • Drop in long-term investment hinders eurozone recovery (FT)
  • Two shot in Ferguson amid standoff between police, protesters (Reuters)
 
Tyler Durden's picture

Chinese Stocks Soar On Terrible Economic Data; US Futures Levitate; Brent Drops To 6 Month Lows





Following last week's bad news for the economy (terrible ADP private payrolls, confirmed by a miss in the NFP) which also resulted in bad news for the market which suffered its worst week in years, many were focused on how the market would react to the latest battery of terrible economic news out of China which as we observed over the weekend reported abysmal trade data, and the worst plunge in Chinese factory prices in 6 years. We now know: the Shanghai Composite soared by 5%, rising to 3,928 and approaching the key 4000 level because the ongoing economic collapse led Pavlov's dog to believe that much more easing is coming from the country which as we showed last night has literally thrown the kitchen sink at stabilizing the plunge in stocks.

 
Tyler Durden's picture

Shots Fired In Ferguson On Brown Death Anniversary, Day After Hillary Says "Police Bias Is Clear"





Four days after we showed a video in which Nation of Islam leader urged black Americans to "rise up and kill those who kill us", two days after we reported that "Black-White Race Relations Under Obama are the Worst In The 21st Century", shots were fired, according to Reuters, on Sunday during a march in Ferguson, Missouri to mark the one year anniversary of the death of Michael Brown. More troubling is that none other than the potential future president of the US was adding gasoline to the fire yesterday, when in an interview with Al Sharpton Hillary Clinton discussed "criminal justice reform" and said the following: "in convicting of crimes, in sentencing of crimes, you compare African-American men to white men: it is unfortunately clear as it could be that there is a bias in favor of white men."

 
Tyler Durden's picture

"We Should Admit This Isn’t Going To Work": One Country's Grim Assessment Of Greece's Future





"If Greece collapsed and Grexit would be tomorrow’s reality, we would lose 3-4 billion euros more or less at once. So I hope that the EU and euro zone, that in due course, we can face the facts and say enough is enough and that we must do something else."

 
Tyler Durden's picture

Case For Yuan Devaluation Grows As Chinese Factory Prices Fall Most In Six Years





On Saturday, we got what we called a stark "reminder of just who is lying hunched over, comatose in the driver's seat of global commerce" when China reported that exports fell 8.3% in July, far more than consensus and the most in four months. On Sunday, we got still more evidence of China’s economic malaise as producer prices plunged 5.4%, the largest Y/Y decline since 2009.

 
Tyler Durden's picture

Tesla Loses More Than $4,000 On Every Car Sold





With the usual two year delay, others such as Reuters, are starting to notice that under the Tesla hood there are nothing but cockroaches. And now that the growth "story" has taken a back seat following the latest guidance cut in deliveries, fears that the company will have to dilute shareholders to keep the "story" afloat, are rapidly emerging. Case in point, Reuters calculation of a fact that was known to most observers but certainly not to retail enthusiasts who "bought the stock just because others bought the stock", i.e., that Tesla loses about $4000 on ever car it makes.

 
Tyler Durden's picture

China's Secret Gold Hoarding Strategy





It makes logical sense that China would understate its gold aspirations. If you had the means to acquire hundreds, or even thousands, of tons of gold, you’d want to do so as stealthily as possible in order to avoid tipping off the market. If your strategic objective was to dramatically boost gold reserves over a period of several years, you wouldn’t want to see the price rise – at least not while you’re still accumulating. And if you had no ethical qualms about interfering in the market, you’d want to rig prices lower so you could obtain more ounces. Chinese officials are more than willing to manipulate markets, whether through subterfuge, deceit, or outright force.

 
Tyler Durden's picture

Frontrunning: August 7





  • July job gains may favor September interest rate rise (Reuters)
  • It's all about Trump at raucous Republican debate (Reuters)
  • The 5 Most Important Takeaways From the First Debate of 2016 (BBG)
  • Republican presidential candidate Carly Fiorina wins the Web (Reuters)
  • Hedge Fund Losses From Commodity Slump Sparking Investor Exodus (BBG)
  • Winners and losers from the first Republican presidential debate (WaPo)
  • Bush turns in workmanlike debate performance, but will it be enough? (Reuters)
 
Tyler Durden's picture

Oil Trading "God" Loses $500 Million In July On Commodity Rout





It appears that after the great collapse of 2014, oil trading "god" Andy Hall refused to learn from his mistakes, and was convinced that oil would promptly rebound up to its historic levels. He was wrong, and as Reuters reports, after two consecutive months of 3% losses in May and June at which point he was up just 2% for the year, July was by far the cruelest month in history for the oil trader, a month in which he suffered a whopping 17% loss, one which lowered his aum by $500 million to $2.8 billion.

 
Tyler Durden's picture

Analysts Give Up On "Man-Made" China Data: It's "A Fantasy" That "No One Believes"





The veracity of China's economic data has long been the subject of debate and when FT called out the country’s National Bureau of Statistics for employing what we called "deficient deflator math" the NBS responded, saying the data reflected the "real situation." Now, virtually no one believes Beijing, with some analysts simply dismissing the "official" figures out of hand. 

 
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