Reuters

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"We Want The Names Of Anyone Who Sold" - China's Market Witch Hunt Enters Twilight Zone





Having claimed 'foreign interests' were "waging an economic war" against China, it was ironic that the most outspoken of Chinese SOEs is now under investigation for 'selling' shares when it was told not to. As Reuters reports, China is extending its dragnet for "malicious sellers" to Hong Kong and Singapore as the witchhunt blame-mongery continues, Rather ominously, the China Securities Regulatory Commission (CSRC) has demanded trading records to try to identify those with net short positions who would profit in case of further falls in China-listed shares, three sources at Chinese brokerages and two at foreign financial institutions said. Even more incredibly, as Bloomberg reports, despite total ignorance by US regulators, China is 'daring' to crackdown on market manipulation via 'spoofing'.

 
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Will FTC Probe Of Largest For-Profit College Lead To Another Billion Dollar Taxpayer Bailout?





Earlier this week, the largest for-profit college in the country disclosed that the FTC is investigating whether the school adopted "deceptive or unfair practices" in the course of recruiting students. Now that the closure of Corinthian Colleges has set a $3.6 billion precedent, will the government investigation of Apollo Education put taxpayers on the hook again?

 
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Spot The Greek Referendum





When fiat fragility shows its fecklessness, it appears people turn to the alternatives...

 
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Frontrunning: July 31





  • U.S. stock futures slip amid lukewarm earnings, fall in commodities (Reuters)
  • Stressful times for low-polling Republicans who may miss debate stage (Reuters)
  • Trump shows staying power with surge ahead of first debate (Reuters)
  • China Market Manipulation Probe Targets Spoofers After Crash (BBG)
  • Beijing Chosen to Host 2022 Winter Olympics (WSJ)
  • Obama Warns Support on Iran Deal ’Getting Squishy’ Amid Pressure (BBG)
  • Pacific trade negotiators chase elusive final deal in tough talks (Reuters)
 
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Chinese Stocks Drop, End Worst Month Since August 2009; US Equity Futures Flat





In a repeat of Thursday's action, Chinese stocks which had opened about 1% lower, remained underwater for most of the session before attempting a feeble bounce which took the Shanghai Composite fractionally into the green, before the now traditional last hour action which this time failed to maintain the upward momentum and the last day of the month saw a surge in volume which dragged the market to its lows before closing roughly where it opened, -1.13% lower.  This caps the worst month for Chinese stocks since since August 2009, as the government struggles to rekindle investor interest amid a $3.5 trillion rout, one which has sent the Shanghai market lower by 15% - the biggest loss among 93 global benchmark gauges tracked by Bloomberg.

 
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China Says US "Militarization" Of South China Sea Shows Washington "Wants Nothing Better Than Chaos"





"China is extremely concerned at the United States' pushing of the militarization of the South China Sea region. "What they are doing can't help but make people wonder whether they want nothing better than chaos."

 
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Now It's Personal: Koch Brothers "Freeze Out" Donald Trump





With everyone asking 'what can derail this?', perhaps, there is something. As Politico reports, the massively influential Koch brothers are freezing out Donald Trump from their influential political operation - denying him access to their state-of-the-art data and refusing to let him speak to their gatherings of grass-roots activists or major donors.

 
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"Moscow Must Burn": Ukraine's "Christian Taliban" Pledges Anti-Russian "Crusade"





"I would like Ukraine to lead the crusades. Our mission is not only to kick out the occupiers, but also revenge. Moscow must burn."

 
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Threat Of Cyber War – “Other Reason To Own Physical Gold” – Rickards





Jim Rickards, “I think it’s always very important to own gold. I’ve recommended that investors have about 10% of their portfolio in the yellow metal.” “If I’m right and some catastrophic event is on the horizon, then that 10% would be your portfolio insurance.”

 
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US Supreme Court To Decide What Constitutes Insider Trading





Today, with just one day to go until Bharara deadline runs out to plead the SCOTUS to opine on redefining what "insider trading" means , we found out why Bharara had requested the extension: as Reuters reports, the U.S. Justice Department asked the Supreme Court on Thursday to reverse a federal appellate court's ruling that authorities said limited their ability to pursue insider trading cases.

 
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The Energy Layoffs Resume: Shell Fires 6,500, Whiting Cuts 2015 Budget 2 Weeks After Raising It





Yesterday it was US and Italian energy giants Chevron and Saipem which announced a total of over 10,000 new job cuts in the aftermath of oil sliding back under $50 and resuming its downward trend. Today, we got more confirmation of this when Royal Dutch Shell, still basking in the glow of its proposed $70 billion mega-acquisition of BG Group, announced it would axe 6,500 jobs this year and step up spending cuts, responding to an extended period of lower oil prices which contributed to a 37 percent drop in the oil and gas group's second-quarter profits.

 
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An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation





Speaking to a gathering of some 200 Syriza lawmakers on Wednesday, Greek PM Alexis Tsipras drew a line in the sand, insisting that the divisions within the party cannot persist. In a dramatic move, Tsipras called for a party referendum on Sunday to decide once and for all whether Syriza lawmakers will support the bailout or push for its cancellation.

 
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Frontrunning: July 30





  • Second-quarter GDP seen rebounding on consumer spending, housing (Reuters)
  • China Stocks Fall as Traders Puzzle Over Sudden Late-Day Swings (BBG)
  • European 'alliance of national liberation fronts' emerges to avenge Greek defeat (Telegraph)
  • Thomas Cook warns on earnings over Greece (MW)
  • Largest Greek toy seller Jumbo warns of hit from capital controls (Kathimerini)
  • Chevron and Exxon Get the Plaudits, but Some Smaller Drillers Faring Well (WSJ)
  • Schäuble outlines plan to limit European Commission powers (FT)
  • UBS Deal Shows Clinton’s Complicated Ties (WSJ)
 
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Chinese Stocks Tumble In Close Of Trading "Causing Panic", US GDP To Be Revised Higher On Seasonal Adjustments





We start off the overnight wrap up with the usual place, China, where in a mirror image of Wednesday's action, stocks once again started off uneventful, then gradually rose in the afternoon session and meandered near unchanged territory until the last half hour, when out of the blue they tumbled to close near the day's low, some 2.2% below yesterday's closing level.  What caused it?  One possible catalyst came from Reuters which reported that that Chinese banks were investigating their exposure to the stock market via wealth management products and loans backed by stock as collateral. 

 
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Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation





"He is going to pay me back in some sort of product when he is able to, maybe in cheese."

 
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