Standard Chartered
The Hollowing Out Of Chinese Manufacturing
Submitted by testosteronepit on 05/15/2013 12:31 -0400The great American manufacturing renaissance? Maybe not. But China is losing the low-wage edge.
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Frontrunning: May 2
Submitted by Tyler Durden on 05/02/2013 07:40 -0400- Activist Shareholder
- Apple
- Bank of Japan
- Barclays
- Berkshire Hathaway
- Boeing
- Bond
- Charlie Ergen
- China
- Corporate Finance
- Creditors
- Federal Reserve
- Ford
- Gambling
- General Motors
- Goldman Sachs
- goldman sachs
- Greece
- Iraq
- Japan
- Las Vegas
- LIBOR
- Natural Gas
- Nortel
- Private Equity
- Prudential
- recovery
- Renminbi
- Reuters
- Standard Chartered
- Tender Offer
- Toyota
- Volatility
- Wall Street Journal
- Yuan
- The number of bond funds that own stocks has surged to its highest point in at least 18 years (WSJ)
- Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal (WSJ)
- Cheap money bankrolls Wall Street's bet on housing (Reuters)
- Bank of Japan reveals concerns over easing policy (FT)
- iPads and low-end rivals propel higher tablet shipments (Reuters)
- China Cyberspies Outwit U.S. Stealing Military Secrets (BBG)
- Draghi Fuels Bets on Rate Cut With Risk of Limited Impact (BBG)
- China guides renminbi to fresh high against US dollar (FT)
- Japan is preparing to start up a massive nuclear-fuel reprocessing plant (WSJ)
- Apple’s Ive Seen Risking iOS 7 Delay on Software Overhaul (BBG)
- UBS faces calls for break-up at investor meeting (Reuters)
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Gold Frenzy In India Continues For Second Week As Festival Approaches
Submitted by Tyler Durden on 04/26/2013 10:54 -0400
When it comes to true demand for the "unfondleable" barbaric relic, one can look at spot prices (or listen to CNBC, at least when gold is correcting when it is being commented on every 5 minutes; when it has soared by $150 in 10 days, one hardly hears a peep), or one can continue looking at the absolute frenzy in the physical markets, now all over the world, where those who refuse to take their eyes off the ball, or the G-7 printers as the case may be, understand very well how this story ends. They also understand that the recent gold correction has simply been a buying opportunity, and the further the price fell, the more gold was bought until finally mints, refineries, and brokerages have run out of physical in inventory. Bloomberg reports on the ground from India, the world's biggest importer of gold, where gold consumers "thronged jewelry stores across the country for a second week on speculation that bullion may extend a rally after the biggest plunge in three decades." “Demand has been extraordinary in the past 15 days and sales this April have been much better than last year,” Kamal Gupta, chairman of P.P. Jewellers Ltd., said by phone from Delhi. “We waited for sometime to see if prices will fall more but when we saw them moving up again, we decided it’s time,” said Sripal Jain, a 77-year-old silver dealer who came with his younger brother, daughter and daughter-in-law to buy gold necklaces at Mumbai’s Zaveri Bazaar. “We don’t have any wedding or occasion coming up. The rates fell, so we decided to buy"
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"Panic" For Physical Gold Spreads To UK Where Royal Mint Sales Of Gold Coins Triple
Submitted by Tyler Durden on 04/24/2013 13:10 -0400Things in the US have gotten so bad, not only are most online dealers backlogged weeks and months in advance for most PMs (as the CEO of Texas Precious Metals explained in detail), but respected bullion vaults are also now on the verge of running out of inventory. As Reuters described, "Michael Kramer, president of Manfra, Tordella & Brookes (MTB), a major U.S. coin dealer in New York, has been inundated by orders from existing and new wholesale and retail customers. "It's panic. This is one of the busiest times in quite a while. People think gold's at the lows and they want to take advantage." It was only a matter of time before the last bastion of paper money, London, also succumbed to the soaring demand for physical, and sure enough moments ago Bloomberg reported that the "Britain’s Royal Mint, established in the 13th century, sold more than three times more gold coins this month than a year earlier as prices declined." Sales are more than 150 percent higher than last month, according to Shane Bissett, director of bullion and commemorative coin at the Royal Mint.
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Frontrunning: March 22
Submitted by Tyler Durden on 03/22/2013 07:23 -0400- Cyprus targets big depositors in bank plan (FT)
- Merkel Vents Anger at Cyprus Over Bailout Plan as Deadline Looms (BBG)
- Russia rebuffs Cyprus, EU awaits bailout "Plan B" (Reuters)
- Russia Rejects Cyprus Bid for Financial Rescue as Deadline Looms (BBG)
- Cyprus unveils shake-up as the clock ticks (FT)
- Remember Italy? Italy’s stalemate unnerves investors (FT)
- Credit Suisse CEO pay jump to fuel banker bonus debate (Reuters)
- Kuroda Rebuts Reflation Naysayers as BOJ Action Looms (BBG)
- Fund Manager Says 'Whale' Trade Was a Bet (WSJ)
- House averts government shutdown, backs Ryan budget (Reuters)
- Hong Kong Homes Face 20% Price Drop as Banks Raise Rates (BBG)
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Overnight Futures Levitation Returns
Submitted by Tyler Durden on 03/14/2013 06:54 -0400If the last three days were spared an overnight ramp in US futures, today this has not been the case as the new carry pairs of choice, the USDJPY and EURJPY, have seen constant gradual levitation overnight, pushing the correlated US OTC markets higher and setting the stage for the tenth consecutive, and perfectly artificial, Dow Jones increase. It is notable just how broken the old direct EURUSD-ES correlation is in times when correlation desks can offset selling pressure by shorting Yen and obtain local funding. That said, even the USDJPY appears to have stalled out in the low/mid 96 range - it is unclear what the catalyst pushing the Yen much lower will be, as virtually all rhetorical ammunition used by the BOJ and its affiliates, has by now been well and truly used up, and the daily talkdown sessions are merely a regurgitation of previous talking points.
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Mark-To-Market Manipulation Hides $90 Billion Losses For UK Banks
Submitted by Tyler Durden on 03/12/2013 13:35 -0400
Some have attributed the resurrection of the financial markets (or more appropriately the banks) from the March 2009 lows to the IASB/FASB changes to factual to fantasy accounting. The Telegraph reports today that from PIRC's and the Bank of England's Financial Policy Committee that while banker bonuses continue to rise (for now), 'hidden' losses among UK banks could total GBP60 Billion (USD 90 Billion). HSBC topped the list with GBP10.4 Billion in bad debts that have yet to be written off and while the 'accounting' bodies are suggesting they will address criticism of this farce, as one analyst notes, they "can still make unprofitable lending appear profitable." Regulators expect to hear plans from lenders on how they intend to fill these holes before the end of the month to coincide either with the FPC’s meeting on March 19 or a statement scheduled for March 27. While outright recaps are unlikely, banks are expected to restructure and set out plans to raise their capital levels over the next couple of years. More fantasy...
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Frontrunning: March 12
Submitted by Tyler Durden on 03/12/2013 07:35 -0400- Activist Shareholder
- AIG
- American International Group
- Boeing
- Bond
- Brazil
- Carl Icahn
- China
- Chrysler
- Dell
- Detroit
- Dreamliner
- European Union
- Fisher
- General Motors
- Housing Prices
- Hungary
- Hyperinflation
- Illinois
- Insider Trading
- Intrade
- Iraq
- John Paulson
- KKR
- Lloyds
- Market Share
- Mexico
- Michigan
- Monetary Policy
- Nikkei
- Nomination
- Private Equity
- Puerto Rico
- Real estate
- Recession
- Reuters
- Securities and Exchange Commission
- Securities Fraud
- Serious Fraud Office
- Standard Chartered
- Testimony
- Toyota
- Treasury Department
- United Kingdom
- Uranium
- Wall Street Journal
- Yuan
- Cardinals head to conclave to elect pope for troubled Church (Reuters)
- Hyperinflation 'Unthinkable' Even With Bold Easing: Abe (Nikkei)
- Ryan Plan Revives '12 Election Issues (WSJ)
- Italy 1-yr debt costs highest since Dec after downgrade (Reuters)
- Republicans to unveil $4.6tn of cuts (FT) - Obama set to dismiss Ryan plan to balance budget within decade
- CIA Ramps Up Role in Iraq (WSJ)
- Hollande Hostility Fuels Charm Offensive to Show He’s No Sarkozy (BBG)
- SEC testing customized punishments (Reuters)
- Judge Cans Soda Ban (WSJ)
- Hungary Lawmakers Rebuff EU, U.S. (WSJ)
- Even Berlusconi Can’t Slow Bulls Boosting Euro View (BBG) - luckily the consensus is never wrong
- Funding for Lending ‘put on steroids’ (FT)
- Investigators Narrow Focus in Dreamliner Probe (WSJ)
- With new group, Obama team seeks answer to Karl Rove (Reuters)
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China Lies Says Eaton CEO: Economy Grew Only 3-4% In 2012
Submitted by Tyler Durden on 02/06/2013 10:20 -0400When it comes to estimates of China's growth rate, we could go with the local politburo propaganda which even China itself has admitted is goalseeked worthless drivel fit "only for reference", or we could listen to a megacap CEO, who actually is on the ground and whose business model depends on accurately predicting the underlying economic reality of the world's biggest nation. We chose the latter, in which case we now know that China's 2012 GDP growth was only 3-4%, half the reported 7.8%.
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President Obama Inaugurated - Precious Metals To See Similar Returns As First Year Of Presidency?
Submitted by GoldCore on 01/22/2013 13:22 -0400
Gold edged up and Tokyo gold hit a record multiyear high after the Bank of Japan announced a bold, some would say reckless, $117 billion ‘stimulus’ program as expected. The BOJ’ package included doubling its inflation target to 2% and making an open-ended commitment to asset purchases from next year.
This open ended policy surprised some that expected a small rise in the BOJ's $1.1 trillion asset-buying and lending program.
On Wednesday, there is a scheduled vote in the U.S. Congress proposed by Republicans on the U.S. borrowing limit.
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Even Goldman Says China Is Cooking The Books
Submitted by Tyler Durden on 01/13/2013 15:42 -0400
That China openly manipulates its economic data, especially around key political phase shifts, such as one communist regime taking over for another, is no secret. That China is also the marginal economic power (creating trillions in new loans and deposits each year) in a stagflating world, and as such must be represented by the media as growing at key inflection points (such as Q4 when Europe officially entered a double dip recession, and the US will report its first sub 1% GDP in years) as mysteriously reporting growth even without open monetary stimulus (something we have said the PBOC will not engage in due to fears of importing US, European and now Japanese inflation) is critical for preserving hope and faith in the future of the stock market, is also very well known. Which is why recent market optimism driven by "hope" from Alcoa that China is recovering and will avoid yet another hard landing, and Chinese reports of a surge in Exports last week, are very much suspect. But no longer is it just the blogosphere that is openly taking Chinese data to task - as Bloomberg reports, even the major banks: Goldman, UBS and ANZ - are now openly questioning the validity and credibility of the goalseek function resulting from C:\China\central_planning\economic_model.xls.
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2012 Year In Review - Free Markets, Rule of Law, And Other Urban Legends
Submitted by Tyler Durden on 12/22/2012 12:52 -0400- AIG
- Alan Greenspan
- Albert Edwards
- American International Group
- Annaly Capital
- Apple
- Argus Research
- Backwardation
- Baltic Dry
- Bank of America
- Bank of America
- Bank of England
- Bank of Japan
- Barack Obama
- Barclays
- Behavioral Economics
- Ben Bernanke
- Ben Bernanke
- Berkshire Hathaway
- Bill Gates
- Bill Gross
- BLS
- Blythe Masters
- Bob Janjuah
- Bond
- Bridgewater
- Bureau of Labor Statistics
- Carry Trade
- Cash For Clunkers
- Cato Institute
- Central Banks
- Charlie Munger
- China
- Chris Martenson
- Chris Whalen
- Citibank
- Citigroup
- Commodity Futures Trading Commission
- Comptroller of the Currency
- Corruption
- Credit Crisis
- Credit Default Swaps
- Creditors
- Cronyism
- Dallas Fed
- David Einhorn
- David Rosenberg
- Davos
- Dean Baker
- default
- Demographics
- Department of Justice
- Deutsche Bank
- Drug Money
- Egan-Jones
- Egan-Jones
- Elizabeth Warren
- Eric Sprott
- ETC
- European Central Bank
- European Union
- Exchange Traded Fund
- Fail
- FBI
- Federal Deposit Insurance Corporation
- Federal Reserve
- Federal Reserve Bank
- FINRA
- Fisher
- fixed
- Florida
- FOIA
- Ford
- Foreclosures
- France
- Freedom of Information Act
- General Electric
- George Soros
- Germany
- Glass Steagall
- Global Economy
- Global Warming
- Gluskin Sheff
- Gold Bugs
- Goldman Sachs
- goldman sachs
- Government Stimulus
- Great Depression
- Greece
- Gretchen Morgenson
- Gross Domestic Product
- Hayman Capital
- HFT
- High Frequency Trading
- High Frequency Trading
- Housing Bubble
- Illinois
- India
- Insider Trading
- International Monetary Fund
- Iran
- Ireland
- Italy
- Jamie Dimon
- Japan
- Jeremy Grantham
- Jim Chanos
- Jim Cramer
- Jim Rickards
- Jim Rogers
- Joe Saluzzi
- John Hussman
- John Maynard Keynes
- John Paulson
- John Williams
- Jon Stewart
- Krugman
- Kyle Bass
- Kyle Bass
- Lehman
- LIBOR
- Louis Bacon
- LTRO
- Main Street
- Marc Faber
- Market Timing
- Maynard Keynes
- Meredith Whitney
- Merrill
- Merrill Lynch
- Mervyn King
- MF Global
- Milton Friedman
- Monetary Policy
- Monetization
- Morgan Stanley
- NASDAQ
- Nassim Taleb
- National Debt
- Natural Gas
- Neil Barofsky
- Netherlands
- New York Stock Exchange
- New York Times
- Nikkei
- Nobel Laureate
- Nomura
- None
- Obama Administration
- Office of the Comptroller of the Currency
- Ohio
- Paul Krugman
- Pension Crisis
- Personal Consumption
- Personal Income
- PIMCO
- Portugal
- Precious Metals
- President Obama
- Quantitative Easing
- Racketeering
- Ray Dalio
- Real estate
- Reality
- recovery
- Reuters
- Risk Management
- Robert Benmosche
- Robert Reich
- Robert Rubin
- Rogue Trader
- Rosenberg
- Savings Rate
- Securities and Exchange Commission
- Sergey Aleynikov
- Sheila Bair
- SIFMA
- Simon Johnson
- Smart Money
- South Park
- Sovereign Debt
- Sovereigns
- Spencer Bachus
- SPY
- Standard Chartered
- Stephen Roach
- Steve Jobs
- Student Loans
- SWIFT
- Switzerland
- TARP
- Technical Analysis
- The Economist
- The Onion
- Themis Trading
- Too Big To Fail
- Total Mess
- TrimTabs
- Turkey
- Unemployment
- Unemployment Benefits
- United Kingdom
- US Bancorp
- Vladimir Putin
- Volatility
- Warren Buffett
- Warsh
- White House
Presenting Dave Collum's now ubiquitous and all-encompassing annual review of markets and much, much more. From Baptists, Bankers, and Bootleggers to Capitalism, Corporate Debt, Government Corruption, and the Constitution, Dave provides a one-stop-shop summary of everything relevant this year (and how it will affect next year and beyond).
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Frontrunning: December 11
Submitted by Tyler Durden on 12/11/2012 08:35 -0400- AIG
- American International Group
- Bank of England
- CBL
- China
- Copper
- European Union
- Exxon
- Fail
- Federal Reserve
- Fitch
- France
- General Motors
- Germany
- Hong Kong
- Iceland
- Iran
- Israel
- Japan
- Keefe
- Lazard
- LIBOR
- Mervyn King
- Morgan Stanley
- Motorola
- Newspaper
- recovery
- Reuters
- Standard Chartered
- Treasury Department
- Turkey
- United Kingdom
- Wall Street Journal
- Wells Fargo
- Yuan
- Fed Seen Pumping Up Assets to $4 Trillion in New Buying (BBG)
- China New Loans Trail Forecasts in Sign of Slower Growth (BBG)
- U.S. "fiscal cliff" talks picking up pace (Reuters)
- Insider-Trading Probe Widens (WSJ)
- U.K.'s Top Banker Sees Currency Risk (Hilsenrath)
- Three Arrested in Libor Probe (WSJ)
- Nine hurt as gunmen fire at Cairo protesters (Reuters)
- Egyptian President Gives Army Police Powers Ahead of Vote (BBG)
- Pax Americana ‘winding down’, says US report (FT)
- Japan Polls Show LDP, Ally Set for Big Majority (DJ)
- HSBC to pay record $1.9 billion U.S. fine in money laundering case (Reuters)
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The Latest Bubble: Hong Kong Parking Space Sells For Double Average US Home Price
Submitted by Tyler Durden on 11/29/2012 22:16 -0400
After recently selling the most expensive per-square-foot residential property in the world recently, the liquidity slooshing around the world has been modestly stymied by Hong Kong's curbs on home-buying in the world's most expensive market. But there is always a greater fool to sell to, right? So, that Fed-sponsored liquidity has found a new yield-grabbing spot - parking spaces! Average HK parking space prices have started to surge (up 6.7% in Q3) to its second highest on record and as Bloomberg Businessweek notes, a parking space in the exclusive Repulse Bay are sold for $387,000 (yes, that's a place to park your car; and no, it doesn't come with a happy ending) - double the average US home price! "There's just too much liquidity in the market," said Simon Lo, Hong Kong-based executive director of research and advisory at property broker Colliers International. "The government has set up a firewall for residential properties, but all this money still needs to find a place." Once again we are reminded of the Fed mantra - repeat in monotone: 'there is no inflation and money-printing has no adverse effect'.
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Shuffle Rewind 19-23 Nov " The Only Way Is Up " (Yazz, 1988)
Submitted by AVFMS on 11/24/2012 09:38 -0400If we lacked Direction last week, this week was a strong case for “The Only Way is Up!” with Risk assets soaring. Quite a cleansing process over the last weeks: weak longs stopped out, weak shorts stopped out. Volatility crushed nevertheless.
"The Only Way Is Up" (Bunds 1,44% +12; Spain 5,60% -26; Stoxx 2552 +4,8%; EUR 1,296 +260)
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