How do you change the way people think? You start by changing the words they use.
- Chinese Stock Plunge Leaves State Media Speechless (BBG)
- China’s Market Selloff Accelerates (WSJ)
- Any Deal on New Greek Bailout Funds Put Off Until Weekend (WSJ)
- ECB keeps ELA funding limit for Greece unchanged for third day in a row (Reuters)
- Impoverished Greek City Stands With Alexis Tsipras (WSJ)
- Why It Won’t Be a Default If Greece Misses IMF Payment Next Week (BBG)
- Valeant Makes Takeover Approach to Zoetis (WSJ) - or how Ackman assures himself another good T+3 quarter
- Obamacare ruling puts Supreme Court on hot seat in U.S. presidential race (Reuters)
Just when you think we have finally hit "peak farce" this happens:
NO EUROGROUP AGREEMENT IN SIGHT ON GREECE: EU OFFICIAL
EUROGROUP HAS BEEN 'INDEFINITELY SUSPENDED:' EU OFFICIAL
EUROGROUP MAY RECONVENE ONCE GREECE PROPOSAL RECEIVED: OFFICIAL
- Doubts over City of London’s “fintech” in age of cyber war - Thousands left in “financial limbo” after tech “error” - 600,000 RBS customer payments go "missing" in "system failure”
Time for the musicians to learn the lessons that the video guys in Hollywood learned from them...
Minimum-Wage-Raising, Mysterious-Store-Shutting Wal-Mart Removes All Confederate Flag Merchandise From StoresSubmitted by Tyler Durden on 06/22/2015 19:36 -0400
In the latest populist act of America's largest retailer, minimum-wage-raising, mysterious store-closing Wal-Mart has decided to remove all Confederate Flag merchandise from its stores. Apparently it will continue to stock handguns, rifles, crossbows, ammunition, and other land-of-the-free-to-choose merchandise.
- Mood brightens after latest Greek offer to creditors (Reuters)
- ECB's Nowotny - Greek banks have funding extension for today (Reuters)
- Any Greece deal must match party manifesto, minister says (Reuters)
- Greece says now up to lenders to move on an agreement (Reuters)
- Greece sends wrong documents to monitors... Again (FT)
- U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
- Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
- Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)
Rig counts went into free-fall after it became clear that OPEC was not interested in propping up the price of oil for the benefit of rapidly expanding shale oil producers. While that approach hurt OPEC’s income in the short term, it also immediately impacted rig counts in the shale oil fields. But - and here is the narrative - shale oil producers continue to make gains in production even as rig counts have been slashed because they are becoming more and more efficient.
Our modern western financial and banking system with its massive dependency on single interface websites, servers and the internet faces serious risks that few analysts have yet to appreciate and evaluate.
As Russia adjusts to Western sanctions stemming from the conflict in Ukraine, Gazprom is now settling all crude sales to China in renminbi. At the intersection of the petrodollar's death and yuan hegemony is: the PetroYuan...
After a quiet Asian session, where not even the latest Chinese CPI miss was enough to push the SHCOMP to new multi-year highs, all eyes were on Europe where a few hours ago the European Commission announced it had received not one but two new proposals from Greece with the Greek government adding that it considers proposals submitted last week as remain basis for political negotiations. However, barely had Europe received the Greek addenda when it nein'ed all over them, with BBG citing an international official directly involved in talks saying that the "Greek government's revised proposal to unlock bailout funds is vague rehash of earlier plans, not considered credible."
In yet another sign that Russia and China are set to work together to extricate themselves from a dependence on the dollar specifically and on Western financial institutions more generally, Russia’s largest bank has, for the first time, extended yuan-denominated letters of credit in concert with the Chinese Export-Import bank.
There will be a tipping point where the advantage to be gained by badly impacting the dollar and positioning the yuan as new reserve currency will be greater than the disadvantage suffered by a collapse in the value of the dollar. The tipping point is closer than many believe.
"Under severe capital controls, redenomination and nationalisation risk rises. The Greek banks would be most at risk, while the two largest non-financial issuers could potentially continue to service their external debt even after a redenomination of domestic liquidity and revenues. Such a scenario also poses major risks to GGBs and other EGB markets"...