Wall Street Journal

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Why Goldman Expects The Japanese Yen To Collapse Within 12 Months





"We expect $/JPY to move higher again in the near term and continue to forecast $/JPY at 130 a year from now.... by making the fiscal expansion permanent and funded through money creation (a politically correct phrase for a form of 'helicopter money'), expectations of future inflation should increase and real rates fall"

 
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Dohaha, Slippery Oil Prices Laugh at Nearly Everyone





Irrational market exuberance hits its zenith after Doha talks fail as oil prices rise, instead of fall, because of minor Kuwait oil strike, then stay up after the strike fails within a day, then rise more when Saudis promise to retaliate with more production and stay up when Russians promise to retailiate with still more production.

 
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The Party Is Over: Regulators Propose To Cap, Defer And Clawback Wall Street Bonuses





Coming off a year in which Wall Street experienced the lowest average bonus since 2012, it now has to brace itself for new regulation on incentive compensation. One of the last pieces of Dodd-Frank to be written and implemented, regulators are looking to firm up the rules surrounding incentive pay for banks. The final regulation, once agreed upon, will not just apply to banks, it will also apply to investment advisers, broker dealers, credit unions, and executives at mortgage finance companies Fannie Mae and Freddie Mac according to the Wall Street Journal.

 
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Who Will Win The Next Five States: The "Presidential" Walk-Thru





Coming off big wins in New York this week, Donald Trump and Hillary Clinton look to move one step closer to the nomination next Tuesday as five states (Connecticut, Delaware, Maryland, Pennsylvania, Rhode Island) will be choosing their candidate.

 
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Keynesian Central Bankers - Wrong From The Beginning, But No One To Stop Them





"They really don’t know what they are doing. They never have. And nobody stops them."

 
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Why Stocks Rebounded Overnight: Goldman Expects BOJ To Double Its Equity Purchases As Soon As Next Week





"We think the BOJ is most likely to ease mainly via the qualitative measure, with increasing ETF purchasing the central pillar, with a view to improving business confidence. We think the market is already factoring in an increase in annual purchasing from ¥3.3 tn to ¥5-6 tn, and we thus think the BOJ may look to slightly more than double its current figure to around ¥7 tn." - Goldman

 
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"We Express Deep Apologies" - Mitsubishi Admits Rigging Emissions Test Data





It's all fun and games until someone is caught cheating. That is the lesson that Volkswagen learned last fall, when the German car manufacturer was caught using software that could detect when an emissions test was taking place in order to give better results. Today, it looks like Mitsubishi Motors will learn that very same lesson. "We express deep apologies to all of our customers and stakeholders for this issue," Mitsubishi said in a statement, also saying that the company "conducted testing improperly to present better fuel consumption rates than the actual rates."

 
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Why Negative Rates Are Positive For Gold





In the first 14 weeks of the New Year, gold rose 16%. The first quarter qualified as its best beginning year performance in 30 years (CNBC, E. Rosenbaum, 4/14/16). The reversal was prompted by stumbling stock markets and a series of sharply dovish turns from central banks around the world. Perhaps the main reason people buy gold is as a hedge against inflation. But uncertainty and fear contributed undoubtedly to gold’s stellar first quarter rise. But will it continue?

 
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Sam Zell Predicts Recession Next Year: "I'm Being Realistic, Not Pessimistic"





"If somebody needs a bell ringing to figure out that the [market] frothy right now, then I’m in the business of selling hearing aids..."

 
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Institutionalized Lying - Why Central Bankers Never See Bubbles





Every day there is more confirmation that the casino is an exceedingly dangerous place and that exposure to the stock, bond and related markets is to be avoided at all hazards. In essence the whole shebang is based on institutionalized lying, meaning that prouncements of central bankers, Wall Street brokers and big company executives are a tissue of misdirection, obfuscation and outright deceit. And they are self-reinforcing, too.

 
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The Growing Divergence Between America's Most And Least Affordable Cities





If you've ever been to Houston, you know that the city has decided not to limit expansion with restrictive zoning laws. The city sprawls as far as the eye can see, with apartments next to restaurants, which are next to gentleman's clubs, which are next to luxury hotels. While not the "norm", this type of model has actually led to declining home prices since 1980. As the Wall Street Journal reports, cities that have expanded their territory have been able to keep real-estate prices much more affordable than cities who have onerous zoning laws prohibiting expansion (or are unable to due to geographical constraints). Thus, a significant divergence is emerging in affordability between cities.

 
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Futures Wipe Out Most Overnight Losses Following Dramatic Rebound In Crude





Following yesterday's OPEC "production freeze" meeting in Doha which ended in total failure, where in a seemingly last minute change of heart Saudi Arabia and specifically its deputy crown prince bin Salman revised the terms of the agreement demanding Iran participate in the freeze after all knowing well it won't, oil crashed and with it so did the strategy of jawboning for the past 2 months had been exposed for what it was: a desperate attempt to keep oil prices stable and "crush shorts" while global demand slowly picked up.  And whether it is central banks, or chronic BTFDers, just 12 hours after oil opened for trading with a loud crash, the commodity has nearly wiped out all losses, and both brent and WTI were down barely 2%, leading to both European stocks and US equity futures virtually unchanged on the session. 

 
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The Real Reason Hillary Clinton Refuses To Release Her Wall Street Transcripts





"It was pretty glowing about us... It’s so far from what she sounds like as a candidate now. It was like a rah-rah speech. She sounded more like a Goldman Sachs managing director."

 
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Hungary Issues Sovereign Bonds Denominated In Yuan: Another Nail In US Reserve Currency Status?





Hungary priced the three-year bond at a yield of 6.25%, raising 1 billion yuan ($154 million), a small size for a sovereign deal. Bankers not involved in the transaction estimate that if Hungary issued debt in U.S. dollars and swapped the proceeds into yuan, it would have paid almost 1% less in annual interest costs. The dim-sum market isn’t an appealing market right now. Issuance of offshore yuan bonds has been falling consistently since Beijing’s decision to devalue its currency by 2% in August last year—the prospect of another yuan devaluation has sapped much of the appeal of such bonds for offshore investors.

 
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