• EconMatters
    04/27/2015 - 14:18
    If the DOJ and CFTC is going to be consistent, then they have to indict the entire financial community from the CME, Exchanges, Brokers, Institutions, Investment Banks, Hedge Funds, Management Funds...

Yuan

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Frontrunning: April 3





  • Iranians celebrate, Obama hails 'historic' nuclear framework (Reuters)
  • Iran Nuclear Accord Hailed as Landmark After Marathon Talks (BBG)
  • Two New York City women accused of planning 'terrorist attack' (Reuters)
  • Cyprus Lifts Capital Controls Two Years After Deposits Bail-In (BBG)
  • Jury Hits Chrysler With $150 Million Penalty in Boy’s Death (WSJ)
  • Greece says ready to make IMF payment on April 9 (Reuters)
  • Germanwings Co-Pilot Set Plane to Go Faster Before Crash (BBG)
  • IBM hire advisers to deal with restless investors - sources (Reuters)
 
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China Becomes Global Lender Of Last Resort With Bailout Of World's Most Indebted Oil Company





It appears Beijing isn’t opposed to throwing billions behind serving as a lender of last resort and we can’t help but wonder if the new round of Petrobras financing is indicative of where China will steer initial AIIB funding — that is, into oil and into Washington's backyard.

 
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Frontrunning: April 2





  • Samaras Says He’d Join Alliance to Keep Greece in Euro (BBG)
  • Tensions with Warren camp could loom over Clinton campaign (Reuters)
  • Ackman Report on Herbalife in China Figures in Probe (WSJ)
  • Al Shabaab storms Kenyan university, 14 reported killed (Reuters)
  • Iraq’s Four-Mile Line of Supertankers Fuels Shipping-Rates Surge (BBG)
  • Menendez's fate could sharpen Republicans' edge in Senate (Reuters)
  • IRS Chief Chides Ted Cruz Over 'Abolish the IRS' Mantra (BBG)
  • Yemen Houthi fighters backed by tanks reach central Aden (Reuters)
 
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Futures, Dollar Drift Lower, Oil Slides Ahead Of "Whisper Miss" Payrolls





Unlike yesterday's vertigo-inducing overnight session, today has been a smooth sea by comparison even if one which has flowed from the top left to the bottom right for now, with futures erasing all of the last minute surge which was HFT programmed to sticksave the S&P just green for the year and then some. It is difficult to pinpoint the catalyst that will be today's market narrative although with NFP in just over 24 hours, falling on a holiday which will allow S&P futures just 45 minutes of trading after the BLS report hits before closing for the day, and with the weak ADP not to mention the 0.0% GDP, the "whisper" expectation is for a NFP print that will be well below consensus, somewhere in the mid-100,000s if not worse now that the bartender hiring spree is over. The fact that March payrolls have missed on 6 of the last 7 reports probably adds to the dollar weakness, even if a huge miss tomorrow may just be the catalyst Yellen needs to launch the QE4 trial balloon.

 
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Frontrunning: April 1





  • Oil holds around $55 as Iran nuclear talks drag on (Reuters)
  • Bob Diamond’s African Banking Venture Runs Into Problems (WSJ)
  • Iran Nuclear Talks Resume With Lavrov Saying Deal at Hand (BBG)
  • Wal-Mart Ratchets Up Pressure on Suppliers to Cut Prices (WSJ)
  • Renegades of Junk: The Rise and Fall of the Drexel Empire (BBG)
  • Explosion at Yemen factory kills at least 25: residents, medics (Reuters)
  • Macerich Rejects Simon Property’s $16.8 Billion Takeover Bid (WSJ)
  • Reckoning Arrives for Cash-Strapped Oil Firms Amid Bank Squeeze (BBG)
 
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China Builds $6 Million Bridge To Nowhere





 
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Frontrunning: March 31





  • Iran, powers push for nuclear deal as clock ticks toward deadline (Reuters)
  • How DIY Bond Traders Displaced Wall Street’s Hot Shots (BBG)
  • MillerCoors Caught in a Downdraft (WSJ)
  • Saudi-led strikes again hit Yemen overnight (Reuters)
  • Even With Free Money, Merkel Still Reluctant to Spend (BBG)
  • Britain Uses Tax Breaks to Lure Digital-Game Developers (WSJ)
  • China to Insure Deposits in Move Toward Scrapping Rate Curbs (BBG)
  • As China Expands Its Navy, the U.S. Grows Wary (WSJ)
 
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Japan "Wakes Up," Joins China-led Development Bank (And Then Backs Out)





In what FT correctly notes is the "biggest coup yet for China," Tokyo looks set to break ranks with Washington and join the China-led AIIB.

 
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Frontrunning: March 30





  • Setbacks and progress as Iran, six powers meet to end nuclear impasse (Reuters)
  • Russia’s Foreign Minister Sergei Lavrov to Leave Iran Nuclear Talks (WSJ)
  • Obama Ramps Up Lobbying on Iran as Deadline Looms (WSJ)
  • Greek yields edge up as lenders scrutinise reform pledge (Reuters)
  • Oil prices drop on possible Iran deal, dollar (Reuters)
  • Yemen’s Houthis Battle for Aden as Saudi Strikes Hit Rebels (BBG)
  • Iran nuclear deal to see $20 oil if Tehran floods crude market (Telegraph)
  • China’s Zhou Says PBOC Has Room to Act on Growth Slowdown (BBG)
 
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"The Risks Are Very High" Swiss Billionaire Warns "Global Financial Markets Have Never Been This Distorted Before"





"Global financial markets are more distorted than ever before and accordingly, the risks are very high... All equity and currency markets are pretty extended, at present; and many of the bond markets are as well... We know that the longer a distortion prevails, the more investors get used to it and it becomes the “new normal” to them. That’s where the problem lies! I see three potential threats..." - Felix Zulauf

 
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When Will China Disclose Its True Official Gold Reserves And How Much Is It?





"If the RMB wants to achieve international status, it must have popular acceptance and a stable value. To this end, other than having assurance from the issuing nation, it is very important to have enough gold as the foundation, raising the ‘gold content’ of the RMB. Therefore, to China, the meaning and mission of gold is to support the RMB to become an internationally accepted currency and make China an economic powerhouse. That is why, in order for gold to fulfill its destined mission, we must raise our gold holdings a great deal, and do so with a solid plan. Step one should take us to the 4,000 tonnes mark, more than Germany and become number two in the world, next, we should increase step by step towards 8,500 tonnes, more than the US."

- Song Xin, Party Secretary and President of the China Gold Association

 
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De-Dollarization Continues As Russia Seeks AIIB Membership





As Moscow and Seoul throw their support behind China's Asian Infrastructure Investment Bank, the question is no longer about the end of dollar hegemony but rather about the extent to which the new venture will be used to institute a global shift towards the yuan. 

 
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China's Banks Cut Dividends Amid Rising Bad Loans, Expectations Of Falling NIM





“The new normal for the Chinese economy and banking sector includes sluggish growth and persistent credit deterioration,” one analyst tells Bloomberg. China's largest banks are seeing loans tied to manufacturing and other sectors sour which is cutting into profitability just as rate cuts squeeze NIM margins.

 
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Obama Administration Bullies Allies Over Iran Nuke Deal Dissent





President Obama is "blowing up our alliances to secure a deal that paves Iran’s way to a bomb," according to European sources close to the negotiations, and as Washington Free Beacon reports, efforts by the Obama administration to stem criticism of its diplomacy with Iran have included threats to nations involved in the talks, including U.S. allies. France has borne the brunt of Obama's wrath as one source in Europe close to the ongoing diplomacy said the US has begun to adopt a “harsh” stance toward its allies in Paris because "the clarifications expose just how weak the Americans’ deal is shaping up to be."

 
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China "Is Not Another US", Does Not Seek "Yuan Hegemony"





"The establishment of the Asian Infrastructure Investment Bank (AIIB) has been depicted by a few overseas media outlets as if China is building its own version of the Bretton Woods system. The Bretton Woods system is a product of the old days. The new global trends created the AIIB and there is no room to look back to the old days of one currency's hegemony," a state-controlled news outlet says, just as China pushes for yuan dominance in the AIIB.

 
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