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Asian Data Double Whammy Sparks FOMC-Exuberance Unwind

Tyler Durden's picture




 

All the gains that Japan's Nikkei 225 futures had achieved in the post-FOMC-Minutes exuberance have been lost as first Japan (huge miss in machine orders) and then China (huge miss in imports and exports) hit the market with a disappointing data double whammy. US futures are relatively untouched for now (even as USDJPY tumbles back below 102). Asian equity markets are mixed (China/India down notably and Japan fading fast) as another Chinese bank has "delayed payment" on a bond. Copper prices have also reverted and given up post-FOMC gains (despite rumors of PBOC bailout buying).

 

First, Japan machine orders (a primary macro data item) missed by a mile...

 

Then Beijing SAFE Bank "delayed payment on a bond...

China Beijing Safe Bank Investment Funds has delayed a payment to investors on a Shandong province expressway project, 21st Century Business Herald reports, citing a notice hung on the door of the co.

 

A person answering the phone at the co. who wouldn’t give her name declined to comment

 

The co.’s president has left his position, the report says

 

Co. is seeking to sell new products through a private equity platform to make the payment, the report cites an unidentified person from the co. as saying

BJ Unsafe

And then Chinese trade data hit and was total fucking shitshow - no exaggeration...

  • *CHINA'S MARCH IMPORTS FALL 11.3% FROM YEAR EARLIER
  • *CHINA'S MARCH EXPORTS FALL 6.6% FROM YEAR EARLIER

 

But don't worry because the customs chaps think...

  • CHINA IMPORTS, EXPORTS TO RESUME Y/Y GROWTH FROM MAY: CUSTOMS

But it seems to us that there is a long way for "exports" to adjust to real non-fake trade invoice data...

 

Which left the Nikkei having entirely roundtripped its post FOMC gains and reverted to USDJPY...

 

And copper prices given up all their post FOMC gains...

 

Charts: Bloomberg

 

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Wed, 04/09/2014 - 22:38 | 4641878 idea_hamster
idea_hamster's picture

Daaammmmnnnn Youuuuuu AAAAAABBBBBBBEEEEEE!!!!!

(but you have to say it all Shatner-like)

Wed, 04/09/2014 - 22:58 | 4641937 ArkansasAngie
ArkansasAngie's picture

I don't give a rats arse about Abe.

I really could care less about China.

Unless the fed is going to give money directly to me I want all their unconventional horse manure to stop.

But ... but ... people will get hurt.  My retort ... people are already getting hurt.

Screw'em

 

Thu, 04/10/2014 - 01:33 | 4642238 walküre
walküre's picture

The gig would stop as hyperinflation automatically ensued if they gave money directly to us plebs. Therefore, the money stays in the top circle because only those in the top are responsible enough to have millions and billions of Dollars to their names. God forbid if the plebs had the money, they might actually spend it! Instead the money just earns money upon money in a neverending supercycle of wealth growth for the top. Makes just as little sense today as it made sense in the 18th century.

Thu, 04/10/2014 - 04:15 | 4642335 Squid-puppets a...
Squid-puppets a-go-go's picture

these chinese results are a perfect confirmation of the dry baltic index

Thu, 04/10/2014 - 06:09 | 4642399 negative rates
negative rates's picture

You try to unwind that sucker and then come back and tell me there ain't hell to pay.

Thu, 04/10/2014 - 05:05 | 4642362 Wait What
Wait What's picture

Walkure, that's the hidden lie, the multi-generational, cross-national truth-that-can't-be-spoken. that same conclusion dawned on me a while back, that in order to maintain the established heirarchy, fiscal/monetary authorities can only implement policies to keep themselves gatekeepers and their benefactors in their seats of power. otherwise you might get some plebe upstart ruining their game with some of that money, creating an empire outside of their control, even inimical to their interests.

think what would happen to America's oligarchy if the money the Fed is handing out disappeared into an AMazon.com-like-Silk-Road transacting in dollars-converted-to-Bitcoins, where taxes, accounting, and the rule of law were almost impossible to enforce. suddenly you'd see gov't, retailers, bankers, brokers, and all manner of traditional intermediaries become useless overnight; collapse of the visible economy would surely follow.

Thu, 04/10/2014 - 06:11 | 4642404 negative rates
negative rates's picture

There is a law for unins, and a law for weins, and they aint the same law!

Thu, 04/10/2014 - 09:58 | 4642871 LooseLee
LooseLee's picture

Great imagination (and I would like to see it happen), but what they have done and are doing is reason enough to indict these parasites for TREASON and Execute them in public forumn!

Wed, 04/09/2014 - 22:42 | 4641889 HyeM
HyeM's picture

it was the cold weather that impacted china and japan...things will be better next month or next quarter or next year...when it's not as cold /Sarcasm

Wed, 04/09/2014 - 23:08 | 4641931 HardlyZero
HardlyZero's picture

Cold shrinkage, it happens.   Aunt Yellin will pat that mean stiffie down for you.  

 

Also this on CNBC...Dovish Fed lowers Barry-Metric pressure on rates....oh barometric.

Wed, 04/09/2014 - 23:16 | 4641993 Caviar Emptor
Caviar Emptor's picture

You mean phallometric pressure. It has gone limp since the Fed wet dream ended in embarrassment. But don't worry. We'll get it back with Jellin'

Thu, 04/10/2014 - 00:22 | 4642154 HardlyZero
HardlyZero's picture

Hey !  you just woke me up!  and there was Aunt Yellin smiling down at me...

Wed, 04/09/2014 - 22:44 | 4641893 Dr. Engali
Dr. Engali's picture

I forget are we in bad is good and good is bad mode, or are we in bad is bad and good is worse mode? Or maybe it's good is good and bad is bad. Then again it could be good is bad and ...... Ah fuck I think I just went cross eyed.

Wed, 04/09/2014 - 23:09 | 4641957 HardlyZero
HardlyZero's picture

Thank you Doctor.  It's all bad in the end...a state with a bad ruler will tend to suffer (as Scotland does under Macbeth).

Wed, 04/09/2014 - 23:15 | 4641985 CrimsonAvenger
CrimsonAvenger's picture

Macbeth? You know you're at ZeroHedge, right? Can't you explain it using The Princess Bride, Escape From New York, or a Python skit?

Wed, 04/09/2014 - 23:22 | 4642016 Caviar Emptor
Caviar Emptor's picture

And now for something completely different: a CB with no printing press

Thu, 04/10/2014 - 00:25 | 4642163 HardlyZero
HardlyZero's picture

and no center.

Wed, 04/09/2014 - 23:09 | 4641973 Its Only Rock N Roll
Its Only Rock N Roll's picture

mode doesn't matter just buy ES...seems to always work

Thu, 04/10/2014 - 03:15 | 4642300 furgheddubouddit
furgheddubouddit's picture

This is a great post Tyler, and one the main reasons why I come here.

Check out the divergence between the 'official' Chinese export data and REALITY. What a joke!

This is the kind of stuff the MSM spends 24/7 trying to hide.

Wed, 04/09/2014 - 22:46 | 4641905 TheRideNeverEnds
TheRideNeverEnds's picture

I was wondering what just caused that brutal sell-off in the ES, its panic in the streets, total mayhem!!  We are now down a solid point; someone call Janet ASAP, we need another FED announcement! 

Wed, 04/09/2014 - 22:48 | 4641908 SilverIsMoney
SilverIsMoney's picture

As Gold keeps creeping...

Wed, 04/09/2014 - 22:54 | 4641920 vote_libertaria...
vote_libertarian_party's picture

wwwwwwhhhhiiiirrrrrr....bzzzzzzzz

 

(as the printers start warming up)

Wed, 04/09/2014 - 22:57 | 4641926 yogibear
yogibear's picture

Kill the US dollar will you, Russia and China.  Demand payment by Europe for Nat Gas  in gold only.

Yellen and the rest of the Fed heads will help by printing into a crashing US dollar. 

Wed, 04/09/2014 - 22:56 | 4641927 Bosch
Bosch's picture

Oh, is this the nightly cocktease about the markets getting smacked in the nuts with a dose of reality in the morning? 

I want to know if I should get my hopes up now or if I should just wait an hour. 

 

Wed, 04/09/2014 - 23:57 | 4642097 pn17
pn17's picture

Futures traders don't seem to care a bit. Most likely we wake up green. 

Thu, 04/10/2014 - 00:43 | 4642187 Tall Tom
Tall Tom's picture

Just buy the fuckin' dip...LMAO.

 

https://www.youtube.com/watch?v=jllJ-HeErjU

Thu, 04/10/2014 - 02:26 | 4642269 pn17
pn17's picture

They already did. That didn't take long lol.

Wed, 04/09/2014 - 23:07 | 4641966 SilverIsMoney
SilverIsMoney's picture

Oh and of course how could I forget to say...

 

BURN, BABY, BURRRRNNNNNN!!!!!

Wed, 04/09/2014 - 23:20 | 4642009 fzrkid
fzrkid's picture

I dont drink alcohol, but I might have a brew the day the dow drops through the floor

Wed, 04/09/2014 - 23:29 | 4642030 ReactionToClose...
ReactionToClosedMinds's picture

come on now...say it 'collectively' (together...remember... it is for the 'children')) ....we need more debt to jump start economies ......isn't that correct Small Picture Blog.

More Japan, More China, More EU, more USA................. thank heavens there is no such thing as a liquidity trap..........oh wait.....

More taxes. more government programs, more benefits, more debt, sooner or later it will work ...........

but whatever happens......Jon Corzine cannot be indicted or prosecuted.........correct Attorney General Holder (the Marc Rich fixer remember)?

Wed, 04/09/2014 - 23:40 | 4642061 dirtyfiles
dirtyfiles's picture

where there is a air polution put big flatpanel screens outside showing clearly sun

this is what they do in china to calm citizens 

and this is what goverment do here manipulating every aspects of economy,politics,markets,media etc.

Thu, 04/10/2014 - 00:00 | 4642103 Tinky
Tinky's picture

No need to worry – Belgium's got it covered.

Thu, 04/10/2014 - 00:09 | 4642123 mobydick
mobydick's picture

When are we finally going to see some retribution for all these shenanigans? These crooks seem to be able to float around like blood sucking bats untouched by all these shitstorms beneath them.  

Thu, 04/10/2014 - 00:16 | 4642136 STG5IVE
STG5IVE's picture

S&P will still rocket up tomorrow--Looks like they want to try for 1950-2000.  I say it hits above 1900 by Friday a.m. then pulls back slightly by close

Thu, 04/10/2014 - 00:18 | 4642145 naughtius maximus
naughtius maximus's picture

This is definately bullish

Thu, 04/10/2014 - 03:30 | 4642310 Colonel Klink
Colonel Klink's picture

This is definitely bullshit

Fixed it for you.

Thu, 04/10/2014 - 00:23 | 4642155 Bull Bear Nice Pair
Bull Bear Nice Pair's picture

Nothing to see here folks. China's trade surplus is 7.7 billion in March, compared to an estimated 1.8 billion. Not so bad

Thu, 04/10/2014 - 01:11 | 4642215 Roger Shermanator
Roger Shermanator's picture

Come on now, big bucks, big bucks, no whammies... aaannd STOP! 

Thu, 04/10/2014 - 02:57 | 4642285 Spungo
Spungo's picture

Russia could fuck with people by demanding gas payments in Japanese yen. The JPY500 would crash immediately. Millions of people would lose their retirement funds. 

Thu, 04/10/2014 - 05:38 | 4642380 Offthebeach
Offthebeach's picture

Who knows what a price is, or market is doing anymore.
World wide CBs and every nations TBTF banks, dicking in and out 24/7.

Thu, 04/10/2014 - 05:52 | 4642387 Baby Eating Dingo22
Baby Eating Dingo22's picture

Feb Chinese numbers were passed off as weather related

Did that weather continue into March?

How can we get the 1% to buy more Chinsese goods and help our eastern friends?

The Dollar Store needs to go upscale. Free wine and cheese?

 

Thu, 04/10/2014 - 06:55 | 4642448 A_Nejad
A_Nejad's picture

And over there in J-street, Twitter is going up a tad cause a khasar says it's a "hold"?? It's so funny it's frightening, but hey, if you're going, why not go with a bang, it's just Goy money after all...

Thu, 04/10/2014 - 07:48 | 4642532 AdvancingTime
AdvancingTime's picture

More reason to worry about a credit implosion in China. Much of the recent growth in China after 2008 came from a massive 6.6 trillion dollar stimulus program that expanded credit and poured massive amounts of money into the system. This money encouraged expansion and construction with little regard as to real demand or need. Now China has entered a great credit trap.

China is awash in overcapacity and debt. After several years of growing debt concern is rising the whole unstable pyramid is about to come crashing down bringing China and possibly the global economy with it. This is not just about writing off a few bad loans. The shadow banking sector is so large that concerns exist about contagion and a domino series of defaults that might rack the economy as savers lose money.More on this subject in the article below.

http://brucewilds.blogspot.com/2014/03/china-and-great-credit-trap.html

Thu, 04/10/2014 - 07:56 | 4642538 LooseLee
LooseLee's picture

Ah, not to worry...The PINKO COMMIES running the financial world will continue buying equities to continue fleecing the sheeple and spitting in the face of Freedom Loving People. Mind you, these people are the ENEMY of FREEDOM loving peoples everywhere and are the ones who must be annhilated before PEACE and FREEDOM can be restored to our world. And so as not to forget anyone, those refusing to fight the fed are also ENEMIES of FREEDOM loving people. You may think that by worshipping at the feet of these unelected tyrants you can improve your lot in life. Unfortunately it may be your life that is sacrificed for the love of FREEDOM...

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