China

China

India: "No Toilets, But We'll Send Rockets Into Space"

"The worst losers were the poorest people of the country, who are lucky if they have a toilet. 50% of Indians still relieve themselves out in the open... These hungry people have indeed been asked to celebrate that India has recently sent more than 100 satellites into space in a single launch..."

Frontrunning: March 8

  • GOP Disagrees on How—and Whether—to Pay for Tax Cuts (WSJ)
  • 'It's like kumbaya:' Trump's genial private meetings with CEOs jar with public attacks (Reuters)
  • New Health Plan Sparks Debate Over Obamacare Comparisons (WSJ)
  • China Grants Preliminary Approval to 38 New Trump Trademarks (BBG)
  • Questions About Loyalty to Trump Stall Treasury Picks (BBG)
  • Women in U.S. plan to stay off the job, rally in anti-Trump protests (Reuters)

Stocks Mixed As Treasuries Suffer Longest Losing Streak Since 2012, Dollar Pops Ahead Of ADP

Asian markets dropped following disappointing China trade and Japan GDP data, while European stocks rebounded for the first time in five sessions led by miners and banks. US futures were little changed with a strong dollar pressuring oil below $53; sterling slid for the eighth day out of nine before the chancellor of the exchequer delivers his spring budget. Treasuries are headed for their longest losing streak since 2012 ahead of a 10Y U.S. debt auction, and today's ADP private payrolls report.

China Imports Spike As Lunar New Year Skew Creates Biggest Trade Deficit In 3 Years

When the headline prints hit tonight on China's trade data, offshore Yuan dipped and ripped as China faced its first trade deficit in 3 years (-$60bn vs +172.5bn exp) with imports exploding 44.7% YoY (and exports missing expectations dramatically). But it appears the economists forgot about this year's lunar new year holiday falling in January (vs Feb last year) and skewing all the data.

SEC Said To Decide On Bitcoin ETF By Friday

The SEC has a March 11th internal deadline, Coindesk reported, to decide on the proposed rule change that would clear the way for the ETF, which would be the first of its kind. However, as the 11th falls on a Saturday, that decision will come before that date, "potentially before Friday",

Ben Hunt's Mailbag - Life In Trumpland

"I wrote this note because I am so effin’ tired of being called a racist or a sexist because I don’t think that Donald Trump is evil incarnate... I think Trump is a narcissist and an ass, not a Fascist. Like most people in the financial services world, I deal with narcissists and asses every day … they’re not Hitler clones because the only thing they’re really true-believers about is their own self-aggrandizement."

Pat Buchanan Exposes The Beltway Conspiracy To Break Trump

Russian hacking of the DNC is a problem, not a scandal. The scandal is this: Who inside the government of the United States is trying to discredit, damage or destroy the President of the United States? For these are the real subversives.

Speculative Blow-Offs In Stock Markets - Part 2

"...the lagged effects of previous money supply growth excesses are still playing out, just as money supply and credit expansion seems to be coming under pressure. This is combined with a fantasy that is so unlikely, people apparently just cannot bring themselves to doubt its veracity – after all, why would anyone tell such a preposterous story if it were not true?"

China Telecom Giant ZTE Pleads Guilty, To Pay $1.2 Billion Penalty For Selling US Tech To Iran

China's telecommunications giant ZTE has agreed to pay a total of $1.2 billion in penalties and plead guilty to violating U.S. sanctions on Iran, selling US technology to Tehran, and obstructing a federal investigation, ending a five-year probe that has raised trade tensions between the U.S. and China. The penalty was among the largest ever in a sanctions case.

OECD Warns There Is A "Disconnect" Between Markets And The Global Economy

"Disconnect between financial markets and fundamentals, potential market volatility, financial vulnerabilities and policy uncertainties could, however, derail the modest recovery. The positive assessment reflected in market valuations appears disconnected from real economy prospects." - OECD