Tyler Durden's picture

Frontrunning: November 11

  • GOP debate winners and losers (Hill)
  • European Stocks Rise as Dollar Weakens; Metals Decline on China (BBG)
  • Global shares shrug off mixed China data, copper teeters near six-year low (Reuters)
  • Fed's Evans: Looking forward to time when Fed can raise rates (Reuters)
  • Alibaba’s Global Ambitions Face Counterfeit Challenge (WSJ)
  • China Rebalancing Takes Hold as Output Slows, Retail Jumps (BBG)
Sprott Money's picture

U.S. Dollar: The Barbarous Relic

There is “a barbarous relic” in our global monetary system. It is the U.S. dollar: the worthless, monetary relic of an empire in decline.

Tyler Durden's picture

China's 'Nasdaq' Rises For 6th Straight Day As Commodities, Freight Index Collapse

The PBOC weakened the Yuan fix for the 7th straight day - the longest such streak of 'devaluation' since 2012 - which appears to have helped fuel yet another day of gains for China's most-levered Shenzhen and ChiNext stock indices (even though the USDollar is losing altitude against Asian FX). At the break we note that the lower beta CSI-300 and Shanghai Composite are diverging lower. Meanwhile, over in real economy land, Copper is hitting new lows, nickel is weak, zinc is down, and China Containerized Freight Index just hit a new record low... but when has any of that ever mattered?

Tyler Durden's picture

On The Verge Of The Great Unraveling, Looking Back From 2050

Empires, like adolescents, think they’ll live forever. In geopolitics, as in biology, expiration dates are never visible. When death comes, it’s always a shock. "At the beginning of the great unraveling, in 2015, I was still a young man. Like everyone else, I didn’t see this coming. Today, in 2050, fewer and fewer people can recall what it was like to live among those leviathans... Thirty-five years and endless catastrophes later on a poorer, bleaker, less hospitable planet, it’s clear that we just weren’t paying sufficient attention. Had we been listening, we would have heard the termites. There, in the basement of our common home, they were eating the very foundations out from under us. Suddenly, before we knew quite what was happening, all that was solid had melted into air."

Tyler Durden's picture

Son Of Billionaire Steel Magnate Plunges To His Death Amid Demise Of UK Industry

He built the world's fastest road-legal car. He produced a classic British gangster flick. And he fell to his death on Sunday amid the global deflationary supply glut.

Tyler Durden's picture

The Most Important Earnings Report You Should Know About

"As we progressed through the quarter, conditions softened. And September was especially weak, particularly in the U.S. product businesses....September typically is the strongest month of the year... There appears to be a general slowdown in U.S. industrial customer spending, both capital and operating spending.... we're not expecting to see sequential growth until the second half of the year (2016)"

- Keith Norbusch, ROK CEO

Tyler Durden's picture

Bullish Hopes, Bearish Signals

There is little evidence currently that the rally over the last couple of months has done much to reverse the more "bearish" market signals that currently exist. Furthermore, as noted by Jochen Schmidt, the current market action may be more indicative of market topping process. Not unlike previous market topping action, the markets could indeed even register "new highs," as witnessed in both 2000 and 2007 before the major market correction begins. This is typically how "bull markets" end by providing false signals and sucking in the last of those willing to "buy the top." The devastation comes soon after.

Tyler Durden's picture

Mind The New Lows - Copper, Junk Credit, & More

Once again we feel the close tug of systemic illiquidity as it transcends the usual noise about assurances to ignore or trivialize all this growing uncertainty. Even though stocks and other assets have been trading in their own world mostly free from all this more hidden esoterica, the full weight of this analysis suggests that can’t be more than a temporary deviation. Since it is the angle of economy that is ultimately driving all of this, everything depends upon a global economy that has already been beaten down far past anticipation.

Tyler Durden's picture

Destroying The "Technology Always Creates More Jobs Than It Destroys" Meme

Believers in "technology always creates more jobs than it destroys" never address the knotty issues of taxpayer subsidies, secular trends of higher labor costs, the eradication of low-skill jobs that pay enough to live on without taxpayer subsidies, or the structural surplus of conventional labor and capital--the scarcity value of both are dropping to zero. While many hope that every low-skill person can become a high-skilled worker, training people doesn't create jobs for them.

Tyler Durden's picture

Billionaire Chinese "Beverly Hillbilly" Pays $170 Million For Naked Woman At Christie's

In what's being described as a "palpably tense" tense auction, a "Chinese Beverly Hillbilly" dubbed "The Eccentric Mr. Liu" paid the second highest price at auction in history for a Modigliani. 

Tyler Durden's picture

Apple Cuts Component Orders By 10% Due To Weak iPhone 6s Demand: Credit Suisse

"Apple has lowered its component orders by as much as 10% according to our teams in Asia. The cuts seem to be driven by weak demand for the new iPhone 6s, as overall builds are now estimated to be below 80mn units for the December quarter and between 55-60mn units for the March quarter."

Tyler Durden's picture

China Sends Fighter Jets To Island, Demands No Mention Of "Contentious Issues" At Summit

On the heels of Washington's move to send a guided missile destroyer to Subi Reef, Beijing has now moved its fighter jets closer to the Spratlys in what certainly looks like an effort to "deter" any further "meddling" by the US and its regional allies. 

Tyler Durden's picture

Frontrunning: November 10

  • Bonds Rise as China Drags Down Metals, Selloff in Stocks Resumes (BBG)
  • European Stock Rally Runs Out of Steam Amid China Growth Concern (BBG)
  • Obama's immigration action blocked again; Supreme Court only option left (Reuters)
  • Ukraine: Cyberwar’s Hottest Front (WSJ)
  • With $170.4 Million Sale at Auction, Modigliani Work Joins Rarefied Nine-Figure Club (NYT)
  • IEA Sees OPEC Market Share Growth in 2020 as Rivals Stagnate (BBG)
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