China

China

Jim Rogers On Opportunities In Russia & Other Hated Markets

"I’m optimistic about the future of Russia. I was optimistic before this war started in Ukraine, which was instigated by the US, of course. But in any case, I bought more Russia during the Crimea incident, and I’m looking to buy still more. Unfortunately, what’s happening is certainly not good for the United States. It’s driving Russia and Asia together, which means we’re going to suffer in the long run - the US and Europe. Another of the big four Chinese banks opened a branch in Moscow recently. The Iranians are getting closer to the Russians. People are starting to reexamine the propaganda that comes out of Washington. Even the Germans are starting to reassess the situation."

If Not Russia, Then China? Tsipras Invited To Visit Premier Li Keqiang In Beijing

First there was The BRIC nations; then South Africa was rolled in and the group became BRICS; but with news today (following yesterday's Russian invitations for Greece's new leader to meet with Vladimir Putin) that Greece's new Prime Minister Alexis Tsipras has been invited to visit Chinese Premier Li Keqiang, we wonder if the growing non-dollar partnership will be expanded to BRICSH as The Hellenic Republic prepares to walk away from its European overlords 'partners'.

Pivotfarm's picture

The Greek Austerity Myth

Since the anti-austerity Syriza party's victory in Greece's recent general election, the “Greek problem" is again preoccupying markets and policymakers throughout Europe. Some fear a return to the uncertainty of 2012, when many thought that a Greek default and exit from the eurozone were imminent.

Frontrunning: February 11

  • Methodology change sees Indian economy grow faster than China's (Reuters)
  • Can Greek Businesses Even Survive? (WSJ)
  • Putin to travel to Minsk talks raising hopes of a deal over Ukraine (Euronews)
  • Ukraine contact group representatives deny ceasefire deal in Minsk (Reuters)
  • Moar buybacks! Hedge Fund-Backed Investor Puts Himself Up for G.M. Board (NYT)
  • Ukraine peace summit overshadowed by some of war's worst fighting (Reuters)
  • Time for non-non-GAAP excluding China: Tesla CEO threatens firings after dismal China sales - sources (Reuters)
  • Jon Stewart leaving Comedy Central's 'The Daily Show' (Reuters)

Stocks Coiled In Anticipation Of Today's Eurogroup Meeting

The only question on traders' minds today, with the lack of any macro news out of the US (except for the DOE crude oil inventory update at 10:30am Eastern expecting a build of 3.5MM, down from 6.33MM last week, and the 10 Year bond auction at 1pm) is which Greek trip abroad is more important: that of FinMin Varoufakis to Belgium where he will enter the lion's den of Eurogroup finance ministers at 3:30pm GMT, or that of the foreign minister Kotzias who has already arrived in Moscow, and where we already got such blockbuster statements as:

LAVROV: RUSSIA WILL CONSIDER AID REQUESTS, IF GREECE MAKES THEM; KOTZIAS: GREECE IS WILLING TO MEDIATE BETWEEN EU, RUSSIA

Or perhaps both are critical, as what happens in Brussels will surely impact the outcome of the Greek trip to Russia?

Tomorrow Greece Decides: Europe... Or Russia

"Greece's Foreign Minister Nikolaos Kotzias is to visit Moscow on Wednesday to hold talks with his Russian counterpart Sergei Lavrov, Russia's Interfax and TASS news agencies reported on Monday citing a source in the Russian Foreign Ministry." In other words, at precisely the same time as the FinMin is in Brussels discussing the fate, or lack thereof, of Greece in the Eurozone, the new Greek foreign miniser will be in the Kremlin, getting instant updates from Brussels and perhaps discussing the fate of Greece in the Eurasian Economic Union. Or put in the simplest of terms, tomorrow Greece will decide: Europe, or Russia.

Too Big To Sail? Container Ship Cost-Cutting Creates Potential Of "Nightmare" Catastrophe

We remarked on the first notable casualty of the collapse of global trade and with it the cost of shipping freight last week when the first of the bulk shipping bankruptcies occurred, but as The South China Morning Post reports, over the past 10 years, shipping lines have endlessly invested in newer, larger vessels - flooding the market with additional capacity - yet the industry's profitability and return on capital have remained pitiful. This supply-demand imbalance has lowered the cost of ocean shipping, but has raised concerns among vessel operators, insurers and regulators about the potential for catastrophic accidents, as "cost cutting measures such as reducing crew numbers, overworking and lack of training” have exacerbated the risks.

US Plans To Open Naval Base In Australia Risking More 'Inflamed Tensions' With China

With Russia allegedly moving its military presence deeper into NATO territory in Europe (with a Cyrpiot base), Bloomberg reports that in response to the regions' growing strategic importance, the US plans to open naval base in Australia (risking further "inflamed tensions" with China) in the midst of a “pivot-to-Asia” that will see 60% of its naval forces deployed in the region by 2020. The latest move, Admiral Greenert confirms, "we’re doing a study together with the Australia Defence Force to see what might be feasible for naval cooperation in and around Australia, which might include basing ships," as the Indian Ocean and South China Seas are becoming "geostrategic hot spots."

Sprott Money's picture

The Jefferson Airplane sang about truth and lies nearly 50 years ago.

“When the truth is found to be lies

And all the joy within you dies…”

Restating their insight to make it relevant to our global delusions about real money – gold and silver – and the much less real money we call dollars, euros, pounds, yen and so forth:

When the truths we want to believe are clearly lies,

Then CONFIDENCE in our currency dies…


Schauble Shoots Down Stock Surge Catalyst, Says 6 Month Report Is "Wrong", Says If No New Programme "All Over"

When we reported about the latest trial balloon floated by the European commission, namely that Greece may be granted a 6 month extension, we said very clearly, because we knew precisely what was coming, that this report "has to be validated by other members of the European Commission as well as Merkel and the other Germans (and may well be refuted, considering this is Europe)" and "this is after all Europe, which means Eurozone ministers always float trial balloons headlines ahead of major meetings like the one tomorrow, gauge the market reaction, then quickly retract them. Well, the market test has been conducted."

Case in point: SCHAEUBLE: REPORT COMMISSION TO GRANT GREECE 6 MONTHS `WRONG'

No Europe, they are not laughing with you. Laughter aside, this of course, means that Greece now once again has full liberty to engage Russia and China as sources of funding right?

How Dan Loeb Thinks The Greek Crisis Plays Out

As reported yesterday in his Q4 letter to investors, Third Point's Dan Loeb took down his net leverage going into 2015 for one simple reason: a "haunted house market" as he described it, where "a new scary event lurks around each corner", and no event is scarier than a worst-case outcome to the Greek situation. So how does Loeb see the latest Greek crisis ending? Read on for this thoughts.

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension

Update: EUROPEAN COMMISSION SAYS THERE IS NO FORMAL PROPOSAL FOR GREECE BUT TALKS ARE INTENSIVE

* * *

Did Europe just fold? Moments ago Bloomberg blasted a headline which has to be validated (and may well be refuted considering this is Europe), which said that:

COMMISSION TO PROPOSE 6 MONTH EXTENSION FOR GREECE - SOURCES.

So did Greece just win the first round of its stand off with Brussels, and why? What emerged as the biggest point of leverage overnight was the following threat reported hours ago by Reuters, citing the Greek defense minister Kammenos, who essentially threatened to go to Russia and/or China if Europe decline to cooperate.

Despite The ECB's Worst Wishes, Greek Deposit Outflows Said To Slow To A Trickle In February

Since central banks are there 24/7 and on site to intervene and "eliminate" Greek leverage at any flashing red headline, it is up to Greece to create a narrative that the European leverage in turn is also weaker, which means to project, whether based on truth or otherwise, that Greek bank deposit outflows are slowing. That is precisely what Reuters reported moments ago when it reported, citing Greek bankers, that deposit outflows have slowed so far in February after a sharp increase estimated for a month earlier, but savers are still uneasy over the new leftist government's standoff with its official lenders.