• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

Evercore

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Frontrunning: April 3





  • Russia says expects answers on NATO troops in eastern Europe (Reuters)
  • Dealers say GM customer anxiety rising, sales may take hit (Reuters)
  • China Unveils Mini-Stimulus Measure (WSJ)
  • Londoners Priced Out of Housing Blame Foreigners (BBG)
  • New earthquake in Chile prompts tsunami alerts (Reuters)
  • Ukrainian Billionaire Charged by U.S. With Bribe Scheme (BBG)
  • Chinese Investments in U.S. Commercial Real Estate Surges (BBG)
  • Old Math Casts Doubt on Accuracy of Oil Reserve Estimates (BBG)
  • US secretly created 'Cuban Twitter' to stir unrest (AP)
 


Tyler Durden's picture

Frontrunning: January 29





  • Obama warns divided Congress that he will act alone (Reuters)
  • Fed Decision Day Guide From Emerging Markets to FOMC Voter Shift (BBG)
  • Fed poised for $10 billion taper as Bernanke bids adieu (Reuters)
  • Bernanke’s Unprecedented Rescue Unlikely to Be Repeated (BBG)
  • Argentina Spends $115 Million to Steady Peso (WSJ)
  • Billionaires Fuming Over Market Selloff That Sinks Magnit (BBG)
  • SAC’s Counsel Testifies at Insider Trading Trial in Unexpected Move by the Defense (NYT)
  • Automakers Fuel Japan’s Longest Profit Growth Streak Since 2007 (BBG)
  • Turkey Crisis Puts Jailed Millionaire at Heart of Gold Trail (BBG)
  • Ukraine expects $2 billion tranche of Russian aid soon (Reuters)
 


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Frontrunning: October 24





  • Central Banks Drop Tightening Talk as Easy Money Goes On (BBG)
  • More Democrats voice Obamacare concerns as website blame goes around (Reuters)
  • Contractors Point Fingers Over Health-Law Website (WSJ)
  • Jury Decides Against BofA on 'Hustle' Program (WSJ)
  • Credit Suisse to overhaul interest rates trading business (FT)
  • Home Builders Target Higher End (WSJ)
  • The Many Lives of Iron Mountain (NYer)
  • Busy tourist season nudges Spanish unemployment lower (Reuters)
  • Morgan Stanley Joins BofA in Broker Recruiting Truce (BBG)
  • Ending World’s Longest Nonstop Flight Adds Five Hours (BBG)
 


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Frontrunning: September 13





  • U.S., Russia to push for new Syria peace talks (Reuters)
  • Elite Syrian Unit Scatters Chemical Arms Stockpile (WSJ)
  • Obama to nominate Summers as Fed chief: Nikkei (Reuters)
  • Boehner Wants Joint Talks on Debt, Budget (WSJ)
  • House Republicans go for broke in fiscal battles (Reuters)
  • Pimco, BlackRock Together Received More Than a Quarter of Verizon's $49 Billion Bond Deal (WSJ)
  • Insane financial system lives post-Lehman (Gillian Tett)
  • JPM to add $2.5 billion to its litigation reserves in the second half of the year (WSJ)
  • Goldman’s Zurich offices visited over working-hours complaint (FT)
 


Tyler Durden's picture

BATS And DirectEdge To Merge, Terms Not Disclosed





When you add High Frequency Trading exchange 263 and  High Frequency Trading exchange 264 (read all about DirectEdge over the years here), you get a whole lot of happy algos. It also means that MtGox is on its way to becoming the world's most stable exchange. We now expect the market to crash in celebration. We joke, of course, but if anyone trips over the BATS extension cord that sends AAPL under $500 and the NYSE Arca and NASDAQ shutting down again, we take no responsibility. Finally, in continuing the spirit of full transparency and openness of everything HFT-related, the terms of the transaction will not be disclosed.

 


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Frontrunning: July 24





  • Humans Beating Robots Most Since ’08 as Trends Shift (BBG)
  • Easing of Mortgage Curb Weighed (WSJ)
  • European Banks Face Capital Gap With Focus on Leverage (BBG)
  • Signs Suggest China Warming to Idea of Stimulus (WSJ)
  • China Coal-Fired Economy Dying of Thirst as Mines Lack Water (BBG)
  • Jeans and shoes show criminal underbelly of China-EU trade (Reuters)
  • How U.S. drug sting targeted West African military chiefs (Reuters)
  • Japan scrambles jets after China plane flies by southern islands (Reuters)
  • Apple Plots Return to Growth After Coping With Aging Lineup (BBG)
  • AT&T Falls Shy of Analyst Estimates as Discounts Hurt Margins (BBG)
  • SAC insider trading case takes twist (FT)
 


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The Full List Of 2013's Bilderberg Attendees





The only thing more ominous for the world than a Hindenburg Omen sighting is a Bilderberg Group meeting. The concentration of politicians and business leaders has meant the organisation, founded at the Bilderberg Hotel near Arnhem in 1954, has faced accusations of secrecy. Meetings take place behind closed doors, with a ban on journalists. We suspect the agenda (how the US and Europe can promote growth, the way 'big data' is changing 'almost everything', the challenges facing the continent of Africa, and the threat of cyber warfare) has been somewhat re-arranged as market volatility picks up and the status quo begins to quake once again.  The annual gathering of the royalty, statesmen, and business leaders, conspiratorially believed to run the world (snubbing their Illuminati peers and Freemason fellows), will take place this week at the Grove Hotel in London, England. The Telegraph provides the full list of attendees below - for those autogrpah seekers - including Britain's George Osborne, US' Henry Kissinger, Peter Sutherland (the chairman of Goldman Sachs), the Fed's Kevin Warsh, Jeff Bezos?, Peter Thiel, Italy's Mario Monti, and Spain's de Guindos.

 


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Frontrunning: April 24





  • The Inland Empire bubble is back: BMW to Amazon Space Demand Spurs Rush to Inland Empire (BBG)
  • Tamerlan Tsarnaev was on classified government watch lists (Reuters)
  • Brothers in Boston Bombing Case Said Drawn to Radicalism (BBG)
  • Germany Spurns Calls to Loosen Austerity Stance (WSJ)
  • Spain poised to ease austerity push (FT)
  • What ever happened to France's voice in Europe? (Reuters)
  • U.S., South Korea Reach Nuclear Deal (WSJ)
  • U.S. Sees No Hard Evidence of Syrian Chemical Weapons Use (BBG)
  • RBA Set to Invest Foreign Currency Reserves in China, Lowe Says (BBG)
  • FedEx Wins $10.5 Billion Postal Contract as UPS Shut Out (BBG)
 


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DELL Deal Done





With a modest premium over yesterday's closing price (and 25% premium to Jan 11th price), and thanks to a big hand from Microsoft (with a bridge not an equity participation), Michael Dell (and Silver Lake) are taking Dell private.

  • *DELL TO BE ACQUIRED BY MICHAEL DELL-SILVER LAKE FOR $13.65-SHR
  • *DELL TO BE BOUGHT IN DEAL VALUED AT $24.4 BILLION :DELL US
  • *DELL DEAL TO BE FINANCED BY FUNDS INCLUDING $2B MICROSOFT LOAN
  • *DELL SAYS THERE IS NO FINANCING CONDITION :DELL US
  • *DELL PACT PROVIDES GO SHOP PERIOD FOR 45 DAYS         :DELL US

Funding by BofAML, Barclays, CS, and RBC - better hope the CLO demand keeps up. Full PR below:

 


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Frontrunning: January 30





  • Boeing misses Q4 top line ($22.3 bn, Exp. $22.33 bn) beats EPS ($1.28, Exp. $1.18), guides lower: 2013 revenue $82-85 bn, Exp. 87.9 bn
  • Hilsenrath discovers DV01: Fed Risks Losses From Bonds  (WSJ)
  • Airlines had 787 battery issues before groundings (Reuters)
  • Monte Paschi ignored warnings over risk, documents show (Reuters) as did Mario Draghi
  • China averts local government defaults (FT)
  • Economy Probably Slowed as U.S. Spending Gain Drained Stockpiles (Bloomberg)
  • Bono Is No Match for Retail Slump Hitting Dublin’s Fifth Avenue (BBG)
  • Catalonia requests €9bn from rescue fund (FT)
  • US plans more skilled migrant visas (FT)
  • Japan PM shrugs off global criticism over latest stimulus steps (Reuters)
  • CIA nominee had detailed knowledge of "enhanced interrogation techniques" (Reuters)
  • Cleanliness Meets Godliness as Russia Reeled Into Cyprus (BBG)
  • Deutsche Bank Seen Missing Goldman-Led Gains on Cost Rise (BBG)
 


Tyler Durden's picture

Frontrunning: January 21





  • With array of challenges, Obama kicks off second term at public inauguration (Reuters)
  • Uneasy in the Political Climate, Mickelson Talks Like Someone Ready to Step Away (NYT)
  • BOJ Should Slow Easing If Yen Weakens Too Much, Hamada Says (BBG)
  • Spain Recession Scars Exposed as Jobless Seen at 6 Mln (BBG)
  • Davos Doom Loses to Merkel-Draghi as Euro Defies Roubini (BBG)
  • Algeria finds dead Canadian militants as siege toll rises (Reuters)
  • Beijing tries to clean up its act (FT)
  • Investigators probe Boeing 787 battery maker (Reuters)
  • Netanyahu Gets Landslide in Markets Masking No Peace Process (BBG)
  • Google aims to replace passwords with ID ring (Telegraph)
  • Kim Dotcom launches new upload site (FT)
  • Dell Said to Hire Evercore to Seek Higher Bids After Buyout (BBG)
  • Hostess Bakers Union Hires Investment Bank Gordian in Asset Sale (BBG)
 


Tyler Durden's picture

Frontrunning: October 25





  • Japan grapples with own fiscal cliff (Bloomberg)
  • Japan Protests After Four Chinese Vessels Enter Disputed Waters (Bloomberg)
  • Asian Stocks Rise as Exporters Gain on China, U.S. Data (Bloomberg)
  • An obsolete Hilsenrath speaks: Fed Keeps Rates Low, Says Growth Is Moderate (WSJ)
  • ECB Said to Push Spain’s Bankia to Swap Junior Debt for Shares (Bloomberg)
  • Spain’s Bad Bank Seen as Too Big to Work (Bloomberg)
  • China postpones Japan anniversary events (China Daily)
  • Carney Says Rate Increase ‘Less Imminent’ on Economy Risk (Bloomberg)
  • Credit Suisse to Cut More Costs as Quarterly Profit Falls (Bloomberg)
  • Obama offers a glimpse of his second-term priorities (Reuters)
  • Draghi defends bond-buying programme (FT)
 


Tyler Durden's picture

Frontrunning: July 27





  • Bundesbank Maintains Opposition to ECB Bond Buying (WSJ)
  • Greek Budget Talks Stumble as EU Urges Samaras to Deliver (Bloomberg)
  • Fortified by euro, Finns take bailouts on the chin (Reuters)
  • China Job Market for Graduates Shows Stress on Slowdown (Bloomberg)
  • China Exports Fade as Inflation Eludes Targets: Cutting Research (Bloomberg)
  • Japan Falters as Ito Calls for Euro Buys to Rein in Yen: Economy (Bloomberg)
  • Government weighs social insurance reforms (China Daily)
  • Colombia’s Split Central Bank to Weigh First Rate Cut Since 2010 (Bloomberg)
 


Tyler Durden's picture

Frontrunning: April 26





  • Fed Holds Rates Steady, But Outlooks Shift (Hilsenrath)
  • Has Obama Stacked the Fed? Not Really (Hilsenrath)
  • High Court Skeptical of Obama’s Use of Power as Campaign Starts (Bloomberg)
  • Europe Seen Adding Growth Terms to Budget Rules as Focus Shifts (Bloomberg)
  • China Reaches Out to Its Adversaries Over Rare Earths (WSJ)
  • Iran Says It May Halt Nuclear Program Over Sanctions (Bloomberg)
  • Europe Shifts Crisis Focus to Growth as Merkel Backs Draghi Call (Bloomberg)
  • Merkel Wants Rules for Raw Material Derivative Trade (Reuters)
  • Evercore Profit Falls 62% as Investment Banking Expenses Rise (Bloomberg)
 


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Bank Of Spain Releases Details Of Additional Capital Needs For Spanish Banks





First we got Italy telling the world quietly it would not meet its deficit target for 2013, and will in fact experience debt/GDP growth in all outer years, and now we get the Bank of Spain, also taking advantage of today's market rally to dump its own set of bad news, namely that Spanish banks will need to provision another €29.1 billion, and will have higher core capital requirements of €15.6 billion (this is fresh capital). 90 banks have already complied with the capital plan, 45 have yet to find the needed cash. Putting this into perspective, the amount already written-down is €9.2 billion. So, just a little more. And this assumes there are no capital shortfalls associated with any impairment from the YPF -> Repsol follow through, which as Zero Hedge already showed, would leave various Spanish banks exposed. In other news, there is one more hour of trading: we suggest every insolvent entity in the world to quickly take advantage of the interim euphoria, as tomorrow may not be so lucky. Of course, in the worst case, Japan will just bail everybody out.

 


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