On the corners of Lagos' Sin Street, the purveyors of the oldest profession in the world have embraced the digital age. Amid the escalating 'war on cash', Nigerian hookers have turned to 'cashless sex' with point-of-sale machines...“I have had issues with men complaining that they wanted to have fun, but no cash at hand. But since the introduction of the PoS machine, once you have your MasterCard, you are in for fun. Fun unlimited.”
It may be option expiration day (always leading to abnormal market activity) but it remains all about the weak dollar, which after crashing in the two days after the Fed's surprisingly dovish statement has put both the ECB and the BOJ in the very awkward position that shortly after both banks have drastically eased, the Euro and the Yen are now trading stronger relative to the dollar versus prior. As DB puts it, "the US Dollar has tumbled in a fairly impressive fashion since the FOMC on Wednesday with the Dollar spot index now down the most over a two-day period since 2009" which naturally hurts those countries who have been rushing to debase their own currencies against the USD.
Less than 24 hours after European stocks tumbled on initial disappointment by Draghi's announcement that rates will not be cut further, mood has changed dramatically and the result has been that after "reassessing" the ECB kitchen sink stimulus, risk has soared overnight with both Asian and European stocks surging. As of this moment European bourses are all broadly higher led by banks, with the DAX and FTSE both up over 2.7%, while the Stoxx 600 is higher by 2.3% as of this writing.
- China’s Yuan Makes Largest Gain Since 2005 on PBOC Cue (WSJ)
- Japan's Nikkei soars over 7%, for its biggest gain since 2008 (BBG)
- Global shares rise as firmer Chinese yuan eases deflation fears (Reuters)
- Banks' Surge Takes Europe's Stock Rally Into 2nd Day; HSBC Rises (BBG)
- Oil extends rally on prospects OPEC could act to counter low prices (Reuters)
- Europe's Higher-Yielding Bonds Benefit as Global Turmoil Eases (BBG)
"Truth is like poetry. And most people f**king hate poetry." - From the Big Short movie (overheard at a Washington D.C. bar)
The upper-middle class that's supported the "recovery" with massive discretionary spending is far more vulnerable to implosion/insolvency than is generally appreciated.
For the first time since 2012, Bafin - Germany’s banking regulator, which for a minute looked like it might actually accuse Anshu Jain of lying about LIBOR - has closed a bank. All financial transactions by Maple Bank of Canada’s German subsidiary have been halted due to "imminent over indebtedness."
- European stocks plunge as Lunar New Year offers no cheer (Reuters)
- European Stocks Fall, Credit Weakens as Signs of Distress Abound (BBG)
- Management trouble at world's biggest hedge fund: Bridgewater succession plan in flux as heir Greg Jensen steps back (FT)
- U.S. athletes should consider not attending Olympics if fear Zika - officials (Reuters)
- Geithner Gets JPMorgan Credit Line to Invest With Warburg Pincus (BBG)
- Top Clinton Donor Wants a Law Against $1 Million Gifts Like His (BBG)
Actions – including the state’s best-intentioned ones (giving them the benefit of the doubt) - have consequences, not all of them foreseen and some of them contrary to what was (we assume) intended.
Right NOW may very well be THE best time to raise money! But make sure you know what you're getting yourself into...
In the aftermath of the Volkswagen emissions manipulation scandal, things for the giant German car maker appear to be going from bad to worse with every passing week.
If Angela Merkel wants to get rid of one of her major headaches, we suggest she should tell Volkswagen to move its operations from Wolfsburg to China. It may seem a strange thing to do at first blush, with 750,000 German jobs on the line, but bear with us here, because this could well be the only way to preserve at least some value for VW’s stock- and bondholders.
- Dollar at three-month high as payrolls paralysis sets in (Reuters)
- 5 Things to Watch in the October Jobs Report (WSJ)
- China to Lift Ban on IPOs (WSJ)
- ArcelorMittal Is Latest Victim of China's Steel-Export Glut (BBG)
- 'Hope to see you again': China warship to U.S. destroyer after South China Sea patrol (Reuters)
- Giants Tighten Grip on Internet Economy (WSJ)
- Questions Surround Valeant CEO Pearson (WSJ)
Volkswagen Tumbles Again As Emissions Scandal Deepens, Gasoline Engines Dragged In: Wall Street's ReactionSubmitted by Tyler Durden on 11/04/2015 08:09 -0400
"VW is leaving us all speechless."
“This can get pretty ugly.”