Barclays

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Bank Of America Psycho Killer Was Busy Helping Hedge Funds Avoid Taxes During His Business Hours





The most bizarre story of the weekend was that of Bank of America's 29-year-old banker Rurik Jutting, who shortly after allegedly killing two prostitutes (and stuffing one in a suitcase), and called the cops on himself.  The answer, as the WSJ has revealed, is just as unsavory: "he had been part of a Bank of America team that specialized in tax-minimization trades that are under scrutiny from prosecutors, regulators, tax collectors and the bank’s own compliance department, according to people familiar with the matter and documents reviewed by The Wall Street Journal."

 
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Frontrunning: November 4





  • Republicans expect gains, but many races close on election day (Reuters)
  • Ahead of tough election, White House blames dismay with Washington (Reuters)
  • On Election Day, a Tale of the Young and the Old (WSJ)
  • Because the recovery: Sprint to Cut 2,000 Jobs as Mobile Customers Keep Leaving (BBG)
  • Ukraine's rebel leader is sworn in, crisis deepens (Reuters)
  • Brilliant: Burkina Faso Army Promises Religious Leaders It Will Step Down (BBG)
  • More Unknowns Leave Central Banks Facing Greater Internal Strife (BBG)
  • Scapegoat found: IBM to Change Leadership at Global Services Unit (WSJ)
  • Explains why Europe just slashed its GDP forecast: Don’t Be Fooled by Warm Spell as Cold Air About to Return (BBG)
 
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Frontrunning: November 3





  • To salvage his presidency, Obama faces pressure to reboot - but will he? (Reuters)
  • Pro-Russian separatist Zakharchenko wins Ukraine rebel vote (Reuters)
  • Russia's Recognition of Ukrainian Separatist Election Is 'Incomprehensible,' Germany Says (Moscow Times)
  • Man Running World’s Biggest Wealth Fund Tackles China Riddle (BBG)
  • Russian Supply Underpins Global Oil Glut (WSJ)
  • Argentina accuses Procter & Gamble of tax fraud, says suspends operations (Reuters)
  • ECB Skips Fireworks for Day One of New Role as Supervisor (BBG)
  • HSBC Hit by $1.7 Billion of Provisions (WSJ)
 
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Lack Of Daily Central Bank Intervention Fails To Push Futures Solidly Higher, Yen Implosion Continues





While it is unclear whether it is due to the rare event that no central bank stepped in overnight with a massive liquidity injection or because the USDJPY tracking algo hasn't been activated (moments ago Abe's deathwish for the Japanese economy made some more progress with the USDJPY hitting new mult-year highs just shy of 113.6, on its way to 120 and a completely devastated Japanese economy), but European equities have traded in the red from the get-go, with investor sentiment cautious as a result of a disappointing the Chinese manufacturing report. More specifically, Chinese Manufacturing PMI printed a 5-month low (50.8 vs. Exp. 51.2 (Prev. 51.1)), with new orders down to 51.6 from 52.2, new export orders at 49.9 from 50.2 in September. Furthermore, this morning’s batch of Eurozone PMIs have failed to impress with both the Eurozone and German readings falling short of expectations (51.4 vs Exp. 51.8, Last 51.8), with France still residing in contractionary territory (48.5, vs Exp and Last 47.3).

 
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Chart Of The Day: US Decouples From The Rest Of The World... And From The US Itself





The global economy is like a jetliner that needs all of its engines operational to take off and steer clear of clouds and storms. Unfortunately, as Nouriel Roubini tells The Guardian, only one of its four engines is functioning properly: the Anglosphere (the United States and its close cousin, the United Kingdom). As Roubini continues, the question is whether and for how long the global economy can remain aloft on a single engine. Weakness in the rest of the world implies a stronger dollar, which will invariably weaken US growth. The deeper the slowdown in other countries and the higher the dollar rises, the less the US will be able to decouple from the funk everywhere else, even if domestic demand seems robust. But it's not just the rest of the world that is decoupling from US growth... as the following uncomfortable chart shows, so is a crucial pillar of monetary policy transmission, consumer wealth perception, and economic stability - the US housing market itself.

 
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BofA Banker Arrested In Hong Kong For Double Murder Of Two Prostitutes, One Victim Was Stuffed In A Suitcase





The excesses of 1980s New York investment banking as captured best (and with just a dose of hyperbole) by Bret Easton Ellis's American Psycho may be long gone in the US, but they certainly are alive and well in other banking meccas, such as the one place where every financier wants to work these days (thanks to the Chinese government making it rain credit): Hong Kong. It is here that yesterday a 29-year-old British banker, Rurik Jutting, a Cambridge University grad and current Bank of America Merrill Lynch, former Barclays employee, was arrested in connection with the grisly murder of two prostitutes. One of the two victims had been hidden in a suitcase on a balcony, while the other, a foreign woman of between 25 and 30, was found lying inside the apartment with wounds to her neck and buttocks, the police said in a statement.

 
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Frontrunning: October 31





  • Futures rally after BOJ ramps up stimulus (Reuters), Japan's central bank shocks markets with more easing as inflation slows (Reuters)
  • Kuroda Jolts Markets With Assault on Deflation Mindset (BBG)
  • Japan Mega-Pension Shifts to Stocks (WSJ)
  • Russia Raises Interest Rates (WSJ)
  • Oil-Price Drop Has Saudi Officials Divided (WSJ)
  • Not anymore, the BOJ is here: Fed Exit Could Spark Slump in All Markets, ATP CEO Says (BBG)
  • Wal-Mart Weighs Matching Online Prices from Amazon (WSJ)
  • Euro-Area Inflation Picks Up From Five-Year Low on Stimulus (BBG)
  • Big Banks Brace for Penalties in Probes  (WSJ)
  • Ex-UBS Trader Defense Could Be Threat to U.S. Forex Cases (BBG)
 
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A Glimpse Inside The FX "Cartel's" Chat Rooms





First it was Libor, then gold, then dark pools, now for those who want a glimpse into just how for years bank FX traders, whether belonging to "The Cartel" or "The Bandits Club" or otherwise, colluded on trades around the daily fix, breached fiduciary duty, and generally engaged in illegal rigging of the world's largest market by volume, Bloomberg News had received a transcript of the instant-messages by various FX traders currently being investgated for FX rigging. Here are some excerpts.

 
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Frontrunning: October 30





  • "Soaring consumer confidence" - How the Economy Is Stoking Voter Anger at Incumbent Governors (WSJ)
  • Euro zone deflation worries shield German Bunds from upbeat Fed (Reuters)
  • Greece’s Euro Dilemma Is Back as Minister Sees Volatility (BBG)
  • Ukraine gas supplies in doubt as Russia seeks EU payment deal (Reuters)
  • Sterling Lads Chats Show FX Traders Matching Fix Orders (BBG)
  • NATO Tracks Large-Scale Russia Air Activity in Europe (WSJ)
  • U.K. SFO Charges Ex-Tullett Prebon Broker in Libor-Rigging Probe (BBG)
  • Jerusalem on edge after shooting of rabbi (FT)
  • Israeli police kill Palestinian suspected of shooting far-right activist (Reuters)
  • Samsung seeks smartphone revamp to arrest profit slide (Reuters)
 
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Sudden Bout Of Risk-Offness Sends European Shares Sharply Lower, US Futures Not Happy





To summarize (even though with liquidity as non-existant as it is, this may be completely stale by the time we go to print in a minute or so), European shares erase gains, fall close to intraday lows following the Fed’s decision to end QE. Banks, basic resources sectors underperform, while health care, tech outperform. Companies including Shell, Barclays, Aviva, Volkswagen, Alcatel-Lucent, ASMI, Bayer released earnings. German unemployment unexpectedly declines. The Italian and U.K. markets are the worst-performing larger bourses, the Swiss the best. The euro is weaker against the dollar. Greek 10yr bond yields rise; German yields decline. Commodities decline, with nickel, silver underperforming and wheat outperforming. U.S. jobless claims, GDP, personal consumption, core PCE due later.

 
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Frontrunning: October 29





  • Fed set to end one crisis chapter even as global risks rise (Reuters)... you mean, for the third time?
  • Insider-Trading Probe Focuses on Medicare Agency (WSJ)
  • He's sorry: Rajoy Apologizes as New Wave of Graft Allegations Hits Spain (BBG)
  • China could 'punish' Hong Kong over protests, says ex-HK central bank chief (Reuters)
  • Dubai Insists the Boom is Not a Bubble This Time Around (BBG)
  • Bank-Data Sharing Accord Expands Push to Find Tax Cheats (BBG)
  • Deutsche Bank Sinks to Third-Quarter Loss on Legal Costs (BBG)
  • Kim Jong Un Executes 10 Officials for Watching Soap Operas (BBG)
  • French drugmaker Sanofi sacks CEO Viehbacher (Reuters)
 
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Frontrunning: October 28





  • CDC says returning Ebola medical workers should not be quarantined (Reuters)
  • Sweden’s central bank cuts rates to zero (FT)
  • Hacking Trail Leads to Russia, Experts Say (WSJ)
  • Discount-Hunting Shoppers Threaten Stores’ Holiday Cheer (BBG)
  • Apple CEO fires back as retailers block Pay (Reuters)
  • Repeat after us: all China data is fake - China Fake Invoice Evidence Mounts as HK Figures Diverge (BBG)
  • FX Traders’ Facebook Chats Said to Be Sought in EU Probe (BBG)
  • Euro Outflows at Record Pace as ECB Promotes Exodus (BBG)
  • Apple boosts R&D spending in new product hunt (FT)
 
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Futures Levitate On Back Of Yen Carry As Fed Two-Day Meeting Begins





If yesterday's markets closed broadly unchanged following all the excitement from the latest "buy the rumor, sell the news" European stress test coupled with a quadruple whammy of macroeconomic misses across the globe, then today's overnight trading session has been far more muted with no major reports, and if the highlight was Kuroda's broken, and erroneous, record then the catalyst that pushed the Nikkei lower by 0.4% was a Bloomberg article this morning mentioning that lower oil prices could mean the BoJ is forced to "tone down or abandon its outlook for inflation." This comes before the Bank of Japan meeting on Friday where the focus will likely be on whether Kuroda says he is fully committed to keeping current monetary policy open ended and whether or not he outlines a target for the BoJ’s asset balance by the end of 2015; some such as Morgan Stanely even believe the BOJ may announce an expansion of its QE program even if most don't, considering the soaring import cost inflation that is ravaging the nation and is pushing Abe's rating dangerously low. Ironically it was the USDJPY levitation after the Japanese session, which launched just as Europe opened, moving the USDJPY from 107.80 to 108.10, that has managed to push equity futures up 0.5% on the usual: nothing.

 
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Frontrunning: October 27





  • White House questions new Ebola rules, nurse plans to sue (Reuters)
  • States stand firm on Ebola quarantines despite White House pressure (Reuters)
  • Rousseff Naming Brazil Finance Minister Key to Regain Trust (BBG)
  • Ukraine leader wins pro-West mandate but wary of Russia (Reuters)
  • Single Firm Holds More Than 50% of Copper in LME Warehouses (WSJ)
  • Treasury Liquidity Squeeze Seen as Dealer Shut Off Machine (BBG)
  • CVS follows Rite-Aid, shuts off Apple Pay (USAToday)
  • Oil Speculators Bet Wrong as Rebound Proves Fleeting (BBG)
  • Draghi Sets Stimulus Pace as ECB Reveals Covered-Bond Purchases (BBG)
  • German Ifo Business Confidence Drops for Sixth Month (BBG)
 
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ECB Stress Test Fails To Inspire Confidence Again As Euro Stocks Slide After Early Rally; Monte Paschi Crashes





It started off so well: the day after the ECB said that despite a gargantuan €879 billion in bad loans, of which €136 billion were previously undisclosed, only 25 European banks had failed its stress test and had to raised capital, 17 of which had already remedied their capital deficiency confirming that absolutely nothing would change, Europe started off with a bang as stocks across the Atlantic jumped, which in turn pushed US equity futures to fresh multi-week highs putting the early October market drubbing well into the rear view mirror. Then things turned sour. Whether as a result of the re-election of incumbent Brazilian president Dilma Russeff, which is expected to lead to a greater than 10% plunge in the Bovespa when it opens later, or the latest disappointment out of Germany, when the October IFO confidence declined again from 104.5 to 103.2, or because "failing" Italian bank Monte Paschi was not only repeatedly halted after crashing 20% but which saw yet another "transitory" short-selling ban by the Italian regulator, and the mood in Europe suddenly turned quite sour, which in turn dragged both the EURUSD and the USDJPY lower, and with it US equity futures which at last check were red.

 
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