Boston Properties

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Frontrunning: September 17





  • -0.07%: Germany Secures Record Low Funding Cost at Bond Auction (WSJ)
  • Pentagon Sees Possible Role for U.S. Ground Forces Against Islamic State Militants (WSJ)
  • China Joins ECB in Adding Stimulus as Fed Scales Back (BBG)
  • Stealthy or Normal? Analysts Diverge on PBOC’s Action (BBG)
  • Sony Forecasts Massive $2B Loss as Smartphones Lag (AP)
  • Islamic State campaign tests Obama's commitment to Mideast allies (Reuters)
  • Brent Crude Rebounds as Libya’s Sharara Oilfield Shut (BBG)
  • Market calm over Scottish vote at odds with disaster warnings (Reuters)
 
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Futures Levitate As FOMC Begins Two-Day Meeting





Overnight markets have been a continuation of the relative peace observed yesterday before the onslaught of key data later in the week, with the biggest mover standing out as the USDJPY, which briefly touched 102 before sliding lower then recouping losses. This sent the Nikkei 225 up 0.57% despite absolutely atrocious Japanese household spending data, coupled with a major deterioration in employment: at this rate if Abenomics doesn't fix the economy it just may destroy it. Aside from that the last 24 hours could be summed as having a lot of noise but not a lot of excitement. This was best illustrated by the S&P500’s (+0.03%) performance which was the second smallest gain YTD. And while the SHCOMP is starting to fade its recent euphoria and China was up only 0.24%, Europe continues to cower in the shade of Russian sanctions as both German Bund yields rose to record highs, and Portugal's BES tumbled by 10% once again to 1 week lows. Today Europe is expected to formally reveal its latest Russian sanctions, which should in turn push Europe's already teetering economy back over the edge.

 
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Frontrunning: June 6





  • Canada Aims to Sell Its Oil Beyond U.S (WSJ)
  • ECB Unanimity May Prove Fleeting (WSJ)
  • Chinese military spending exceeds $145 billion, drones advanced: U.S. (Reuters)
  • France to sell 10 warships to Russia next? BNP Executive Firings Sought by Top New York Bank Regulator Amid Probe (BBG)
  • Vodafone says governments have direct access to eavesdrop in some countries (Reuters)
  • Home Price Gains of 20% Vanish as Hottest Markets Cool (BBG)
  • G-7 Heads Warn Moscow Before Facing Putin (WSJ)
  • Barclays Fine Spurs U.K. Scrutiny of Derivatives Conflict (BBG)
  • "Or Costs" - Obama Says Putin Running Out of Time Over Ukraine (BBG)
  • Banca Monte Paschi Falls After Offering New Stock at 35.5% Discount (BBG)
 
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Frontrunning: June 4





  • U.S. sets new import duties on Chinese solar products (Reuters)
  • U.S.-China Solar-Products Dispute Heats Up (WSJ)
  • China Mulls Offshore Yuan Gold Trade in Free Trade Zone (BBG)
  • Insider-Trading Probe Could Snarl a Deal for Icahn (WSJ)
  • KCG Holdings Suspects Its Trading Code Was Stolen (WSJ)
  • ‘Period. Full Stop’ Is the New ‘At the End of the Day’ (BBG)
  • Draghi not so goof for bonds: Investors Flag Risk of ECB Disappointing After Europe Bond Rally (BBG)
  • But great for stocks: Equity Traders See Draghi Turning Throttle Up on Rally (BBG)
 
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Frontrunning: April 21





  • Putin playing the long game over Russian kin in Ukraine (Reuters)
  • U.S.-Russia Relations Come Full Circle After Ukraine (WSJ)
  • Japan PM makes offering to Yasukuni Shrine, angers China, South Korea (Reuters)
  • In Gold Miners' Talks, Scale Is Crucial: Combined Barrick-Newmont Would Be Able to Trim Costs (WSJ)
  • SEC Said to Weigh Shining Light on Brokers’ Stock Routing (BBG)... and protmply unweigh it
  • Exelon Beating Facebook in S&P 500 After Valuation Scare (BBG)
  • Court Case May Help Define 'Insider Trading' (WSJ)
  • Spanish banks face tough rivalry in small companies bet (Reuters)
 
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Frontrunning: October 8





  • Hilsenrath: Tense Negotiations Inside the Fed Produced Muddled Signals to Markets (WSJ)
  • Biggest US Foreign Creditors Show Concern on Default Risk (BBG)
  • Shutdown Costs at $1.6 Billion With $160 Million Each Day (BBG)
  • What default? Republicans downplay impact of U.S. debt limit (Reuters)
  • Top Bankers Warn on U.S. Debt Proposal (WSJ)
  • India to stick with austerity despite looming election (Reuters)
  • Japan's Current-Account Surplus Plunges (WSJ)
  • Amazon Wins Ruling for $600 Million CIA Cloud Contract (BBG)
  • German Factory Orders Unexpectedly Fall on Weak Recovery (BBG)
  • Britain's Higgs, Belgium's Englert win 2013 physics Nobel prize (Reuters)
  • Supreme Owner Made a Billionaire Feeding U.S. War Machine (BBG)
 
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Frontrunning: February 12





  • The Man Who Killed Osama bin Laden... Is Screwed (Esquire)
  • G7 fires currency warning shot, Japan sanguine (Reuters)
  • North Korea Confirms It Conducted 3rd Nuclear Test (NYT)
  • Italian Police Arrest Finmeccanica CEO (WSJ)
  • Legacy, political calendar frame Obama's State of the Union address (Reuters)
  • China joins U.S., Japan, EU in condemning North Korea nuclear test (Reuters)
  • Wall Street Fading as Emerging-Market Banks Gain Share (BBG)
  • Berlin Conference 2.0: Drugmakers eye Africa's middle classes as next growth market (Reuters)
  • Barclays to Cut 3,700 Jobs After Full-Year Loss (BBG)
  • US Treasury comment triggers fall in yen (FT)
  • ECB Ready to Offset Banks’ Accelerated LTRO Payback (BBG)
  • Fed's Yellen Supports Stimulus to Spur Jobs (WSJ)
  • Libor Scrutiny Turns to Middlemen (WSJ)
  • Samsung Girds for Life After Apple in Disruption Devotion (BBG)
 
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Frontrunning: January 25





  • Fed Pushes Into ‘Uncharted Territory’ With Record Assets (BBG)
  • Next up in the currency wars: Korea - Samsung Drops on $2.8 Billion Won Profit-Cut Prediction (BBG)
  • China Warns ‘Hot Money’ Inflows Possible on Easing From Abroad (Bloomberg)
  • BOJ Shirakawa affirms easy policy pledge but warns of costs (Reuters)
  • Merkel Takes a Swipe at Japan Over Yen (WSJ)
  • Wages in way of Abe’s war on deflation (FT)
  • Italian PM under fire over bank crisis (FT)
  • Senior officials urge calm over islands dispute (China Daily)
  • Spain tries to peel back business rules (FT)
  • Rifts Over Cyprus Bailout Feed Broader Fears (WSJ)
  • Soros Says the Euro Is Here to Stay as Currency War Looms (BBG)
 
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Frontrunning: January 15





  • White House delays 2014 budget after "fiscal cliff" standoff (Reuters) - And Senate will pass this... never?
  • Amari Signals Limits to Abe’s Campaign to Weaken Yen (BBG)
  • Draghi’s Bond Rally Masks Debt Doom Loop Trapping Spain (BBG)
  • Obama backs gun limits, concedes tough fight ahead (AP)
  • Bernanke to Weigh QE Costs as Fed Assets Approach Record (BBG)
  • Japan to Sell Debt Worth 7.8 Trillion Yen to Pay for Stimulus (BBG)
  • France more than doubles forces in Mali (FT) and yet...
  • Malian Rebels Take Town and Vow to Avenge French Attack (NYT)
  • China’s Li Calls for Patience as Government Works to Reduce Smog (BBG)
  • EU berates China over steel subsidies (BBG)
  • Number of working poor families grows as wealth gap widens (Reuters)
 
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Frontrunning: December 6





  • MSM discovers window dressing: Fund Managers Lift Results With Timely Trading Sprees (WSJ)
  • White House Unyielding on Debt Limit (WSJ)
  • Obama, Boehner talk; Geithner prepared to go off "cliff" (Reuters)
  • Republicans urged to resist tax rises (FT)
  • China looms large over Japanese poll (FT)
  • As predicted here two months ago, Greek Bond Buyback Leads S&P to Cut to Selective Default (BBG)
  • Japan opposition LDP set to win solid election majority – polls (BBG), but...
  • Japan Opposition LDP’s Main Ally Cautions Abe on BOJ Pressure (BBG)
  • U.S. and Europe Tackle Russia Trade (WSJ)
  • King Seen Maintaining QE as Osborne Extends Fiscal Squeeze (BBG)
  • Syria pound fall suggests currency crisis (FT)
  • Irish budget seeks extra €3.5bn (FT)
  • U.K. Extends Cuts Due to Poor Outlook (WSJ)
  • ECB Seen Refraining From Rate Cuts as Yields Sink on Bond Plan (BBG)
 
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New York's Ultraluxury Office Vacancy Rate Jumps To Two Year High As Financial Firms Brace For Impact





Traditionally, when it comes to reading behind the manipulated media's tea leaf rhetoric and timing major inflection points in the economy, the most accurate predictor are financial firms, whose sense of true economic upside (or downside) while never infallible, is still better than most. Yet unlike employment, which is usually a lagging, or at best concurrent indicator, one aspect that has always been a tried and true leading indicator, has been real estate demand, in this case rental contracts. Due to the long-term lock up nature of commercial real estate contracts, firms are far less eager to engage in rental transactions (and bidding wars) when they expect a worsening macroeconomic environment. Which is why news that office vacancy in Manhattan's Plaza district, the area between Sixth Avenue and the East River from 47th to 65th streets, anchored by the landmark Plaza Hotel at Fifth Avenue and Central Park South which is home to some of the nation’s most expensive and prestigious office towers, and where America's largest hedge funds and PE firms have their headquarters, has just risen to 12.3%, or a two year high, is probably the most troubling news for the economy and a real indicator of what to expect of the immediate future.

 
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Zuckerman To CNBC: "The Recession Never Ended"





Everyone's favorite perma-bullish stand-in for Cramer, Fast Money's Scott Wapner, seemed lost for words when Boston Properties CEO Mort Zuckerman laid down some basic truthiness on the state of the US economy "We have the most stimulative fiscal and monetary policy in the history of this country and here we are three years into the recession and it's not ended. I think we may be heading for an even weaker economy this year than people expect." The righteous REIT ruler went on to note that it is not just the US but Europe (ridiculously high unemployment rates) where he analogizes (rather picturesquely) that it reminds him of "the man who jumps off a 25-story building and as he's hurtling by the sixth floor he says 'don't worry, nothing has happened yet'." Wapner is silenced and changes the topic as we suspect he is stunned at the honest sentiment given the nominal three-year-highs in REIT indices. Truth is indeed stranger than fiat-fiction.

 
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Boston Properties' Mort Zuckerman Obliterates Barack Obama





Media and real estate tycoon Mort Zuckerman, who recently admitted he helped write Obama's speeches in the past, has come out blazing with easily the most damning missive of the president and his legacy to date. Mort joins such other distinguished and notable CEOs as Steve Wynn to openly blast the administration and its policies. In the meantime, the president has surely not made many new friends in the executive offices of the E&P space. Before all is said and done, look for letters such as the one attached to become a daily occurrence.

 
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Boston Properties Rating Revised To Negative By Moody's





Well, we did throw them in the TBTF category yesterday, and this could be the first step. Moody's just out with an outlook revision to negative on its current senior unsecured rating (Baa2).

 
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