• Tim Knight from...
    10/06/2015 - 17:03
    As we head into another earnings season, the bulls better pray to whatever pagan gods they worship that company after company magically defy the downturn that the economy is quite obviously entering.


Tyler Durden's picture

Frontrunning: September 4

  • Yes: Support Builds in Congress for U.S. Strike Against Syria (WSJ)
  • No: Boehner backs Obama on Syria, but House leaning toward ‘no’ (The Hill)
  • U.S. Congress fight over Syria pits establishment versus upstarts (Reuters)
  • Wednesday humor: Japan’s Abe Says Fukushima Will Be Resolved Before 2020 Olympics (BBG)
  • Bank of Japan to Consider Further Easing if Sales Tax Hike Goes Ahead (Reuters)
  • S&P accuses U.S. Justice Department of filing $5 billion lawsuit against it in "retaliation" for the company's downgrade of America's debt in 2011 (WSJ)
  • German Candidates Spar Over Records (WSJ)
  • Emerging Nations Save $2.9 Trillion Reserves in Rout (BBG)
  • Split Congress Mulls Denial of Military Force Request (BBG)
  • Sharp Fall in Overseas Investment By Chinese Firms (WSJ)
  • Jorge Lemann: He Is...the World's Most Interesting Billionaire (BusinessWeek)
  • Why Amazon Is on a Warehouse Building Spree (BW)
Tyler Durden's picture

Frontrunning: June 19

  • China cash crunch deepens as PBOC withholds funding (FT), just a week behind ZH
  • Platts in hot manipulated crude again: Traders Try to Game Platts Oil-Price Benchmarks (WSJ)
  • Kabul Suspends Security Talks With U.S., jeopardizing plans to maintain a U.S. military presence (WSJ)
  • Afghan government irked over U.S. talks with Taliban (Reuters)
  • BOJ Kuroda: BOJ to Adjust Policy If Japan Econ Changes (MNI)
  • Google Considering Private-Equity Alliances (BBG)
  • Korean Air Buying 747-8s to End Boeing’s Sales Drought (BBG)
  • Syria's Islamists seize control as moderates dither (Reuters)
  • SEC considers policy shift on admissions of wrongdoing (FT)
  • U.K. Banker Bonuses Face Decade Delays in Industry Overhaul (BBG)
testosteronepit's picture

Bubble Mentality, Now Even In Germany

A 'second Economic Miracle' and other psychedelic feats, but inconvenient data gets in the way.

Tyler Durden's picture

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)
Tyler Durden's picture

Frontrunning: March 7

  • French unemployment rises again to highest since 1999 (Reuters)
  • BoJ rejects call for monetary easing (FT)
  • North Korea threatens pre-emptive nuclear strike against US (Guardian)
  • Firms Race to Raise Cash (WSJ)
  • Time Warner Will Split From Magazine Unit in Third Spinoff (BBG) - slideshows, kittens, "all you need to knows" coming to Time
  • U.S. economy, world's engine, remains in "neutral": Fed's Fisher (Reuters)
  • BOE Keeps QE on Hold as Officials Weigh More Radical Measures (BBG)
  • Jobs start to go as US sequestration cuts in (FT)
  • BofA Times an Options Trade Well  (WSJ)
  • Congress Budget Cuts Damage U.S. Economy Without Aiding Outlook (BBG)
  • Dell’s Crafted LBO Pitch Gets Messy as Investors Circle (BBG)
  • Dell says Icahn opposes go-private deal (Reuters)
  • Portugal Rating Outlook Raised to Stable by S&P on Budget Plan (BBG)
  • China’s Richer-Than-Romney Lawmakers Reveal Reform Challenge (BBG)
Tyler Durden's picture

Frontrunning: February 20

  • Office Depot Agrees to Buy Officemax for $13.50/Shr in Stock
  • Bulgarian Government Resigns Amid Protests (WSJ)
  • Rome will burn, regardless of Italian election result (Reuters)
  • Abe Says No Need for Foreign Bond Buys Under New BOJ Chief (BBG)
  • Rhetoric Turns Harsh as Budget Cuts Loom (WSJ)
  • Muddy Waters Secret China Weapon Is on SEC Website (BBG)
  • Business Loans Flood the Market (WSJ)
  • Staples May Be Winner in Office Depot-OfficeMax Merger (BBG)
  • Fortescue Won't Pay Dividend, Profit Falls (WSJ)
  • Key Euribor rate on hold after rate cut talk tempered (Reuters)
  • FBI Probes Trading in Heinz Options  (WSJ)
  • Spain Said to Impose Yield Ceiling on Bond Sales by Regions (BBG)
  • BOK’s Kim Signals No Rate Cut Needed Now as Outlook Improves (BBG)
George Washington's picture

Billions In Blood Money Enjoyed by War Criminals’ Families

BMW, Vatican, Big Banks Enjoy Ill-Gotten Gains

Tyler Durden's picture

Frontrunning: January 28

  • CAT beats ex-Chinese fraud: $1.91, Exp. $1.70; Warns 2013 could be a "tough year"; sees 2013 EPS in $7.00-$9.00 range, Exp. $8.54, sees Q1 sales well below Q1, 2012
  • Yi Warns on Currency Wars as Yuan Close to ‘Equilibrium’ (BBG)
  • Monte Paschi seeks new investor as scandal deepens (Reuters)
  • Assault Weapons Ban Lacks Democratic Votes to Pass Senate (BBG)
  • Toyota Again World's Largest Auto Maker (WSJ)
  • Curious why all those Geneva Libor manipulators moved to Singapore? Bank probes find manipulation in Singapore's offshore FX market  (Reuters)
  • Japan eased safety standards ahead of Boeing 787 rollout (Reuters) - so like Fukushima?
  • Goldman is about to be un charge: Osborne cools on changing inflation target (Telegraph)
  • Abe Predicts Bump in Revenue as Japan Emerges From Recession (BBG) - actually, "hopes" is the correct verb here
  • Toxic Smog in Beijing Fueling Auto Sales for GM, VW (BBG)
  • Fed waits for job market to perk up (Reuters) ... any minute now that S&P to BLS trickle down will hit, promise
  • BofA shifts derivatives to UK (FT)
Tyler Durden's picture

Frontrunning: January 22

  • Geithner allegations beg Fed reform (Reuters)
  • BOJ Adopts Abe’s 2% Target in Commitment to End Deflation (BBG)
  • Bundesbank Head Cautions Japan (WSJ)
  • In speech, Obama pushes activist government and takes on far right (Reuters)
  • Atari’s U.S. Operations File for Chapter 11 Bankruptcy (BBG)
  • Israel goes to polls, set to re-elect Netanyahu (Reuters)
  • Apple May Face First Profit Drop in Decade as IPhone Slows (BBG)
  • EU states get blessing for financial trading tax (Reuters)
  • Indian Jeweler Becomes Billionaire as Gold Price Surges (BBG)
  • Europe Stocks Fall; Deutsche Bank Drops on Bafin Request (BBG)
  • Algeria vows to fight Qaeda after 38 workers killed (Reuters)
  • GS Yuasa Searched After Boeing 787s Are Grounded (BBG)
  • Slumping pigment demand eats into DuPont's profit (Reuters)
Tyler Durden's picture

Frontrunning: January 7

  • Secret and Lies of the Bailout (Rolling Stone)
  • Banks Win 4-Year Delay as Basel Liquidity Rule Loosened (BBG)
  • Hedge Funds Squeezed With Shorts Beating S&P 500 (BBG)
  • Bankruptcy regime for nations urged (FT)
  • Is the Fed Doing Enough—or Too Much—to Aid Recovery (WSJ)
  • Cracks widen in US debt ceiling debate (FT)
  • McConnell Takes Taxes Off the Table in Debt Limit Negotiations (BBG)
  • Abe Seen Spending 12 Trillion Yen to Boost Japan’s Economy (BBG)
  • Monti, Berlusconi Spar on Taxes in Weekend Media Barrage (BBG)
  • Cameron Sets New Priorities for U.K. Coalition (BBG)
  • Defiant Assad Rules Out Talks With Rebels (WSJ)
  • Korea Seen Resisting Rate Cut as Won Threatens Exports (BBG)
Tyler Durden's picture

Saxo Bank's 10 Outrageous Predictions For 2013

Our biggest concern here on the cusp of 2013 is the current odd combination of extreme complacency about the risks presented by extend-and-pretend macro policy making and rapidly accelerating social tensions that could threaten political and eventually financial market stability. Before everyone labels us ‘doomers’ and pessimists, let us point out that, economically, we already have wartime financial conditions: the debt burden and fiscal deficits of the western world are at levels not seen since the end of World War II. We may not be fighting in the trenches, but we may soon be fighting in the streets. To continue with the current extend-and-pretend policies is to continue to disenfranchise wide swaths of our population - particularly the young - those who will be taking care of us as we are entering our doddering old age. We would not blame them if they felt a bit less than generous. The macro economy has no ammunition left for improving sentiment. We are all reduced to praying for a better day tomorrow, as we realise that the current macro policies are like pushing on a string because there is no true price discovery in the market anymore. We have all been reduced to a bunch of central bank watchers, only ever looking for the next liquidity fix, like some kind of horde of heroin addicts. We have a pro forma capitalism with de facto market totalitarianism. Can we have our free markets back please?

Tyler Durden's picture

"Momentum Ignition" - The Market's Parasitic 'Stop Hunt' Phenomenon Explained

A few days ago, Credit Suisse did something profoundly unexpected: its Trading Strategy team led by Jonathan Tse released a report titled "High Frequency Trading - Measurement, Detection and Response" in which the firm - one of the biggest flow and prop traders by equity volume in both light and dark venues -  admitted what Zero Hedge has been alleging for years (and has gotten sick and tired of preaching), and which the regulators have been unable to grasp and comprehend: that high frequency trading is a predatory system which abuses market structure and topology, which virtually constantly engages in such abusive trading practices as the Nanex-branded quote stuffing, as well as layering, spoofing, order book fading, and, last but not least, momentum ignition. While we we cover the full report in the next few days and all its SEC-humiliating implications, it is the last aspect that we wish to focus on because while all the prior ones have been extensively covered on these pages in the past, it is the phenomenon of momentum ignition that goes straight at the dark beating heart of today's zombie markets: momentum, momentum, and more momentum, in which nothing but stop hunts and even more momentum, define the "fair value" of any risk asset - i.e., reflexivity at its absolute worst  (in addition to Fed intervention of course), where value is implied by technicals and trading patterns, and where algos buy simply because other algos are buying. Behold robotic stop hunts: HFT-facilitated "Momentum Ignition."

Tyler Durden's picture

On The Changing Face Of M&A In A ZIRP World

Sluggish global economic growth means many public companies will have to rely on mergers and acquisitions to generate earnings growth in 2013 and beyond (FCX aside that is).  ConvergEx's Nick Colas notes that the academic discussion of whether such a strategy adds “Real” value to shareholders has shifted in recent years.  From an unequivocal “No, never…” to a more qualified, “It really depends,” this discussion will grow more critical as industries from financial services to manufacturing to commodity producers evaluate their long term prospects.  The key to this question, at least to Colas' thinking, is in the analysis of barriers to entry/exit and true economies of scale.  The right answer to the “Does M&A add value” question is much more about business strategy and competitive analysis than any blanket statement about the merits of buying or selling assets. In summary, M&A is now simply much more important to corporate strategy than at any point in the last 30 years; over the next 5-10 years M&A activity will be increasingly necessary to keep the tailwind of growth in almost every sector of the economy and capital markets. There’s just no other way to grow (though shareholders increasingly want that 'cash' in dividends or buybacks - and not growth!)

AVFMS's picture

14 Nov 2012 – “ Way Down ” (Elvis Presley, 1977)

See-sawing – and still looking for direction. Open weaker, in line with the US close. Some exuberance ahead of the Italian auction, despite negative figures. Awakening that nothing was justifying this. Re-correction while awaiting the US take of things. With the US opening flattish plus, Europe had a light lift and started tagging along, tick for tick, stuck in a loop. Some more European gloomy news to end the day. Way Down. For the moment mostly an equity move. And cut.

"Way Down" (Bunds 1,34% unch; Spain 5,92% +9; Stoxx 2475% -0,8%; EUR 1,274 +20)

Tyler Durden's picture

Frontrunning: November 12

  • Jefferies to be bought by Ian Cumming's Leucadia in an all-stock deal for $3.59 billion or about $17/share (WSJ)
  • FBI Scrutinized on Petraeus (WSJ)
  • Identity of second woman emerges in Petraeus' downfall (Reuters)
  • SEC staffers used government computers for personal use (Reuters)
  • Japan edges towards fifth recession in 15 years  (FT)
  • Europe Finance Chiefs Seek Greek Pact as Economy Gloom Grows (BBG)
  • Americans Say Europe Lesson Means Act Now as Austerity Will Fail (BBG) - of course it would be great if Europe had ever implemented austerity...
  • Greece battles to avert €5bn default  (FT)
  • You don't bail out the US government for nothing: No Individual Charges In Probe of J.P. Morgan (WSJ)
  • Israel Warns of Painful Response to Fire From Gaza, Syria (BBG)
  • Greece's far-right party goes on the offensive (Reuters)
  • Don’t fear fiscal cliff, says Democrat  (FT)
  • Apple Settles HTC Patent Suits Shifting From Jobs’ War (BBG)
  • Man Set on Fire in Argentina Over Debt (EFE)
  • Iraq cancels $4.2-billion weapons deal with Russia over corruption concerns (Globe and Mail)
  • An Honest Guy on Wall Street (Bloomberg)
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