• 09/21/2014 - 14:52
    Dear Janet; If I may be so forward, as a concerned citizen of the Constitutional Republic of the United States, it is with great consternation that I feel compelled to write you this distressing...

Fitch

Tyler Durden's picture

Frontrunning: September 18





  • Fed likely to reduce bond buying, pass policy milestone (Reuters)
  • Fall in Home Loans Pushing Fed Away From Taper in Mortgage Bonds (BBG)
  • Russia says U.N. report on Syria attack preconceived, political (Reuters)
  • China House Price Surge Raises Prospect of Steps to Cool Market (FT)
  • Cyprus Plans to Complete End of All Capital Controls... some time in 2014 (FT)
  • GOP Reworks Budget Terms (WSJ)
  • U.S. Navy was warned that Washington shooter 'heard voices' (Reuters)
  • Berlusconi Impeachment Vote Looms (WSJ)
  • Ageing could weaken central banks, spur rate volatility (Reuters)
 
Tyler Durden's picture

Frontrunning: September 11





  • Obama Holds Fire on Syria, Waits on Russia Plan (WSJ)
  • China Shadow Banking Returns as Growth Rebound Adds Risk (Reuters)
  • Not one but two: Greece May Need Two More Aid Packages Says ECB’s Coene (WSJ)
  • BoJ insider warns of need for wage rises (FT) ... as we have been warning since November, and as has not been happening
  • California city backs plan to seize negative equity mortgages (Reuters)
  • Home Depot Is Accused of Shaking Down Suspected Shoplifters (BBG)
  • Most-Connected Man at Deutsche Bank Favors Lightest Touch (BBG)
  • Norway Pledges to Limit Oil Spending (BBG)
  • China Shadow Banking Returns as Growth Rebound Adds Risk (BBG)
  • Gundlach Says Fed Is Mistaken in How It's Ending Easing (BBG)
 
Tyler Durden's picture

Frontrunning: September 10





  • Obama Shrinking Second-Term Hastened by Syria Opposition (BBG)
  • Obama says Russian proposal on Syria a potential 'breakthrough' (Reuters)
  • Poll Finds Support Fading for Syria Attack (WSJ)
  • France to Introduce Resolution Aimed at Dismantling Syria's Chemical Arsenal (WSJ)
  • Apple to Unveil IPhones Seeking End to Year of Struggles (BBG)
  • Verizon Plans Largest Debt Sale Ever: Proceeds From Deal, Expected to Raise $20 Billion, Would Fund Venture Buyout (WSJ)
  • Shipping Rates Seen at 2010 High on Record Ore to China (BBG)
  • Ads coming to Twitter: Twitter makes its largest acquisition, a mobile ad company (FT)
  • Houses on fire as fighting erupts in southern Philippines (Reuters)
  • Banks Seen at Risk Five Years After Lehman Collapse (BBG)
 
Tyler Durden's picture

Frontrunning: September 9





  • Hedge Funds Cut Back on Fees (WSJ) as we predicted would happen in May
  • Syria's Assad denies chemical weapons use; U.S. presses case for strike (Reuters)
  • Unemployment Falling for Wrong Reason Creates Fed Predicament (BBG)
  • U.S. tapped into networks of Google, Petrobras, others (Reuters)
  • Chinese Zombies Emerging After Years of Solar Subsidies (BBG)
  • Monte Paschi doubles planned capital hike to 2.5 billion euros (Reuters)
  • Loan Size to Be Cut for Fannie, Freddie (WSJ)
  • Japan Growth Revision Opens Door to Sales Tax Rise (FT)
  • Inside the End of the U.S. Bid to Punish Lehman Executives (NYT)
  • Financial Crisis: Lessons of the Rescue, A Drama in Five Acts (WSJ)
  • Time Warner Joins IBM in Health Shift for Retirees (WSJ)
  • Mideast Derails Key Issues in Congress (WSJ)
 
Tyler Durden's picture

Frontrunning: August 23





  • Lew warns Congress to strike debt ceiling deal (FT)
  • Central-Bank Moves Blur the View (WSJ)
  • Brazil, Indonesia launch measures to shore up their currencies (FT)
  • More mainstream media reminded about Fukushima - Radioactive ground water under Fukushima nears sea (AP)
  • Fukushima inspectors 'careless', Japan agency says, as nuclear crisis grows (Reuters)
  • New York Banker Arrested on Rape Charges in East Hampton (NYT)
  • This time they mean business, for real: CFTC Moves to Rein In High-Speed Traders (WSJ)
  • Britain operates secret monitoring station in Middle East (Reuters)
  • Moody’s considers downgrading top US banks (FT)
  • China's Bo calls wife mad after she testifies against him (Reuters)
  • JPMorgan Sub-New Normal Growth Seen Vexing Next Fed Chief (BBG)
  • SEC calls for cooling-off period for more staff (Reuters)
 
Tyler Durden's picture

Frontrunning: August 22





  • SURPRISE - Goldman Sachs won a preliminary victory to limit losses from a wave of erroneous trades that roiled U.S. options markets (WSJ)
  • HP’s Whitman abandons 2014 revenue growth target (FT) - just keep doing those buybacks and ignore CapEx: revenue growth estimated in 2022
  • Republicans in Echo Before Big Burn Defy Affordable Care (BBG)
  • China's banks to take next step in rate reform push  (Reuters)
  • Berlin’s Consistency on Greece’s Rescue (FT) and lack thereof
  • Summers as Obama Voice of Authority Rides Car Rescue in Fed Race (BBG)
  • Cuomo in Manure Fight as New York Promotes Yogurt (BBG)
  • Yellen’s Ties From London to Shanghai Bypass White House (BBG)
  • Sanctions Gap Allows China to Import Iranian Oil (WSJ)
 
Pivotfarm's picture

European Bank Union Will Fail





When it was suggested it was considered in the blazing battles of the bail-outs and the scraping of the bottom of the drawers for extra cash as the God-sent answer to all EU woes and worries.

 
Tyler Durden's picture

China's Credit Crisis In Charts





The rapid pace of China credit expansion since the Global Financial Crisis, increasingly sourced from the inherently more risky and less transparent "shadow banking" sector, has become a critical concern for the global markets. From the end of 2008 until the end of 2013, Chinese banking sector assets will have increased about $14 trillion. As Fitch notes, that's the size of the entire US commercial banking sector. So in a span of five years China will have replicated the whole US banking system. What we're seeing in China is one of the largest monetary stimuli on record. People are focused on QE in the US, but given the scale of credit growth in China Fitch believes that any cutback could be just as significant as US tapering, if not more. Goldman adds that China stands to lose up to a stunning RMB 18.6trn/$US 3trn. should this bubble pop. That seems like a big enough number to warrant digging deeper...

 
Tyler Durden's picture

Acronym Week Closes With All Important NFP





A week that has been all about acronyms - GDP, PMIs, FOMC, ECB, BOE, ADP, ISM, DOL, the now daily record highs in the S&P and DJIA - is about to get its final and most important one: the NFP from the BLS, and specifically an expectation of a July 185K print, down from the 195K in the June, as well as an unemployment rate of 7.5% down from 7.6%. The number itself is irrelevant: anything 230 and above will be definitive proof Bernanke's policies are working, that the virtuous circle has begun and that one can rotate out of everything and into stocks; anything 150 or below will be definitive proof the Fed will be here to stay for a long time, that Bernanke and his successor will monetize everything in sight, and that one can rotate out of everything and into stocks, which by now are so disconnected from any underlying reality, one really only mentions the newsflow in passing as the upward record momentum in risk no longer reflects pretty much anything.

 
Tyler Durden's picture

Frontrunning: July 29





  • More Doctors Steer Clear of Medicare (WSJ)
  • Syrian Looters in Bulldozers Seek Treasure Amid Chaos (BBG)
  • Siemens CEO Peter Löscher Is Set to Leave His Post After Series of Earnings Misses (WSJ)
  • Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy (BBG)
  • Omincom and Publicis merger shows that advertising is now firmly in the business of Big Data: collecting and selling the personal information of millions of consumers (NYT)
  • Apple supplier accused of labour violations (FT)
  • 'BarCap was the Wild Wild West – that’s what we called it’ (Telegraph)
  • P&G chief seizes opportunity in era of three-day stubble (FT)
  • Federal Reserve 'Doves' Beat 'Hawks' in Economic Prognosticating (WSJ) - LOL: Fed "hawks"
 
Tyler Durden's picture

Frontrunning: July 19





  • Detroit ‘Gut Kick’ Poses New Test for Long Suffering City (BBG)
  • Florida lawmakers urge overhaul of 'Stand Your Ground' law (Reuters)
  • Investors pour huge sums into US equity funds (FT)
  • Snowden Standoff Threatens Obama-Putin Moscow Summit (BBG)
  • China, U.S. companies' great hope, now a drag (Reuters)
  • Morgan Stanley stock traders rebuild burned bridges (Reuters)
  • Huawei spied for China, claims ex-CIA head Michael Hayden (FT)
  • Gorilla Flipping Homes as Rebound Revives Rapid Trades (BBG)
  • BRICS joint action at G20 summit may be wishful thinking (Reuters)
 
Tyler Durden's picture

Somnolent Market Summary Ahead Of Bernanke's Repeat Performance





Stocks in Europe recovered from a cautious start to the trading session and gradually edged back into positive territory, though the DAX index in Germany under performed following less than impressive earnings by SAP. Company’s shares fell around 3% after the company trimmed its outlook for 2013 software revenue, blaming slowing economic growth in China. Elsewhere, Akzo Nobel shares fell 5% in early trade after the company said that its Q2 net profit almost doubled from the same period last year thanks to the sale of its North American paints division and a tax gain. Going forward, market participants will get to digest the release of the weekly jobs report, Philadelphia Fed survey for the month of July and earnings report releases from Morgan Stanley, Verizon, BlackRock and Google. Finally, today is the second day of Bernanke's semi-annual testimony.

 
Tyler Durden's picture

Stocks Maintain Zero Volume Hover Mode Ahead Of Bernanke Speech





Fear not US: with a Q2 GDP of under 1% now all but assured, and with all economic data reporting now a global bizarro day farce, you will have a chance to take the torch from Europe in the ugliest girl category, and push the S&P to a new record intraday high today following what should be assured epic misses in the Industrial Production print (exp. +0.3%), Cap Utilization and the NAHB housing market index which is set to tumble now that any retail demand for housing was promptly killed following the recent spike in rates. In addition to a relatively lite economic docket, we get the all systematically important hedge fund, Goldman Sachs, reporting which is expected to announce a 21% q/q drop in revenues, led by lower gains in Investment Lending (i.e. prop), offset by 12% drop in operating expenses. Of course, nothing fundamental actually matters as markets continue to be on ultra low-volume, "drift higher" autopilot until tomorrow's Ben Bernanke semi-annual muppet show  in Congress, when he is expected to refill the hopium trough once more and finally send the S&P above 1700 on central planning.

 
Tyler Durden's picture

EFSF Downgraded To AA+, Or French Fitch Flunks EFSF Following France Flub





Prompted by their FrAAAnce downgrade to AA+, French-owned Fitch has downgraded Europe's last best promise/hope - the EFSF - from AAA to AA+... but the crisis is still behind us - we are assure by such truth-sayers as Juncker, Barroso, and Merkel (pre-elections). The key sentence is "Following the downgrade of France's IDR, the EFSF's long-term debt issues are not fully covered by 'AAA' guarantees and over-guarantees and, for debt issued before October 2011, by the cash reserve." So that's good then... Don't worry though since "Fitch assumes there will be progress in deepening fiscal and financial integration at the eurozone level in line with commitments by euro area policy makers"

 
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