• Sprott Money
    03/26/2015 - 11:56
    Take the S&P Index and multiply by the US dollar index. This removes most of the currency variation. Do the same with silver. The chart of silver times the dollar looks very much like silver...

Prudential

Marc To Market's picture

Scottish Referendum in 100 Days and Counting





A quick thumbnail sketch of the Scottish referendum on independence

 
Tyler Durden's picture

Welcome To The New "Yield Hunger Games"





Nope, no bubble here... The FT reports that issuance of payment-in-kind (PIK) notes have doubled this to reach $4.2bn. "We call it the yield-hunger games," jokes one bond manager as even the most modest pick-up in yield is in great demand - no matter what the risk. As another manager warns, "I have no doubt that the resurgence of PIKs and other risky debt deals is a sign that we are setting the stage for the next down cycle."

 
Tyler Durden's picture

Frontrunning: May 28





  • Yellen Concerned by Housing Slowdown She Has Scant Power to Cure (BBG)
  • Because snow in Q1? Citigroup’s CFO Says Trading Revenue Could Slide 25% (BBG)
  • Banks Raise Caution Flag on Trading (WSJ)
  • The answer is yes: Hilsenrath asks if BOJ’s Kuroda Awakening to His Limits? (WSJ)
  • Google Develops Prototype Cars for Fully Autonomous Driving (WSJ)
  • Amazon Expects Lengthy Hachette Dispute (WSJ)
  • Tencent $1 Billion Game Shows Global Hunt for Mobile Hits (BBG)
 
Tyler Durden's picture

Frontrunning: May 16





  • Bank of England sees 'no housing bubble' (Independent)
  • ‘If the euro falls, Europe falls’ (FT)
  • India's pro-business Modi storms to historic election win (Reuters)
  • Global Growth Worries Climb (WSJ)
  • Bitcoin Foundation hit by resignations over new director (Reuters)
  • Blackstone Goes All In After the Flop (WSJ)
  • SAC's Steinberg loses bid for insider trading acquittal (Reuters)
  • Beats Satan: Republicans Paint Reid as Bogeyman in 2014 Senate Races (BBG)
  • Tech Firms, Small Startups Object to Paying for Internet 'Fast Lanes' (WSJ) - but they just provide liquidity
  • U.S. Warns Russia of Sanctions as Ukraine Troops Advance (BBG)
  • Major U.S. hedge funds sold 'momentum' Internet names in first-quarter (Reuters)
 
Tyler Durden's picture

Frontrunning: May 8





  • China’s Trade Unexpectedly Rises (BBG)
  • 'We're already not in Ukraine' - rebel east readies secession vote (Reuters)
  • Pro-Russian Separatists in Ukraine Reject Putin's Call to Delay Vote (WSJ)
  • Vietnam’s Stocks Post Biggest Loss in Decade on China Tensions (BBG)
  • Hedge Funds Extend Their Slide (WSJ)
  • Carney Looks to Untested Tools as House Prices Boom (BBG)
  • New Draghi Era Seen on Hold at ECB as Euro Area Recovers (BBG)
  • Woman With Printer Shows the Digital Ease of Bogus Cash (BBG)
  • Regulators See Growing Financial Risks Outside Traditional Banks (WSJ)
 
Tyler Durden's picture

Put This Guy In Charge Of The SEC





Yesterday, a retiring 38-year veteran trial lawyer's remarks shone a brighter light on the farce that the SEC has become in recent years. The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, adding that his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.” As the full letter below shows, he had a lot more to add on just how the toothless agency should be run...

 
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Frontrunning: April 7





  • The counter-HFT-attack begins with first target - dark pools: Dark markets may be more harmful than high-frequency trading (Reuters)
  • Malaysia Jet Team Hears Pings Consistent With Black Box (BBG)
  • At Toyota as Humans Steal Jobs From Robots (BBG)
  • ‘Reverse Auctions’ Draw Scrutiny (NYT)
  • Death knell sounds for Brazil’s economic strategy (FT)
  • Technology Traders Head for the Exit as Put Trades Surge (BBG)
  • NSA Uses Corporate News to Spread Propaganda and Silence Dissent (TruthDig)
  • Holcim, Lafarge agree to merger to create cement giant (Reuters)
  • Any minute now: Investment Jump Seen From Macy’s to Berkshire After 2013 Fizzle (BBG)
  • India kicks off world's biggest election in remote northeast (Reuters)
 
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Frontrunning: March 31





  • US, Russia talks fail to end Ukraine deadlock (AP)
  • Russian forces 'gradually withdrawing' from Ukraine border (AFP)
  • Turkish PM Erdogan tells enemies they will pay price after poll (Reuters)
  • And Goldman arrives: Credit markets open to Argentina for first time in years (Reuters)
  • Regulators Twice Failed to Open GM Probes (WSJ)
  • Bad loan writedowns soar at China banks (FT)
  • Investors Breathe Life Into European Banks' Bad Loans (WSJ)
  • Euro zone inflation drops to lowest since 2009 (Reuters)
  • Yellowstone National Park rattled by largest earthquake in 34 years (Reuters)
 
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Futures Fade As Chinese Credit Tremors Get Ever Louder





Unlike most trading sessions in the past month, when the overnight session saw a convenient algo assisted USDJPY/AUDJPY levitation, tonight there has been no such luck for the permabullish E-Trade babies who are conditioned that no matter what the news, the next morning the S&P 500 will open green regardless. Whether this is due to ever louder fears that what is happening in China can not be swept under the rug this time will be revealed soon, but as of this moment both the USDJPY, and its derivative, US equity futures, are looking at a sharp lower open, as gold continues to press higher, while the traditional tension points such as Russia-Ukraine, and ongoing capital flight from some of the more "fringe" emerging markets, continues. Expect more of the same today as people finally peek below the Chinese surface to realize just how profoundly bad the situation on the mainland truly is. And while we realize macro news are meaningless, especially in Europe where the ECB is now the sole supervisor of all asset classes, the fact that Cyprus, Greece, Slovakia and Portugal, are all in deflation, and many more countries lining up to join the club, probably means that absent a massive global credit impulse, we have certainly reached the upward inflection point from the most recent $1+ trillion injection of liquidity by the Fed, not to mention the ongoing QE by the BOJ.

 
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Bank Of England Restructures After FX Probe But Not Responsible "For Hunting For Rigging Of Markets"





"We can't come out of this with a shadow of doubt about the integrity of the Bank of England," Governor Mark Carney told MPs this morning on the heels of the report, as we noted here, that found no collusion by the bank to manipulate FX rates. A senior BoE employee was told of "attempts to move the market" but "did not convey to [Monetary Policy Committee member Paul Fisher] that markets were being rigged," and therefore was suspended. While many have called this "as bad as Libor" the BoE remains adamant of its lack of involvement but is still restructuring itself - adding that "it isn't our job to go out hunting for rigging of markets." Nope, just to ignore it, we presume. MPs were not impressed.

 
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Frontrunning: March 3





  • Russian markets hit as Putin tightens grip on Crimea (Reuters)
  • Ukraine Sees More Russian Incursions as Standoff Worsens (BBG)
  • Ukraine Crisis Roils Global Markets (WSJ)
  • Cold War Ghosts Haunt East Europe in Moves for Crimea (BBG)
  • How Moscow Orchestrated Events in Crimea (WSJ)
  • Russia Gas Threat Shows Putin Using Pipes to Press Ukraine (BBG)
  • Euro-zone PMI slowed less sharply than estimated (MW)
  • Two top Microsoft execs to leave in reshuffle (Reuters)
  • Soaring Luxury-Goods Prices Test Wealthy's Will to Pay (WSJ)
  • IQ-Boosting Drugs Aim to Help Down Syndrome Kids Learn (BBG)
 
Tyler Durden's picture

Frontrunning: February 26





  • California couple finds $10 million in buried treasure while walking dog (Reuters) ... not bitcoin?
  • Dimon Says Threats to JPMorgan Span Google to China Banks (BBG)
  • Stocks So Many Love to Hate Buoyed by Fed’s Jobs Priority (BBG)
  • White House Weighs Four Options for Revamping NSA Phone Surveillance (WSJ) ... to pick the fifth one
  • Credit Suisse Executives Weren’t Aware of U.S. Tax Dodges (BBG)
  • Militias Hunt Kiev Looters From Central Bank to Bling Palace (BBG)
  • Crisis Gauge Rises to Record High as Swaps Avoided (BBG)
  • Obama to Propose Highway-Repair Program (WSJ)
  • Ukraine Pledges to Protect Deposits as Kiev Rally Called (BBG)
 
Tyler Durden's picture

Futures Flirt With Unchanged Despite BOJ's "Surprising", If Completely Factored-In, Announcement





The key event overnight was the monetary policy announcement by the BOJ in which its kept it QE unchanged while the Board decided by unanimous vote to double the scale of two funding facilities, namely the Stimulating Bank Lending Facility and Growth-Supporting Funding Facility and to extend the application period for these facilities by a year. Both facilities are designed to stimulate the provision of funding to Japanese banks, allowing them to borrow from the BoJ at a fixed rate of 0.1%pa, for a period 4 years now, instead of 1-3 years previous. Some are arguing that by expanding its funding programmes but not changing its asset purchase targets, the BoJ has signalled its intention to ease policy whilst preserving firepower for extra stimulus in coming months when a sales-tax hike is due to kick-in. The result was a surge in both the Nikkei and USDJPY. The problem, and confirmation that once again the market is now a bunch of cluless automatons unable to analyze even one sentence below the headline level, is that as Goldman explained overnight, the "surprise" announcement was already fully factored in.

 
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