• GoldCore
    12/18/2014 - 13:54
    Russia supplies China with hi-tech military hardware. Russia has negotiated two major natural gas deals with China in the last year. China expects to double its gas usage by 2030. From a Chinese...

Wells Fargo

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Frontrunning: December 16





  • Ruble Sinks to 80 a Dollar Defying Surprise Russia Rate Increase (BBG)
  • Oil slumps near $59 for first time since 2009 on oversupply (Reuters)
  • Oil sinks, Russian moves fail to quell nerves (Reuters)
  • Fed Seen Looking Past Low Inflation to Drop ‘Considerable Time (BBG)
  • Students Among Dead as Pakistan Gunmen Kill 126 at Army School (BBG)
  • Repsol to buy Talisman Energy for $13 billion (Reuters)
  • Indonesia’s Rupiah Erases Decline After Central Bank Intervenes (BBG)
  • Anti-Islam Rally Grows as Immigrant Backlash Hits Europe (BBG)
  • Saudi Arabia is playing chicken with its oil (Reuters)
 
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Frontrunning: December 11





  • Shale operaters Goodrich, Oasis Petroleum cut spending for 2015 as oil slides (Reuters)
  • Greece to hold elections in January if president vote fails (Reuters)
  • Norway’s Shock Rate Cut Drives Krone to Lowest Since 2009 (BBG)
  • ‘Severe Downturn’ Threatening Norway, Central Bank Governor Says (BBG)
  • Russia’s Fifth Rate Increase Fails to Halt Ruble Slide to Record (BBG)
  • SNB Says Deflation Risks Increased as Franc Cap Maintained (BBG)
  • China eases bank lending restrictions, PBOC targets 10 trillion yuan in loans for 2014 (Reuters)
  • Mobius Says China’s Bull Market Is Just Getting Started (BBG)
  • How Wal-Mart Made Its Crumbling China Business Look So Good for So Long (BBG)
 
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Why Is The US Treasury Quietly Ordering "Surival Kits" For US Bankers?





The Department of Treasury is spending $200,000 on survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. As FreeBeacon reports, survival kits will be delivered to every major bank in the United States and includes a solar blanket, food bar, water-purification tablets, and dust mask (among other things). The question, obviously, is just what do they know that the rest of us don't?

 
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Frontrunning: December 9





  • China’s Stocks Sink Most Since 2009 as Turnover Jumps to Record (BBG)
  • Greek Stocks, Bonds Tumble (WSJ)
  • China tightens LGFV funding screws (BBG)
  • Crude Rebounds From Five-Year Low Amid Shale-Oil Spending Curbs (BBG)
  • Sexual threats, other CIA methods detailed in Senate report (Reuters)
  • U.S. Takes Security Precautions Overseas Ahead of CIA Report (WSJ)
  • Light-Speed Treasury Trading Governed by Rules Dating to 1998 (BBG)
  • Delhi to ban all internet taxi firms after Uber rape claim (Reuters)
  • Supreme Group Fined $389 Million for Overcharging Pentagon (WSJ)
 
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Frontrunning: December 8





  • Welcome to the recovery:
    • Euro zone warning hits stocks, currency as oil plumbs depths (Reuters)
    • Japan GDP Worse Than Initially Reported (WSJ)
    • China trade data well below expectations (BBC)
    • German industrial production frustrates forecasts (FT)
  • Oil Extends Retreat With European Stocks as Dollar Gains (BBG)
  • California police, protesters clash again after 'chokehold' death (Reuters)
  • Ruble’s Rout Is Tale of Failed Threats, Missteps (BBG), not to be confused with "Yen's Rout Is Tale Of Keynesian Success, Prosperity"
  • Uber banned from operating in Indian capital after driver rape (Reuters)
 
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Government's Small Business Administration Exposed As Corporate Welfare For Big Business





Many people have noted that the more insidious or corrupt a law or agency, the more positive sounding its name. The most egregious example during my lifetime, was naming legislation that stripped Americans of most of their civil liberties the “Patriot” Act. In a similar vein, which red-blooded American could ever be opposed to something called the Small Business Administration (SBA). As such, the SBA is the perfect vehicle for cronyism, corruption and corporate welfare, which indeed appears to be its primary reason for existence.

 
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Frontrunning: December 2





  • DAX’s ‘Brilliant’ Run Sends Red Flag as German Index Tops Record (BBG)
  • U.S. military warned of possible Islamic State attacks at home: report (Reuters)
  • Russia Faces First Recession Since 2009 as Banks Add to Oil Pain (BBG)
  • Dodgy Home Appraisals Are Making a Comeback (WSJ)
  • U.S. Corporate Bond Sales Pass $1.5 Trillion for Annual Record (BBG)
  • Basic Costs Squeeze Families (WSJ)
  • China Orders Stricter Checks on Local Debt as Sales Surge (BBG)
  • Draghi Powerless on ECB Path Toward QE Without Reforms (BBG)
 
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The Shale Bust Arrives: November Permits For New Shale Wells Tumble 15%





With a third of S&P 500 capital expenditure due from the imploding energy sector (and with over 20% of the high-yield market dominated by these names), paying attention to any inflection point in the US oil-producers is critical as they have been gung-ho "unequivocally good" expanders even as oil prices fell. However, as Reuters reports, new data suggests that the much-anticipated slowdown in shale country may have finally arrived - permits for new wells dropped 15% across 12 major shale formations last month, as one analysts warns, "the first domino is the price, which causes other dominos to fall."

 
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Frontrunning: December 1





  • Moody’s Downgrades Japan’s Credit Rating (WSJ)
  • China Factory Gauge Drops as Shutdowns Add to Slowdown (BBG)
  • Euro zone factory growth stalls in November as new orders sink (Reuters)
  • Espírito Santo Faces Money-Laundering Investigations (WSJ)
  • Oil at $40 Possible as Market Transforms Caracas to Iran (BBG)
  • Hong Kong warns protesters not to return after clashes close government HQ (Reuters)
  • Bond Secrets Decoded 9,539 Miles From Wall Street in Lot (BBG)
  • Ruble Rally Turns to Rout as Fortunes Tied to Sinking Oil (BBG)
  • Loans Made in Blink as Banks, Funds Vie for LendingClub Clients (BBG)
 
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The Price Of Oil Exposes The True State Of The Economy





We should be glad the price of oil has fallen the way it has (losing another 6% today as we write this). Not because it makes the gas in our cars a bit cheaper, that’s nothing compared to the other service the price slump provides. That is, it allows us to see how the economy is really doing, without the multilayered veil of propaganda, spin, fixed data and bailouts and handouts for the banking system.

 
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Oil Slumps To 4 Year Low Ahead Of OPEC, Eurozone Yields New Record Lows: Summary Of Overnight Events





While the US takes the day off after another near-record low volume surge to a new all time high in the S&P500, a level which is now just 125 points away from Goldman's year end target for 2016, the rest of the world will be patiently awaiting to see if oil's next step, as a result of today's OPEC meeting will be to $60 or to $100. For now at least the answer is the former (see more here from the WSJ), with Brent recently touching a fresh 4 year low in the mid-$75s, as WTI doesn't fare much better and was down 2% at last check to $72.20 after touching a low of $71.89. It appears the prepared remarks by the OPEC president to the 166th conference have not eased fears that despite all the rhetoric OPEC will be unable to get all sides on the same story, even though the speech notes "ample supply, moderate demand and warns that "if falling price trend continues, “long-term sustainability of capacity expansion plans and investment projects may be put at risk."

 
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Frontrunning: November 26





  • National Guard, police curb Ferguson unrest as protests swell across U.S. (Reuters)
  • Ferguson Reaction Across U.S. Shows Complex Racial Split (BBG)
  • Democratic senator Schumer: Democrats Screwed Up By Passing Obamacare In 2010 (TPM)
  • Veto threat derails Reid tax deal (Hill)
  • Justice Department Investigating Possible HSBC Leak to Hedge Fund (WSJ)
  • Merkel hits diplomatic dead-end with Putin (Reuters), and yet...
  • Merkel Said to Reject Ukraine NATO Bid as Rousing Tension (BBG)
  • HSBC, Goldman Rigged Metals’ Prices for Years, Suit Says (BBG)
 
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Frontrunning: November 25





  • Ferguson in Flames (Reuters)
  • Ferguson Cop Told Grand Jury He Feared for His Life (BBG)
  • Sharpton: Grand Jury Announcement ‘An Absolute Blow’ (Daily Caller)
  • Gunshots echo as violence returns to Ferguson, protests across U.S. (Reuters)
  • BoJ members warned on costs of more easing (FT)
  • Hagel Exit Shows Obama Has Taken Power Away From Pentagon (BBG)
  • Ukraine leader, under pressure from West, pledges new government soon (Reuters)
  • Eurozone Stagnation Poses Major Risk to Global Growth, OECD Warns (WSJ)
  • ECB’s Coeure Says Officials Won’t Rush as They Debate All Assets (BBG)
 
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Frontrunning: November 24





  • Grand jury expected to resume Ferguson police shooting deliberations (Reuters)
  • PBOC Bounce Seen Short Lived as History Defies Bulls (BBG)
  • Home prices dropped in September for the first time since January (HousingWire)
  • UPS Teaches Holiday Recruits to Fend Off Dogs, Dodge NYC Taxis (BBG)
  • US oil imports from Opec at 30-year low (FT)
  • Hedge Funds Bet on Coal-Mining Failures (WSJ)
  • Putin Woos Pakistan as Cold War Friend India Buys U.S. Arms (BBG)
  • How the EU Plans to Turn $26 Billion Into $390 Billion (BBG)
  • The $31 Billion Bet Against Brazil’s New Finance Minister (BBG)
 
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Frontrunning: November 20





  • Banks Had Unfair Advantage From Commodity Units (Bloomberg)
  • Report Notes Deals Between Goldman, Deutsche and Others Drove Up Aluminum Prices (WSJ)
  • Goldman, Morgan Stanley Commodity Heyday Gone as Units Faulted (BBG) - because when you can no longer manipulate, you move on...
  • Lenders Shift to Help Struggling Student Borrowers (WSJ)
  • Immigrants face major hurdles in signing up to new Obama plan (Reuters)
  • Distressed Debt in China? Ain’t Seen Nothing Yet, Buyers Say (BBG)
  • Banking culture breeds dishonesty, scientific study finds (Reuters)
  • Amazon Robots Get Ready for Christmas (WSJ)
 
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