While most of us would realize that something sinister is afoot right now in the global banking system if we merely diverted our attention away from the Sunday football game or the Game of Thrones episode on our TV for just 10 minutes to think about these issues, unfortunately, the vast majority of us still do not ever stop to do so.
“Bank of Ireland understands these changes may be a new way of banking for some of our customers, and the branch teams will be available to help and guide them through this change."
- World stocks on course for best month in four years (Reuters)
- Global Stocks Up Amid Stimulus Hopes (WSJ)
- BOJ Refrains From Adding Stimulus Even as Inflation, Growth Wane (BBG)
- U.S. Avoids Debt Default as Congress Passes Fiscal Plan (BBG)
- China naval chief says minor incident could spark war in South China Sea (Reuters)
- Exclusive Club: No High-Frequency Traders Allowed at Luminex (WSJ)
A bursting of property bubbles in London and New York would be expected to have an impact on national economies and indeed on national property markets. Sentiment would be badly impacted. Caution should be the order of the day.
Varoufakis Releases Full List Of Public Speaking Fees To Mute "Greek Outrage" At "Self-Enrichment Drive"Submitted by Tyler Durden on 10/28/2015 11:30 -0500
In order put an end to the "Greek outrage" that Yanis Varoufakis may be doing what Hillary and Bill Clinton have been so good at, namely engaging in a "self-enrichment drive" and profiting from speeches made after his political departure (which in the Clintons' case was merely a tacit way of purchasing influence and future favors, i.e., bribing), and laid out all his public speeches and the associated fees since August 2015.
In August 2015, IBM learned that the SEC is conducting an investigation relating to revenue recognition with respect to the accounting treatment of certain transactions in the U.S., U.K. and Ireland. The company is cooperating with the SEC in this matter.
- Hilsenrath - The Fed Strives for a Clear Signal on Interest Rates (WSJ)
- Tentative Budget Deal Reached, Raising Debt Limit (WSJ)
- China Calls U.S. Challenge Over Island Threat to Regional Peace (BBG)
- UK economy slows more than expected in third quarter (Reuters)
- In China’s Alleyways, Underground Banks Move Money (WSJ)
- Inside the Secretive Circle That Rules a $14 Trillion Market (BBG)
- A Frustrated Koch Brother Decides It’s Time to ‘Spout Off’ (WSJ)
In what amounts to a slap in the face for a coalition of Leftist lawmakers who are opposed to the austerity programs that some believe are responsible for painful economic adjustments, Portugal has reappointed PM Pedro Passos Coelho. This sets the country up for an intractable political stalemate and will serve to embed an enormous amount of uncertainty in markets going forward.
Despite today's ridiculous melt-up in US equities - all driven by USDJPY-correlated algos - after the completion of over 9 months of this year, the median stock in the United States has officially gone nowhere.
Gold can be useful as a hedge against inflation but it's been consistently so only in the long run.
- Canada's Trudeau topples PM Harper in shock election win (Reuters)
- Where Canada’s Harper Hit Hurdles (WSJ)
- Pugnacious Trudeau Steps Out of Father's Shadow and Into Power (BBG)
- European Stocks Decline, Euro Rallies as ECB QE Optimism Fades (BBG)
- Valeant, Under Pressure About Price Increases, Plans Changes (WSJ)
- Syrian rebels say they receive more weapons for Aleppo battle (Reuters)
In the beginning of 2008, a US dollar could buy only €0.65 euros. Today, on average through 2015, one US dollar can buy €0.91 euros. With European demographics getting more challenging by the year, and deflation stalking the eurozone, problems don’t seem to be going away for the euro. The crises in Ukraine and Greece continue on without much resolved, and the ECB is continuing on with its QE program. Meanwhile, the Refugee Crisis has created another political distraction that has its own challenges for the people of Europe. Will the shrinking euro be able to revert its course, or is Europe doomed to become the next Japan?
News That Matters
"Europe has seen nothing like this for 70 years – the visible expression of a world where order is collapsing. The millions of refugees fleeing from ceaseless Middle Eastern war and barbarism are voting with their feet, despairing of their futures. The catalyst for their despair – the shredding of state structures and grip of Islamic fundamentalism on young Muslim minds – shows no sign of disappearing. Yet there is a parallel collapse in the economic order that is less conspicuous: the hundreds of billions of dollars fleeing emerging economies, from Brazil to China, don’t come with images of women and children on capsizing boats."
- Global stocks eye biggest rally in four years on Fed relief (Reuters)
- FOMC Minutes Sap Confidence in Fed's 2015 Rate Hike Resolve (BBG)
- Glencore to cut annual zinc production by a third (FT)
- Tea Party wave that lifted Republicans threatens to engulf them (Reuters)
- Why Kevin McCarthy Came to Quit Speaker Race (WSJ)
- A U.S. Recession Just Got a Little More Likely (BBG)