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R.T.M. ~ Frontrunning ~ 32nd Ed., Vol.1 ~ Aug 17th - 21st

Discussion in 'Coffee Shack (Daily News/Economy)' started by searcher, Aug 17, 2015.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    [h=1]Frontrunning: August 17[/h]


    [​IMG]
    Submitted by Tyler Durden on 08/17/2015 07:40 -0400






    • Oil moves nearer six-year low on Japan data, oversupply (Reuters)
    • Commodity Slide Spurs Treasuries as Emerging Markets Extend Drop (BBG)
    • Because 7 years is "just right" - BOE Official Says Don’t Wait Too Long on Rates (WSJ)
    • How Medicare Rewards Copious Nursing-Home Therapy (WSJ)
    • Millennials Are Developing Parents’ Taste for Jaguars, Cadillacs (BBG) ... and even more debt
    • Mexican Billionaire’s Firms Swept Up in U.S. Probe of Citigroup (BBG)
    • Japan economy shrinks in second quarter in setback for 'Abenomics' (Reuters)
    • Hedge Funds Resume Flight From Oil as Prices Sink to 6-Year Lows (BBG)
    • China’s Woes Echo in U.S. Earnings (WSJ)
    • Bond Market’s $2.46 Trillion Dilemma May Not Be So Serious (BBG)
    • Yes, Donald Trump can win, but here’s what it will take (Reuters)
    • FTSE-100 Bosses Paid 183 Times More Than Average U.K. Worker (BBG)
    • Hunt for Chinese Man in U.S. Fuels Political Intrigue (WSJ)
    • Cargill Buys Salmon Feed Maker EWOS for $1.5 Billion (BBG)
    • Civilians killed as fighting flares in eastern Ukraine (Reuters)
    • The Rise of Phone Reading (WSJ)



    Overnight Media Digestt

    WSJ

    * The Pentagon plans to sharply expand the number of U.S. drone flights over the next four years, giving military commanders access to more intelligence and greater firepower to keep up with a sprouting number of global hot spots, a senior defense official said. (http://on.wsj.com/1MsPU3d)

    * Etsy Inc, the online marketplace for artisans, works to keep its business "mindful, transparent and humane," but that became tricky when it crafted a new tax strategy. (http://on.wsj.com/1MsQ36E)

    * For U.S. nursing homes, Medicare's rules can provide a financial incentive to increase rehabilitative therapy for patients who may not benefit from extra care. (http://on.wsj.com/1MsQ76o)

    * In an unusual legal battle set to begin this week, Promontory Financial Group plans to challenge a move by New York's state banking regulator to block the consulting firm from advising New York-based banks in some cases. (http://on.wsj.com/1MsQaPR)

    * Donald Trump is calling for the deportation of millions of immigrants living in the United States illegally and for the end of automatic citizenship for children born to foreigners on U.S. soil, adding specifics to the hard-line immigration stance that first helped his Republican presidential campaign take flight. (http://on.wsj.com/1MsQa2e)

    * Alibaba Group is fighting an aggressive ground war to keep its top e-commerce spot against a pack of rivals, suggesting China's biggest online vendor may not be as invulnerable as it seems. (http://on.wsj.com/1MsQdv1)



    FT

    John Wood Group Plc is set to announce this week that it has reduced its headcount by one in 10 during the first half of the year.

    The European Central Bank has set a deadline of four years for completing the review of bank risk models, longer than the earlier target of a year or two.

    German Chancellor Angela Merkel has rescheduled trips to Italy and Brazil to spend more time trying to contain a major revolt from her party. This is before a vote this week on an 86 billion euro ($95.42 billion) rescue plan for Greece in the German parliament.


    NYT

    * Burdened by weaker consumer spending and exports, Japan's economy contracted in the second quarter, government data showed on Monday, the first such setback since a short but painful recession last year. The Cabinet Office said gross domestic product fell at an annualized rate of 1.6 percent in the three months through June. (http://nyti.ms/1Nch8ga)

    * Chancellor Angela Merkel said she expected the International Monetary Fund to participate in the new bailout for Greece as Germany's Parliament prepared to vote on the package this week. (http://nyti.ms/1K12pmc)

    * A position paper that appeared on Donald Trump's website centered on three principles: building a wall on the border and getting the Mexican government to help pay for it; enforcing the law; and making economic improvements. (http://nyti.ms/1hhfPjd)

    * The National Security Agency's ability to spy on vast quantities of Internet traffic passing through the United States has relied on its extraordinary, decades-long partnership with a single company: the telecom giant AT&T Inc. While it has been long known that American telecommunications companies worked closely with the spy agency, newly disclosed NSA documents show that the relationship with AT&T has been considered unique and especially productive. (http://nyti.ms/1DYIdQT)

    * When Apple Inc introduced its new streaming service, Apple Music, at the end of June, one of the big questions hanging over it was whether it could compete with outlets like Spotify to deliver blockbuster results for big new albums. In Apple Music's first major test, the answer is a qualified yes. Dr. Dre's album "Compton: A Soundtrack" had 25 million streams around the world in its first week, and also sold nearly half a million downloads through Apple's iTunes store, Apple executives said on Sunday. (http://nyti.ms/1NzTqHA)


    Hong Kong

    SOUTH CHINA MORNING POST

    - Investment scams in Hong Kong have worsened, with the amount of cash lost to them in the first half of this year reaching HK$60.5 million ($7.80 million), almost three times more than last year's total, according to the Commercial Crime Bureau. (bit.ly/1Nc4y0r)

    - The Consumer Council will study the opening up of the taxi services market in Hong Kong amid the rising popularity of controversial car-hailing app Uber. Council chairman Wong Yuk-shan said the watchdog would like to see more competition and better-quality services, but he also warned that there was an insurance issue involved in using car-hailing apps. (bit.ly/1IWNmG4)

    THE STANDARD

    - Food authorities in Hong Kong are contacting mainland authorities to see if food is imported from Tianjin amid news that deadly cyanide was stored at the warehouse devastated by giant explosions last week. The Centre for Food Safety said it is contacting mainland authorities and imports will cease if harmful products are found. (bit.ly/1PtZ1R4)

    - Mainlanders looking to maintain asset value are seeking shelter in the Hong Kong property market after the yuan dropped 3 percent in a week. Centaline Property Agency managing director Louis Chan sees mainland buyers rising by 5 percent, while Cheung Kong Property's director William Kwok expects to see a rise in mainland flat buyers. (bit.ly/1PtZfYC)

    HONG KONG ECONOMIC JOURNAL

    - A further depreciation in the yuan of an aggregate of about 10 percent will significantly hit mainland tourist arrivals and hammer the already weak local retail market, analysts said. Hong Kong Retail Management Association chairwoman Caroline Mak said she does not expect to see any sign of improvement in the local retail segment.

    - Sports consultancy service and property development firm China Viva Holdings Ltd said it would buy 29 percent of real estate developer CITIC Land Co Ltd for 320 million yuan in cash. CITIC Group will hold 71 percent of the developer on completion of the deal.


    Britain

    The Times

    TUI Group is considering spinning off non-core assets with a turnover of about 3 billion euros ($3.33 billion). The travel group behind the Thomson and First Choice holiday brands could seek a separate listing for its non-mainstream operations, including brands such as hotelbeds.com, Crystal Ski Holidays and Hayes & Jarvis, while retaining a stake. (http://thetim.es/1TLGcim)

    Morrisons is considering selling its M Local convenience stores to Greybull Capital, the investment firm best known for buying Monarch Airlines. Greybull is understood to be in discussions over financing a deal to back a group of industry executives who are planning to take control of about 160 M Local stores as Morrisons re-focuses on its core supermarket operation. (http://thetim.es/1TLGgOQ)

    The Guardian

    Young people without jobs will be sent to boot camp to prepare them for work as part of a "no excuses" approach to eradicating youth unemployment, said Matt Hancock, a Cabinet Office minister. The senior Conservative, who heads David Cameron's earn or learn taskforce, will set out plans for jobseekers aged between 18 and 21 to be placed on an intensive activity programme within the first three weeks of submitting a claim. (http://bit.ly/1TLIttI)

    Homebuyers waiting for the traditional sharp summer fall in house prices are set to be disappointed, as asking prices for homes coming on to the market fell by just 0.8 percent in August, according to property website Rightmove. Rightmove found the usual summer dip of 1.5 percent was not matched as average prices of new listings on the market fell 0.8 percent, while north-east saw rise of 1.2 percent. (http://bit.ly/1TLJcLy)

    The Telegraph

    The rehabilitation of UK banks has taken another step forward as a prominent fund manager, Hermes, looks to buy back into the industry, even as lenders continue to deal with overhanging problems with their finances and culture. Hermes is reviewing the sector after moves by European banks to reduce their international businesses and slash balance sheet leverage. (http://bit.ly/1HQbIzi)

    The devastation wrought by the oil price crash on Britain's North Sea industry is set to be laid bare when one of the region's biggest contractors, Wood Group, reveals that it has cut 4,000 jobs since the start of the year. The job losses will be detailed when the FTSE 250 company, which lays pipes for oilfields and helps staff oil rigs, announces its interim results on Tuesday. (http://bit.ly/1KqdXez)

    Sky News

    Fintrax Group, one of the world's leading providers of VAT refunds to international travellers, is being put up for sale amid a furious attack by government ministers on major British retailers. Exponent Private Equity, owners of Fintrax are to begin talks with prospective buyers within weeks. (http://bit.ly/1TLFcuD)

    The Greek parliament has approved a three-year, 85 billion euros rescue package following a night of debate and delays. Politicians pass a bill for 85 billion euros in aid over three years - hours before eurozone ministers decide whether to approve the package. (http://bit.ly/1TLFAJk)


    http://www.zerohedge.com/news/2015-08-17/frontrunning-august-17
     
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    Ritholtz's Reads: The Case Against Hedge Fund Managers 08/17
    http://www.bloombergview.com/articl...-s-reads-the-case-against-hedge-fund-managers

    Crossing Wall Street: Morning News: August 17, 2015
    http://www.crossingwallstreet.com/a...ed:+Crossingwallstreet+(Crossing+Wall+Street)

    Naked Capitalism Links 08/07
    http://www.nakedcapitalism.com/2015/08/links-81715.html

    The Capital Spectator: Initial Guidance | 17 August 2015
    http://www.capitalspectator.com/initial-guidance-17-august-2015/

    Total Investor: US Weekly Economic Calendar 08/17
    http://totalinvestor.blogspot.com/2015/08/us-weekly-economic-calendar_17.html

    Wall Street Breakfast: Airbus Clinches Largest-Ever Plane Order 08/17
    http://seekingalpha.com/article/344...irbus-clinches-largest-ever-plane-order?ifp=0
     
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    Thoughts from the Frontline - Riding the Energy Wave to the Future [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: John Mauldin
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]This week’s yuan devaluation was big news, but it’s really part of a much bigger saga. Events around the globe are combining to create huge economic change over the next few years. We are watching giant, multidimensional chess games played by some master players.[/FONT]
     
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    Last edited by a moderator: Dec 26, 2015
  8. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  9. Argent Dragon

    Argent Dragon Site Support Site Mgr Site Supporter

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    [h=1]Ron Paul: Fed May Not Hike as 'Everything Is Vulnerable' [/h]
    Former Rep. Ron Paul, R-Texas, warns that Federal Reserve Chairman Janet Yellen won't raise interest rates this year, defying public expectations, in the wake of China's currency devaluation. "I could be wrong, but I don't think they are going to raise interest rates," he told CNBC. "Everything is vulnerable, so we're living in very dangerous times," Paul added. [Full Story]

    Related Stories


     
  10. searcher

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    Gold, Silver Advance; 2015 Silver Eagles Top 30M
    http://www.coinnews.net/2015/08/17/gold-silver-advance-2015-silver-eagles-top-30m/

    Gold Seeker Closing Report: Gold and Silver Gain With Stocks [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: Chris Mullen, Gold-Seeker.com
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]Gold gained $7.50 to $1122.70 in early New York trade before it chopped back towards unchanged for most of the rest of trade, but it still ended with a gain of 0.22%. Silver rose to as high as $15.41 and ended with a gain of 0.66%.[/FONT]
     
  11. searcher

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  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    [h=1]Frontrunning: August 18[/h]


    [​IMG]
    Submitted by Tyler Durden on 08/18/2015 07:02 -0400






    • China stocks slump 6 percent on fears of further yuan depreciation (Reuters)
    • U.S. Lacks Ammo for Next Economic Crisis (Hilsenrath)
    • Emerging Markets Extend Slide as Commodities Fall; Pound Jumps (BBG)
    • China yuan to move both ways, more 'adjustments' unlikely: central bank economist (Reuters)
    • Playing Chinese markets is as simple as 'follow the leader' (Reuters)
    • PBOC Injection Shows China Worries About Outflows (WSJ)
    • Russia Fails to Soothe Oil Concerns as Citi Joins Ruble Bears (BBG)
    • A Condom Maker Could Be a Big Winner From the Plunge in the Ringgit (BBG)
    • World’s Biggest Currency Trade Is Stuck in a Fed-Induced Rut (BBG)
    • U.S. graft probes may cost Petrobras record $1.6 billion or more (Reuters)
    • Why 6 Million Americans Would Rather Work Part Time (BBG)
    • U.S. Postal Service Tries Hand as Fishmonger, Grocer (WSJ)
    • Rajapaksa's comeback fails as Sri Lankan voters back reforms (Reuters)
    • Saudi-led warplanes wreak havoc on Yemen aid port Hodeida (Reuters)
    • Planned Parenthood seeks injunction against Florida health agency (Reuters)
    • Former NFL players object to concussion settlement (Reuters)



    Overnight Media Digest

    WSJ

    * As the U.S. economic expansion ages and clouds gather overseas, policy makers worry fiscal and monetary tools to battle a recession are in short supply. The United States generally injects cash into the economy through interest-rate cuts, tax cuts or ramped-up federal spending. Those tools could be hard to employ when the next dip comes. (on.wsj.com/1gSDHZy)

    * The Obama administration is working to reach a deal with Cuba by year's end that would allow travelers to fly on scheduled commercial flights between the countries, U.S. officials say. (on.wsj.com/1gSDYvr)

    * Investors have asked to redeem roughly half the money managed by Claren Road Asset Management, the latest blow for Carlyle Group's hedge fund firm. The firm managed about $4.1 billion at the end of July. (on.wsj.com/1gSE0Uj)

    * The U.S. Postal Service is ramping up same-day delivery of everything from bottled water to fresh fish, as its new postmaster general tries to better compete with FedEx Corp , United Parcel Service Inc and even Amazon.com Inc. (on.wsj.com/1gSE9ac)

    * The U.S. Environmental Protection Agency will propose the first-ever federal regulations to cut methane emissions from the nation's oil and natural-gas industry, which is part of President Barack Obama's climate agenda. (on.wsj.com/1gSFFZW)

    * Faced with new global regulations requiring them to strengthen their capital, big lenders in the United States and Europe have turned to a trading tactic that flatters their positions without actually raising extra funds. (on.wsj.com/1gSFLkf)


    FT

    The Obama administration granted Royal Dutch Shell the final permit to drill for oil and gas in the Arctic, after Shell moved a vessel called the Fennica to the region. It is carrying a "capping stack" that could be used to seal a well in the event of a blowout and leak.

    Deutsche Bank has reorganised its fixed income and currencies business (FIC). FIC, the bank's biggest business, will now be overseen by an executive committee with its own chairman. The details were mentioned in a memo sent by the bank's co-head of investment banking Colin Fan in recent days.

    National Institute for Health and Care Excellence has issued new guidance to help doctors and pharmacists prevent the use of antibiotics for treatment of diseases for which they are not suited. It has said that overprescribing of antibiotics remains common in spite of increasing information regarding the rise of drug-resistant infections.



    NYT

    - Investors in Claren Road Asset Management may think the hedge fund has come to the end of the road. The hedge fund, which is majority-owned by the private equity firm Carlyle Group , is facing requests from investors to withdraw around $2 billion of their money from the firm's two main funds, according to a filing with the Securities and Exchange Commission. (http://nyti.ms/1fm0Br5)

    - The Internal Revenue Service said on Monday hackers had gained access to the tax returns of more than 300,000 people, a far higher number than the agency had reported previously (http://nyti.ms/1JecBqK)

    - The Federal Reserve Bank of Dallas on Monday chose for its new president Robert Steven Kaplan, a former Goldman Sachs Group Inc executive. (http://nyti.ms/1JdDEhJ)

    - The Obama administration is expected to propose as soon as Tuesday the first-ever federal regulation to cut emissions of methane, a powerful greenhouse gas that contributes to global warming, by the nation's oil and natural-gas industry, officials familiar with the plan said on Monday. (http://nyti.ms/1WANpjZ)


    Canada

    THE GLOBE AND MAIL

    ** The Canada Pension Plan Investment Board has purchased a 49 percent stake worth about C$170 million ($129.7 million) in a joint venture to invest in a mixed-use development in Kuala Lumpur with Malaysia's Pavilion Group. (http://bit.ly/1JeP0GB)

    ** Brookfield Infrastructure Partners LP is acquiring a majority stake in Melbourne-based Asciano Ltd , an Australian port and rail systems, in a deal worth $8.6 billion, plus debt, aiming to create a competitive international transport heavyweight. (http://bit.ly/1JePTij)

    ** Two proposed liquefied natural gas projects by Pieridae Energy Ltd and Bear Head LNG Corp have received approval from the National Energy Board to export LNG, but they are counting on the United States to build pipeline capacity into Canada's New England in order for them to obtain the supply needed to underpin their ambitious plans. (http://bit.ly/1JeQ5Os)

    NATIONAL POST

    ** Difference Capital Financial Inc, which reported results last week, said on Monday that National Bank Financial was "discontinuing coverage." The bank provided the only sell side analysis on the company. (http://bit.ly/1NCtNpI)

    ** The Mortgage Company of Canada, a mortgage investment firm, will pay penalties and costs of C$100,000 to settle allegations brought by regulators over the sale of about C$32.2 million worth of shares to nearly 150 investors. (http://bit.ly/1NCttaz)

    ** Centerra Gold Inc's former Chief Executive Len Homeniuk is lashing out at Canadian authorities after his arrest last month in Bulgaria on corruption allegations he says are unfounded and simply an attempt to sway current negotiations over the Kumtor gold mine. (http://bit.ly/1JeQIrt)


    China

    CHINA SECURITIES JOURNAL

    - Total premium of the internet insurance market hit 81.6 billion yuan ($12.76 billion) in the first half of this year, up 1.6 times from last year, according to data from the Insurance Association of China.

    21st CENTURY BUSINESS HERALD

    - Tencent Holdings Ltd said it planned to set up an insurance company with a registered capital of 1.5 billion yuan ($234.68 million), and that it had already submitted all necessary documents to the China Insurance Regulatory Commission (CIRC).

    SHANGHAI SECURITIES NEWS

    - Sinomach Automobile Co Ltd said a total of 6,500 automobiles, worth 3 billion yuan, might have been destroyed during the massive explosions at the Tianjin port last week.

    PEOPLE'S DAILY

    - The National Audit Office of China said in a research report that over 9.8 billion yuan low-income housing funds had been embezzled.


    Britain

    The Times

    Britain's North Sea oil industry is set for an autumn of discontent, as workers threaten to take strike action for the first time in a generation after thousands of job cuts triggered by plunging prices. Union organisers will begin counting votes Tuesday for a possible walkout by hundreds of helicopter pilots, who play a critical role ferrying workers and supplies to offshore rigs. (http://thetim.es/1JdeJef)

    GVC Holdings faces a multimillion-dollar legal claim after a Canadian company accused it of reneging on a deal, owing to its involvement in the 1 billion-pounds ($1.56 billion)auction of Bwin.party. The Sportingbet owner, which is fighting 888 Holdings for control of Bwin, is being sued by 37 Entertainment, a sports and entertainment consultancy, over a joint venture to launch two websites aimed at Canadian punters. (http://thetim.es/1JdflQU)

    The Guardian

    Falling oil prices and a strong pound are likely to have anchored inflation at zero for a second successive month in July, giving further reason for Bank of England policymakers to delay raising interest rates. City economists said official figures to be published on Tuesday are likely to show consumer price inflation remained at zero last month. (http://bit.ly/1Jd69vO)

    Rail unions are holding a protest on Tuesday to highlight their claim that rail fares have risen nearly three times faster than wages over the past five years. Campaigners at London's Waterloo station will hand out postcards highlighting the cost of rail privatisation and demanding a return of the railways to public ownership. (http://bit.ly/1Jdfa86)

    The Telegraph

    Cargill, the world's largest grain trader, has bought Norwegian salmon-feed supplier Ewos, in a bid to gain exposure to the fast-growing market for farmed fish and shrimp. The 1.35 billion-euros ($1.49 billion) acquisition marks Cargill's second investment in aquaculture in the past month, as the group seeks to capitalise on rising global demand for farmed seafood. (http://bit.ly/1hIHFVw)

    Scandal-hit Quindell has appointed a new chief executive to fill a role that has been vacant since May and has sought to further distance itself from its troubled past by parting ways with its house broker. The insurance outsourcer, which is the subject of investigations by the Serious Fraud Office and the Financial Conduct Authority, on Monday named Indro Mukerjee as its boss. (http://bit.ly/1LeLnjc)

    Sky News

    Mast Capital Management, a Boston-based fund backed by the financial giant KKR, is to invest in a $125 million bond issue which is expected to be launched by London-listed satellite company Avanti Communications this week. A stock exchange announcement confirming the debt-raising could come as soon as Tuesday, City sources said. (http://bit.ly/1Jd6puS)

    Airbus gets a huge vote of confidence from Indian carrier IndiGo with its biggest-ever order for planes. The French aircraft giant has secured its biggest ever single order for planes in a 17 billion-pounds deal with Indian airline IndiGo. (http://bit.ly/1Jd6Ll4)

    The Independent

    Agent Savills and investment bank Lazard are selling a 42.5 percent stake on behalf of the British government and deliveries giant DHL in the 67-acre site around King's Cross and St Pancras station. When completed in five years' time, the scheme could be worth around 5 billion pounds.(http://ind.pn/1Jda4sG)


    http://www.zerohedge.com/news/2015-08-18/frontrunning-august-18
     
  13. searcher

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    China Stocks Crash, More Than Half Of Market Halted Limit Down; PBOC Loss Of Control Spooks Global Assets
    http://www.zerohedge.com/news/2015-...it-down-global-markets-spooked-pboc-loss-cont

    Greek Deposits Become Eligible For Bail-In On January 1, 2016
    http://www.zerohedge.com/news/2015-08-17/greek-deposits-become-eligible-bail-january-1-2016

    Greek Liquidation Sale Begins: German Company Wins Privatization Bid For 14 Greek Regional Airports
    http://www.zerohedge.com/news/2015-...mpany-wins-privatization-bid-14-greek-regiona
     
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    Asian Metals Market Update [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: Chintan Karnani, Insignia Consultants
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]Yesterday my brother asked me whether he should start investing in physical silver. I told him that (a) either silver has bottomed out or (b) silver prices will form a long term bottom in the next twelve months. He was not satisfied with the answer as it seemed a big vague. Then I clarified, that one should start investing in silver in very small amounts at current prices and that he should increase investing on any five percent fall.[/FONT]
     
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    Ritholtz's Reads: Hedge Funds Do Half as Well as You Think 08/18
    http://www.bloombergview.com/articl...eads-hedge-funds-do-half-as-well-as-you-think

    Crossing Wall Street: Morning News: August 18, 2015
    http://www.crossingwallstreet.com/a...ed:+Crossingwallstreet+(Crossing+Wall+Street)

    Naked Capitalism Links 08/18
    http://www.nakedcapitalism.com/2015/08/links-81815.html

    The Capital Spectator: Initial Guidance | 18 August 2015
    http://www.capitalspectator.com/initial-guidance-18-august-2015/

    Wall Street Breakfast: China Stock Plunge Weighs On World Markets 08/18
    http://seekingalpha.com/article/344...na-stock-plunge-weighs-on-world-markets?ifp=0

    23 Nations Around The World Where Stock Market Crashes Are Already Happening
    http://theeconomiccollapseblog.com/...re-stock-market-crashes-are-already-happening
     
  17. Argent Dragon

    Argent Dragon Site Support Site Mgr Site Supporter

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    [h=1]UK's Telegraph: 'Doomsday' Signs Point to Stock Collapse [/h]
    Global central bank easing has run amuck, and the results won't be pretty, says London Daily Telegraph columnist John Ficenec. "It is only a matter of time before stock markets collapse under the weight of their lofty expectations and record valuations," he warns. "Time is now rapidly running out." [Full Story]

    Related Stories


     
  18. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Shipping & Energy 08/18:

    Ship Photos of the Day – USNS Mercy Replenishment at Sea
    http://gcaptain.com/ship-photos-of-the-day-usns-mercy-replenishment-at-sea/#.VdMuC5WFPIU

    Shell Arctic Drilling Receives U.S. Approval
    http://gcaptain.com/shell-arctic-drilling-receives-u-s-approval/#.VdMu7JWFPIU

    Oil Just Fell To It's Six Year Low
    http://news.yahoo.com/oil-prices-fall-again-u-asian-demand-looks-002639644--business.html

    Former Petrobras exec sentenced for Samsung drillship bribe
    http://www.reuters.com/article/2015/08/17/petrobras-corruption-idUSL1N10S16120150817

    Hamburg 2015 port volume forecasts slashed on China, Russia
    http://www.reuters.com/article/2015/08/17/germany-trade-hamburg-idUSL5N10S0TO20150817

    Drewry: COSCO, CSCL Merger Could Cause Chain Reaction in China
    http://gcaptain.com/drewry-cosco-cscl-merger-could-cause-chain-reaction-in-china/#.VdMxP5WFPIU

    Tianjin port's commodity operations resume after blasts - sources
    http://www.reuters.com/article/2015/08/17/china-blast-port-idUSL5N10S01Z20150817

    Crow Tribe signs partnership in Washington coal port development
    http://helenair.com/business/crow-t...cle_eaeafa62-a186-5187-bfb7-5a23e2d801ce.html
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Gold & Silver Market Morning [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]On Monday New York closed at $1,117.60, up $2.40. The dollar was slightly weaker at $1.1063 down from $1.1100 with the dollar Index stronger at 96.91 up from 96.69 on Tuesday morning. This morning the LBMA gold price was set at $1,119.15 up $1.85. The euro equivalent was €1,010.93 up €5.26. Ahead of New York’s opening, gold was trading at $1,120.05 and in the euro at €1,012.20.


    [/FONT]
     
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    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Welcome to Dystopia Episode 6 w/ Kerry Lutz: Can't Accurately Predict When SHTF
    (FinanceAndLiberty.com)



    https://youtu.be/BfDdTHtVnwI

    Published on Aug 18, 2015
    Jason Burack of Wall St for Main St and co-host of the Welcome to Dystopia podcast, independent financial and geopolitical analyst, and the managing editor of The News Doctors http://thenewsdoctors.com/, Eric Dubin, had on former successful lawyer and entrepreur and current host of the very popular Financial Survival Network show http://financialsurvivalnetwork.com/, Kerry Lutz for this week's show.

    Financial Survival Network has over 14 million downloads on iTunes in only a few years since it was started.

    During this new episode of Welcome to Dystopia, Jason asks Kerry about how he found the Austrian School of Economics and became a Libertarian when he was a successful lawyer in NYC.

    Kerry talks about the Austrian School Economics and then Jason asks him about the problems with today's legal system.

    Kerry thinks the legal system continues to spiral out of control with power and corruption and is a symptom of the decline in the US.

    Jason asks Kerry about inflation and deflation and if he's surprised TPTB have been able to prevent another collapse for so long after 2008. Kerry says he's been very surprised and that it's impossible to accurately predict when the SHTF so people should prepare ahead of time.

    To wrap up the interview, Jason and Eric ask Kerry about how people can survive and thrive in this environment and solutions for people who can't afford to buy lots of different types of investments and inflation hedges to protect themselves and their families from what is to come.


    Nominees for Scumbag of the Week:
    1) The EPA for possibly intentionally dumping 3 million gallons of toxic sludge containing lead and arsenic into the Animas River in Colorado to gain extra Superfund cleanup money

    2) Many 20 something female teachers in the the US who are now getting caught having sex with 15 and 16 year old boys (there's at least a few of these cases per month now all over the US according to the NY Post stories and other sources)

    3) AT&T for being so eager to screw over its customers to help the NSA according to new info from Edward Snowden http://www.zerohedge.com/news/2015-08...

    This video was posted with permission from http://WallStForMainSt.com
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    Last edited by a moderator: Dec 26, 2015
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    Argent Dragon Site Support Site Mgr Site Supporter

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    [h=1]Frontrunning: August 19[/h]

    [​IMG]
    Submitted by Tyler Durden on 08/19/2015 07:46 -0400






    • $1 trillion in Emerging Market outflows in the past 13 months (FT)
    • German lawmakers back third Greek bailout (Reuters)
    • Dutch government faces test in "junkie" Greece debate (Reuters)
    • China c.bank offers selected banks medium term lending facility (Reuters)
    • Another "expert network" busted: Promontory settles over StanChart probe (FT)
    • Angola to Ship Most Crude in Four Years to Meet Asian Demand (BBG)
    • Hackers dump data online from cheating website Ashley Madison (Reuters)
    • Yuan’s Devaluation Brings Losses for Some (WSJ)
    • Grad-School Loan Binge Fans Debt Worries (WSJ)
    • How the Worst Performing Oil Companies Are Making More Than Exxon (BBG)
    • Police Snap Up Cheap Cellphone Trackers (WSJ)
    • Market forces cut Glencore down to size (FT)
    • One of the Most Successful Trading Strategies This Year May Be Coming to an End (BBG)
    • Clinton Is Defiant as Email Cases Loom (WSJ)
    • Lehman Survivor Wants to Build a $12 Billion Solar Empire(BBG)
    • Why Yellen Doesn’t Need to Worry About Spooking U.S. Consumers (BBG)



    Overnight Media Digest

    WSJ

    - The sudden devaluation of the yuan is proving cataclysmic for investors who watched the currency climb for a decade and made bets that depended on it holding stead. (http://on.wsj.com/1gVQY3s)

    - U.S. airlines are producing their biggest profits ever. But instead of clear skies, they are encountering problems that their recent prosperity, in some cases, is making worse. (http://on.wsj.com/1gVR0Za)

    - Hillary Clinton again dismissed criticism of her use of a private email server as politically minded attacks, as a federal judge prepares for a hearing amid a host of lawsuits over her communications while she was secretary of state. (http://on.wsj.com/1gVRbE2)

    - Local law-enforcement agencies in the United States are buying cellphone-tracking devices that are cheaper and smaller than earlier systems, partly because they might not require court orders. (http://on.wsj.com/1gVRkam)

    - The U.S. Food and Drug Administration approved the first pill designed to boost sexual desire in women, but studies show some serious side effects, including drowsiness, fainting and nausea. (http://on.wsj.com/1gVRmPI)

    - Vaio Corp plans to start selling laptops at Microsoft Corp retail stores in the United States in October, Chief Executive Yoshimi Ota said in an interview. The company also plans a move into Brazil, with Positivo Informatica, a Brazilian computer manufacturer, making and distributing PCs designed by the Japanese company. (http://on.wsj.com/1J2sz6e)

    - The doubling of student debt since the recession, to $1.19 trillion, has stoked a national discussion over how to rein in college costs and debt and is becoming a major issue in the 2016 presidential race. Little noted in the outcry is the disproportionate role played by postgraduate borrowers, who now account for roughly 40 percent of all student debt but represent just 14 percent of students in higher education. (http://on.wsj.com/1hLGhRL)

    - Fund manager Mario Gabelli topped Wall Street CEO pay in 2014 staying true to Gamco's model of choosing investments amid the rise of passively managed funds.(http://on.wsj.com/1hLGuo6)


    FT

    Consulting firm Promontory Financial Group has agreed to pay $15 million to New York's top banking regulator and refrain from new consulting projects with state-regulated banks for six months after being accused of whitewashing a report about sanctions compliance at Standard Chartered Plc. The company admitted that "in certain instances" it failed to meet regulatory requirements.

    Britain offered shale gas exploration licences for the first time in seven years on Tuesday, awarding 27 new blocks covering 2,700 square kilometres to oil and gas companies as a part of the government's "long-term plan".

    German Chancellor Angela Merkel faced a rebellion in her own party ranks against the latest 86 billion euro ($94.82 billion) Greece rescue package, as the parliament prepared to vote on Wednesday on the bailout. On Tuesday, Christian Democrats and Christian Social Union members of Parliament estimated about 80 out of 311 members would vote against the plan.

    ScottishPower, which is owned by Iberdrola SA, said on Tuesday it will close its Longannet Power Station at the end of March 2016, a move that highlights the decline of coal plants in the United Kingdom. The utility said it would also stop development of a gas turbine plant at Cockenzie near Edinburgh.


    NYT

    - The first prescription drug - Addyi from Sprout Pharmaceuticals - to enhance women's sexual drive won regulatory approval on Tuesday, clinching a victory for a lobbying campaign that had accused the U.S. Food and Drug Administration of gender bias for ignoring the sexual needs of women. (http://nyti.ms/1gVVwXO)

    - The Obama administration on Tuesday proposed the first federal regulations requiring the nation's oil and gas industry to cut emissions of methane as part of an expanding and increasingly aggressive effort to combat climate change. (http://nyti.ms/1hLDS9X)

    - Wal-Mart Stores Inc cut its annual profit forecast on Tuesday, saying the costs of raising wages for a half-million workers were weighing down its bottom line. (http://nyti.ms/1gW350A)

    - Hackers claim to have made good on their threat to release data they stole in a breach last month of the company behind Ashley Madison, the popular online dating website aimed at people hoping to cheat on their spouses. (http://nyti.ms/1Jhhyzc)


    China

    CHINA SECURITIES JOURNAL

    - China will encourage and support the development of the Internet insurance market, said Xiang Junbo, president of the China Insurance Regulatory Commission.

    SECURITIES TIMES

    - Net profits of 36 listed property companies stood at 98.7 billion yuan in the first half of this year while their average net margin was 9.1 percent, the first-ever drop to below 10 percent, according to a report by Centaline Property.

    - China's property market will continue de-stocking and there is little potential for a sharp rise in housing prices, said Tan Huajie, chairman secretary of China Vanke.


    Britain

    The Times

    * Dozens of new areas of northern England have been thrown open to fracking after the government awarded oil and gas licenses. Twenty-seven exploration licenses, each covering 100 square kilometres, have been awarded in the latest tranche. (http://thetim.es/1Pya7o5)

    * Goldman Sachs will be able to ask the Bank of England for funding in a crisis after the American firm won approval to access the UK central bank's liquidity scheme as an emergency back-stop. (http://thetim.es/1WD7M00)

    The Guardian

    * The Chief Executive of Nationwide has criticised changes to the banking levy announced in the budget, saying that the scale-back will have a "disproportionate effect" on smaller lenders and would cost the customer-owned group 300 million pounds ($469.68 million) over five years. (http://bit.ly/1PjbPJn)

    * Britain's inflation rate ticked higher last month, heating up the debate over when Bank of England policymakers will start raising interest rates. (http://bit.ly/1PjpY9o)

    The Telegraph

    * Wren House Infrastructure Management, a part of an investment vehicle owned by the Kuwait Investment Authority, is part of a consortium that is considering a bid for London City Airport, which has been valued at 2 billion pounds. (http://bit.ly/1TRG63b)

    * Harris Associates has raised its stake in FTSE 100 mining giant Glencore Plc on the eve of results that are expected to show sharply lower profits as a result of tumbling commodity prices. The activist investor is now the fourth-largest shareholder with a 4.5 percent stake in the shares valued at 1 billion pounds at current prices. (http://bit.ly/1PkRcwu)

    Sky News

    * Rail fares have risen almost three times faster than wages over the past five years, a new report says. According to the study, season tickets and other regulated fares have gone up by 25 percent since 2010 - compared to a 9 percent increase in average pay. (http://bit.ly/1gU0aFM)

    * Up to two million people who were mis-sold credit card insurance can now apply for compensation of up to 270 pounds per card. Banks such as Barclays Plc, HSBC Holdings Plc and Santander have agreed to contact customers after they were sold insurance they did not need. (http://bit.ly/1E1CzOd)

    The Independent

    * The status of Britain as a haven for foreign investors looking for decent returns in housing in the wake of the economic crisis may be coming to an end and London property now represents a "risky" buy. (http://ind.pn/1NDwnf0)

    * Quindell Plc attempted to put an era of scandal behind it as the business ousted its City adviser and appointed a new chief executive. The new chief executive is Indro Mukerjee, the non-executive chairman of the tech group FlexEnable. (http://ind.pn/1E1CB8M)


    http://www.zerohedge.com/news/2015-08-19/frontrunning-august-19
     
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    [h=1]Chinese Intervention Rescues Market From 2-Day Plunge, Futures Red Ahead Of Inflation Data, FOMC Minutes[/h]


    [​IMG]
    Submitted by Tyler Durden on 08/19/2015 06:37 -0400






    With China's currency devaluation having shifted to the backburner if only for the time being, all attention was once again on the Chinese stock market roller coaster, which did not disappoint: starting off with yesterday's dramatic 6.2% plunge, the Shanghai Composite crashed in early trading, plunging as much as 5% in early trading and bringing the two-day drop to a correction-inducing 11%, and just 51.2 points away from the July 8 low (when China unleashed the biggest ad hoc market bailout in capital markets history) . And then the cavalry came in, and virtually the entire afternoon session was one big BTFD orgy, leading to a 1.2% gain in the Shanghai Composite closing price, while Shenzhen and ChiNext closed up 2.2% and 2.7%, respectively.


    [​IMG]


    According to the WSJ, the U-turn came after a handful of companies disclosed their biggest shareholders, some of which included state-backed firms. Analysts say that gave investors a sense of security in Beijing’s market role.

    As a reminder, one of the reasons given for yesterday's tumble in Chinese stocks was that "investors" did not get a bailout: "At 2 p.m. it started to turn south again at a very fast rate,” said Steve Wang, a research director at Reorient Group. “People questioned why the government hadn’t yet stepped in” at a time of the day that it usually would, he added.

    Today it did and as Reuters notes, "state-backed buyers later rushed in, enabling stocks to finish the day more than 1 percent higher."

    “It’s a clear sign that the government is intervening in the market…otherwise their previous efforts would have been in vain,” said Zeng Xianzhao, a manager at Nuoding Asset Management.






    It is a pattern that has been repeated several times since Beijing's "national team", a coalition of state-backed financial institutions and regulators, went into action early last month with instructions to halt a crash in share prices.

    Investors say China's stock markets - which were never for the faint of heart - have become dysfunctional since the government's massive and unprecedented rescue effort.


    Just to make sure there is enough liquidity in the aftermath of the liquidity-draining Yuan devaluation, overnight the PBOC also injected 110 billion yuan ($17.18 billion) worth of liquidity into the nation’s banking system on Wednesday through its medium-term lending facility (MLF). The People’s Bank of China said in a brief statement that it injected the funds through 14 banks. The lending facility had a maturity of six months with a 3.35% interest rate.

    This follows another massive liquidity injection yesterday, not only via reverse repo but by direct injections into banks: the central bank on Tuesday completed putting $48 billion into the China Development Bank and $45 billion into the Export-Import Bank of China, the official Xinhua news agency reported.

    Some examples of company attempts to reassure investors on their own without the "National Team", included Dongxu Optoelectronic Technology, which in a company filing midday on Wednesday, disclosed that its third- and fourth-largest shareholders as of August 14 were China Securities Finance Corp., the state-run firm tasked with propping up the market, and Central Huijin Investment, the domestic investment arm of China’s sovereign-wealth fund. Stock of the company, which manufacturers electronic-accessory components, hit its upward daily limit of 10%.

    Also Wednesday, Zhefu Holding Group, which manufacturers turbine generators, disclosed that Central Huijin is the company’s biggest shareholder, according to a filing on the Shenzhen stock exchange. Its shares also limited up.

    While not all companies counting state-backed firms among their biggest shareholders gained Wednesday, the announcements offered enough of a confidence boost to spill into the broader market. And with little needed to reignite speculator greed, the scramble to BTFD with a government backstop was on, resulting in a green close after what has been another 2 day nausea inducing rollercoaster ride.

    Still, as we reported yesterday both the richest traders and long-term investors are staying well to the sidelines, moving their cash into bonds and the money market, or simply selling to wave after wave of retail investors, as roller-coaster markets and a gloomy stream of economic news heighten their anxiety over the world's second-largest economy. "We advise strapping in for a bumpy ride," said Tim Condon, head of Asia research for ING Bank in Singapore.

    And while China's PPT helped rescue local stocks once more, neighboring Hong Kong was not so lucky, and the Hang Seng Index fell 1.3% Wednesday, wiping out all year-to-date gains.

    Elsewhere in Asia, the Nikkei 225 (-1.6%) was led lower by materials amid China growth concerns prompting a sell-off in commodities, coupled with worries over the latest trade figures. ASX 200 (+1.5%) outperformed with the index bolstered by strong earnings. JGBs rose after the BoJ entered the market to purchase JPY 780b1n of government debt.

    European equities reside firmly in the red this morning (Euro Stoxx: -0.8%) amid light newsflow following on from negative sentiment in Asia and ahead of today's key risk events in the form of US CPI and FOMC minutes release. The Euro Stoxx 50 future traded to its 200- DMA for the first time in a month. The Dax is now well through its 200-DMA and today’s close should be closely watched.

    Norway’s sovereign wealth fund reported its first quarterly loss in three years. Losses came from its bond portfolio and U.S. shares. They repeated that they remain long term committed to Chinese shares. Norwegian shares are down about 1%

    U.K. shares are heavy weighed by Glencore, which posted a 56% decline in first-half profit. The stock is also the year’s worst FTSE 100 performer.

    U.S. equity futures are down about 0.3%. Later today, CPI will be reported and the Fed will release the minutes from its July meeting. Both events are important and closely watched.

    FX markets have remained relatively subdued, with the USD-index (-0.1%) residing in negative territory ahead of the aforementioned US risk events, while AUD recovered from overnight weakness in line with the move higher prior to the close with the Shanghai Composite to see AUD/USD trade in positive territory throughout the European morning. Finally, fixed income markets have been bolstered by the weakness in equities, with T-Notes currently residing in positive territory with no US auctions scheduled for today.

    Elsewhere, as expected German lawmakers have approved a 3rd Greek bailout.

    Commodities have experienced a mixed session today, with gold moving higher amid the stronger USD, while Iron ore saw its largest decline in a month and copper reached fresh 6 year lows on concerns regarding Chinese growth . Away from the metals complex, energy products today have traded flat amid relatively light newsflow as participants await today's DoE crude oil inventories (Exp. drawdown of 820k) after yesterday's API inventory showed a drawdown of 230k.

    In summary: European shares fall with the chemicals and basic resources sectors underperforming and real estate, telco outperforming. Asian stocks fall led by Nikkei 225. Shanghai Composite pared losses of as much as 5% to rise over 1%. Vietnam devalued its currency for the third time this year, by 1%. Oil recovers from earlier decline, Iraq says a production boost was important to meet the needs of its growing population, Angola to export most crude in almost 4 years in Oct. German parliament appears set to back a third bailout for Greece. The German and French markets are the worst-performing larger bourses, the Swiss the best. The euro is stronger against the dollar. Irish 10yr bond yields rise; French yields decline. Commodities gain, with WTI crude, soybeans underperforming and zinc outperforming. U.S. mortgage applications, CPI, Fed minutes due later.



    Market Wrap


    • S&P 500 futures down 0.4% to 2086
    • Stoxx 600 down 1.1% to 383.8
    • US 10Yr yield down 1bps to 2.19%
    • German 10Yr yield little changed at 0.64%
    • MSCI Asia Pacific down 0.6% to 136.2
    • Gold spot up 0.5% to $1123.2/oz
    • All 19 Stoxx 600 sectors drop; real estate, telco outperform, chemicals, basic resources underperform
    • Eurostoxx 50 -1.2%, FTSE 100 -1.1%, CAC 40 -1.2%, DAX -1.3%, IBEX -0.8%, FTSEMIB -0.9%, SMI -0.8%
    • Asian stocks fall with the ASX outperforming and the Nikkei underperforming; MSCI Asia Pacific down 0.6% to 136.2
    • Nikkei 225 down 1.6%, Hang Seng down 1.3%, Kospi down 0.9%, Shanghai Composite up 1.2%, ASX up 1.5%, Sensex up 0.5%
    • Euro up 0.36% to $1.1064
    • Dollar Index down 0.29% to 96.76
    • Italian 10Yr yield down 1bps to 1.81%
    • Spanish 10Yr yield down 1bps to 2%
    • French 10Yr yield down 1bps to 0.97%
    • S&P GSCI Index up 0.2% to 362.8
    • Brent Futures up 0.3% to $48.9/bbl, WTI Futures down 0.1% to $42.6/bbl
    • LME 3m Copper up 0.2% to $5046/MT
    • LME 3m Nickel up 0.7% to $10430/MT
    • Wheat futures up 0.5% to 501 USd/bu


    Bulletin Headline Summary from Bloomberg and RanSquawk



    • European equities reside firmly in the red this morning (Euro Stoxx: -0.8%) amid light newsflow following on from negative sentiment in Asia and ahead of today's US CPI and FOMC minutes release
    • FX markets have remained relatively subdued, with the USD-index (-0.1%) residing in negative territory ahead of the aforementioned US risk events
    • As expected German lawmakers have approved a 3rd Greek bailout in a 454-113 vote
    • Treasuries steady before report forecast to show consumer prices (headline and core) rose 0.2% in July and Fed releases minutes of last month’s meeting.
    • If minutes viewed “as a signal that liftoff in September is a high probability outcome,” 2Y and 5Y yields “could sell off by at least 5bp and 13bp, respectively,” Morgan Stanley says
    • Emerging-market stocks sank to a four-year low on concern capital outflows will accelerate amid prospects of higher U.S. interest rates and a slowing Chinese economy
    • Glencore Plc slid as much as 9.4% in London after reporting a 56% in 1H profit on the China-led rout in commodities; plans further spending cuts as it seeks to maintain dividends while preserving IG rating
    • It’s getting harder to predict metals consumption in China, the world’s biggest user of raw materials, Glencore CEO Ivan Glasenberg said in a phone interview in London
    • The PBOC injected liquidity to some China banks today through its Medium Term Lending Facility to ease liquidity pressure after devaluation of yuan, Reuters reports, citing 3 unidentified people with knowledge of the matter
    • The German parliament voted in favor of a third bailout for Greece, one of the last hurdles to approving the program, after Merkel pressed lawmakers to lend their support
    • Aim of 3rd bailout is to help Greece again stand on its own feet, German Finance Minister Wolfgang Schaeuble says ahead of vote in parliament; Greece’s compliance will be controlled step for step
    • Sovereign 10Y bond yields lower. Asian stocks mixed, European stocks lower, U.S. equity-index futures decline. Crude oil and copper lower, gold gains


    US Event Calendar


    • 7:00am: MBA Mortgage Applications, Aug. 14 (prior 0.1%)
    • 8:30am: CPI m/m, July, est. 0.2% (prior 0.3%)
      • CPI Ex Food and Energy m/m, July, est. 0.2% (prior 0.2%)
      • CPI y/y, July, est. 0.2% (prior 0.1%)
      • CPI Ex Food and Energy y/y, July, est. 1.8% (prior 1.8%)
      • CPI Index NSA, July, est. 238.752 (prior 238.638)
      • CPI Core Index SA, July, est. 242.552 (prior 242.193)
      • Real Avg Weekly Earnings y/y, July (prior 1.8%)


    Central Banks


    • 11:30am: FOMC Minutes, July 28-29




    DB's Jim Reid Concludes the overnight event wrap

    Just after I suggested that the summer lull was upon us yesterday, another late dip in the Chinese equity market just after we went to print livened up markets over the last 24 hours and that continues to be the case this morning. The Shanghai and Shenzhen Composites fell 6.15% and 6.58% yesterday and are -3.12% and -2.98% as we go to print, although they had tumbled as much as 5% prior to the midday break. They were, however, only down around 1.5% this time yesterday so anything can happen in that last two hours after trading resumes for the afternoon session.

    This latest slump was seemingly sparked initially by the back of the still soft, but improving house price data which we noted in yesterday’s report and which dampened some hopes that broader government stimulus is around the corner. However the bulk of the emphasis has been placed on the news from the Securities Regulator late on Friday that the state-owned margin lender China Securities Finance Corp will no longer conduct daily interventions to help support the market, putting investors on edge that the interventions we saw following the huge slump in Chinese equity markets a month or so ago might now be a more rare occurrence. It was also interesting to see that the PBoC yesterday injected the largest amount of cash into the financial system in a single day almost 19 months (through reverse repos), a signal perhaps that there could be concerns of capital outflows following the recent Yuan devaluation.

    Looking at the rest of Asia this morning, that weakness in China has seen a broad-based sell-off across bourses across the region. The Nikkei has fallen 1.32%, while there are also steep declines for the Hang Seng (-1.03%) and Kospi (-1.59%). The ASX (+1.29%) is the lone outlier although the index has pared back earlier stronger gains. There’s been further action in the FX space meanwhile with the State Bank of Vietnam again taking the step to devalue the Dong, lowering the currency by 1% and widening the trade band in the process after a similar move last Wednesday in response to the PBoC. Despite very small moves in the Yuan this morning, the Malaysian Ringgit (-0.62%) in particular has declined, while the Taiwanese Dollar (-0.20%) and Indonesian Rupiah (-0.33%) are also weaker. 10y Treasury yields are a basis point lower while Oil markets have sold off half a percent.

    Meanwhile, the Yen has strengthened slightly (+0.10%) after Japan reported the biggest trade deficit since February (¥268bn vs. ¥153bn expected) on the back of decelerating exports (7.6% yoy from 9.5% last month) in particular.

    Back to yesterday. The sharp sell-off in China bourses hit sentiment in DM but was relatively well contained for the most part as equity markets on the both sides of the pond finished with just modest declines, extending the fairly range bound nature in equities at the moment. Led by weakness for materials and tech stocks in particular, the S&P 500 closed down 0.26% while the NASDAQ and Dow finished 0.64% and 0.19% lower respectively.

    Closer to home, having traded between gains and losses over most of the session, the DAX (-0.22%) and CAC (-0.27%) both closed a tad lower, although the Stoxx 600 (+0.22%) did manage to creep into positive territory.

    Although equity markets were fairly range bound yesterday, there was plenty of volatility once again in the commodity space and Oil in particular. A rally in the late-afternoon yesterday on the back of expectations that today’s EIA report may show a drop in US stockpiles helped WTI close up +1.79% and bounce back above $42.

    Brent (+0.14%) also recovered having traded as much as 1% lower intraday. It was a sea of weakness across the rest of the complex yesterday however. Base metals in particular suffered with Copper and Aluminum tumbling 1.56% and 0.89% respectively (both marking six-year lows) with the former at one stage breaking below $5000/tn temporarily. Precious metals were under considerable pressure with Silver (-2.98%), Platinum (-0.36%) and Palladium (-2.72%) all down, while Gold finished unchanged following the latest US housing data. Despite the bounce back in oil, US HY energy spreads moved another 2bps wider and are now around 120bps wider MTD already. Spreads are starting to create some distance from the previous December 2014 wides too, sitting around 70bps wider now. For comparison, broader HY spreads are 34bps wider MTD.

    In terms of the US data flow, housing starts rose +0.2% mom during July which, although less than expected, combined with a decent upward revision to June to see the annualized rate tick up to 1.21m (vs. 1.18m expected) and the most since October 2007. Building permits were soft (-16.3% mom vs. -8.0% expected) which dragged the annualized rate back down to 1.12m from 1.34m, although as we had noted yesterday the distortions from the tax break changes had a significant impact in the Northeast region in particular and in fact the three-month moving average was little changed. That helped fuel another decent day for the Greenback with the Dollar index closing +0.24% and its fourth consecutive daily gain. Treasury yields nudged up with the data, the benchmark 10y yield closing up 2.5bps at 2.193%. There was little change in Fed Funds contracts however, while the probability of a September move by the Fed was unmoved at 48%. Interestingly there was a notable upgrade to the Atlanta Fed’s GDPNow Model forecast for Q3 growth to 1.3% from the August 13th 0.7% reading following the latest housing starts and IP numbers (particularly as a result of a boost from motor vehicle assemblies last month). That said the forecast is still well below the current market estimates which generally sit in the 2.2% to 3.5% range according to the report.

    It was a day of rising sovereign bond yields across Europe too yesterday. 10y Bunds finished 1.6bps higher at 0.641% while yields in Italy (+5.2bps), Spain (+6.1bps) and Portugal (+10.5bps) all moved higher. Gilt yields (+5.8bps) also climbed while Sterling rallied +0.48% against the Dollar following the latest July inflation numbers. Headline CPI for month came in a tad higher than expected at -0.2% mom (vs. -0.3% expected), nudging the annualized rate up to +0.1% yoy from flat. It was the core reading which generated the most upside surprise however, coming in at +1.2% yoy (vs. +0.9% expected) supported by clothing prices in particular. DB’s George Buckley noted that it’s too early to be confident that this is a new trend in core inflation, given that just a month earlier the core was running at a near 15-year low. However, George notes that should this continue then it could be supportive of expectations that when oil and food price effects eventually drop out of the annual comparison, headline inflation is set to return back to its target in the medium term. The other inflationary indicators offered few surprises. RPI was in line and unchanged at +1.0% yoy while core PPI remains soft at +0.3% yoy (vs. +0.2% expected). Ultimately George believes that thus far the news on domestic price pressures has been incremental, but it may not take many more months until the Bank feels more convinced about the inflation outlook. He continues to see the first hike in May 2016 but risks may be skewed towards an earlier move.

    Moving on, pressure on emerging markets continues to be a hot topic at the moment. Yesterday actually saw the Malaysian Ringgit (+0.43%) rebound shortly after we went to print but there’s been no shortage of weakness in Asian FX markets of late with declines since the Yuan moves generally in a 2 to 4% range. A story in the FT last night has caught our eye meanwhile after highlighting the surge in EM capital outflows over the past year. The article notes that total net capital outflows from the 19 largest emerging market economies has now reached $940bn in the past 13 months, which is double that which flowed out over three quarters during the 2008/09 crisis. The data is only as of end-July, so we’d expect the recent Chinese Yuan moves to have exaggerated the outflows.

    Just before we run over today’s calendar, there were a couple of interesting developments in Greece yesterday. The ECB has taken the move to reduce the ELA ceiling available to Greek banks, cutting the facility by €0.7bn to €89.7bn. On top of this, yesterday also saw a Greek government council overseeing state asset sales sign off on the first privatization deal under PM Tsipras. They agreed to a 40-year concession for a German airport operator to run 14 regional airports, which is believed to raise €1.2bn. Yesterday we also got wind of the bail-out approval from parliaments in Austria, Estonia and Spain. There’ll likely be much attention on the Bundestag vote today.

    Over to today’s calendar now, it’s a quiet session this morning in Europe with no notable releases although it’s all eyes on the US this afternoon when we kick off with the July CPI report, followed up later this evening with the FOMC minutes from the July 28/29th meeting. This will give analysts another chance to sharpen their liftoff expectations. Just on the US CPI data, market expectations are currently sitting at +0.2% mom for the headline, with DB’s Joe Lavorgna slightly less optimistic at +0.1%. Market consensus for the core is also at +0.2% mom, in line with Joe’s view.


    http://www.zerohedge.com/news/2015-...ay-plunge-futures-red-ahead-inflation-data-fo
     
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    RANSQUAWK JULY 28th-29th FOMC MINUTES PREVIEW



    https://youtu.be/pMe5L1qCrDs

    Published on Aug 19, 2015
    Markets looking for clarification for a September or December lift-off after the FOMC statement did not send any overt signals


    Any comment that “some” or “many” members saw September as an appropriate time will keep next month on the table and likely result in curve steepening and broad based USD strength
     
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    Gold & Silver Market Morning [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]On Tuesday New York closed at $1,117.70, up $0.10. The dollar was virtually unchanged at $1.1062 with the dollar Index slightly weaker at 96.80 down from 96.91 on Wednesday morning. Asia took the price back to $1,123. This morning the LBMA gold price was set at $1,123.20 up $4.05. The euro equivalent was €1,017.25 up €6.32. Ahead of New York’s opening, gold was trading at $1,121.15 and in the euro at €1,015.58.

    [/FONT]
     
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    Ritholtz's Reads: You Shouldn’t Trust Most Financial Research 08/19
    http://www.bloombergview.com/articl...s-you-shouldn-t-trust-most-financial-research

    The Reformed Broker: Hot Links: Don’t Do It! 08/19
    http://thereformedbroker.com/2015/08/19/hot-links-dont-do-it/

    The Capital Spectator: Initial Guidance | 19 August 2015
    http://www.capitalspectator.com/initial-guidance-19-august-2015/

    Naked Capitalism Links 08/19
    http://www.nakedcapitalism.com/2015/08/links-81915.html

    Wall Street Breakfast: Fed Minutes Takes Center Stage 08/19
    http://seekingalpha.com/article/3450706-wall-street-breakfast-fed-minutes-takes-center-stage?ifp=0
     
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    Greek infrastructure goes on sale as Germany approves €86 bln bailout
    (RT)



    https://youtu.be/PkXjsB9oK54

    Published on Aug 19, 2015
    German parliament approves €86 billion Greek bailout with 454 lawmakers voting ‘yes’, 113 voting ‘no’ and 18 abstaining. According to the bailout terms Greek ports, water suppliers, isles will be sold to satisfy EU privatisation.

    But economists are not sure the pakages can help Greece to overcome the crisis. Ratings agency Fitch which upgraded Greece's ratings by one notch to 'CCC' from 'CC' says that the risks of unsuccessful completion of the Greek bailout are still high.
     
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    Gold Ends at 1-Month High; US Silver Eagles Rise
    http://www.coinnews.net/2015/08/19/gold-ends-at-1-month-high-us-silver-eagles-rise/


    August 19: Gold and Silver Gain Over 1% and 2%
    http://www.silverseek.com/article/august-19-gold-and-silver-gain-over-1-and-2-14775


    Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2% [FONT=Verdana, Arial, Helvetica, sans-serif]
    By: Chris Mullen, Gold-Seeker.com
    [/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif]Gold gained $6.47 to $1124.17 in Asia before it drifted back towards unchanged in London, but it then rose to as high as $1133.84 in New York and ended with a gain of 1.34%. Silver surged to as high as $15.344 and ended with a gain of 2.55%.[/FONT]
     
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    [h=1]Bernanke: US Unprepared to Fight Next Recession [/h]
    With monetary policy already in heavy-easing mode and fiscal policy hamstrung by the government's massive debt burden, the government's tools to combat any economic downturn are limited. Former Fed Chairman Ben Bernanke told The Wall Street Journal that the government's weapons to fight the next recession will be “more limited than usual, but they’re not zero by any means.” [Full Story]

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