Thursday, February 4, 2016

Shkreli Declares War On Congress: Moments After Pleading The Fifth, He Calls Reps "Imbeciles"

The Opaque Process Of Collapse

The ultimate cost of protecting the privileges of the few at the expense of the many is the dissolution of the social order that enabled the rule of the privileged few.

The Stunning Chart Showing Why BofA Remains A Seller Until "A Coordinated, Aggressive Global Policy Response"

And so we are back to square one, where global economic growth is so weak that the Fed's relent is back in play, corporate earnings are collapsing, where 30% of global GDP is now produced in "NIRP" nations, and where more than half the global markets remain mired in a bear market, that the only thing that can "save us" is precisely the same thing that has brought us here: coordinated, global central bank intervention.

AAPL Tumbles As Market "Breaks" Again


Market Breaks Just As S&P Turns Red: "ALL BATS" Routing Strategy Disabled, NYSE Announces "Technical Issue"

Closing In: Russia, Iran, Assad "Encircle" Syria's Largest City As Peace Talks Collapse In Geneva

It appears that after a protracted fight, Russia and Hezbollah are poised to recapture Aleppo where militants are now surrounded. Critically, Russia and Iran have now cut off supply lines from Turkey. With the deck now stacked against the opposition, John Kerry and, to a greater extent Turkey, are getting visibly desperate.

Meanwhile In Greece, Familiar Scenes Are Back: General Strike, Molotov Cocktails, Tear Gas

DAX Plunges To 1 Year Lows As Deutsche Bank CoCos Crash, Italian Bank Stocks Slide

The collapse of Deutsche Bank continues to not just accelerate but to contagiously spread...

US Factory Orders Slide For 14 Consecutive Months As Inventory Ratio Soars To Recession Cycle Highs

With the Services economy now catching down to Manufacturing's demise (in its lagged - not decoupled - manner), this morning's news that US Factory Orders tumbled 2.9% in December (worse than expected and the biggest MoM drop since Dec 2014) offers little hope for any bounce anytime soon. This is the 14th monthly drop in YoY factory orders - something has not happened outside of a broad US economic recession. Even more concerning is the surge in inventories-to-shipments to cycle highs seen in 2000 and 2008.

"Recovery" Fable Unravels As BOE Cuts Growth Forecast, Eurozone Slashes Inflation Outlook

As you might have noticed, the “recovery” story is starting to fall apart...

European Bank Risk Soars To 3 Year Highs, US Risk Rising

We are going to need more "whatever it takes." And with Draghi's efforts to shove sovereign bonds down the throat of Europe's banks, the sovereign-to-financial linkage is now systemically as worrisome as it has ever been...

One Of The Biggest High Frequenecy Traders Warns Of Potential Market "Catastrophe"

The head of one of the biggest high-frequency trading companies has warned that there are several faultlines in the structure of increasingly electronic, automated financial markets that could lead to a “catastrophe” in the long run. "We’re creeping in the right direction, but unless we proactively address these issues, sometime in the next several decades we are going to experience a catastrophe due to runaway computerised trading,” Tower Research's Mark Gorton said.

Oil Spikes Near $33 After Turkey-To-Invade-Syria Rumor

Yesterday it was chatter of 6 (non-Saudi) OPEC members agreeing to an emergency meeting (to do what exactly?) that ramped crude (despite dismal production, inventories, and demand data). Today it is talk of Turkey potentially invading Syria from the Russian defense minister...

Gold Jumps, Stocks Dump As Dollar Tumbles

PBOC In Da House? Yuan Spikes To 3-Week Highs

Its deja vu all over again in the land of speculative Yuan shorts today. With Golden Week looming, it appears PBOC is stomping on the throat of speculative shorts in the offshore Yuan with another gross intervention. The last 2 days have seen "someone" panic-buying Yuan higher by a stunning 800 pips, smashing CNH back to 3-week highs when then PBOC last intervened in size...


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