US Equities Hit Air-Pocket As Oil Breaks Below $41
Submitted by Tyler Durden on 12/02/2015 - 11:15 US equity makrets appeared to decoupled from their long-run driver USDJPY around the time ADP data was released. Since then stocks have tracked crude oil, which thanks to its OPEC-comment-driven stop run, and DOE data is now tumbling...
The Biggest Problem For Europe's Small Businesses: "Finding Customers"
Submitted by Tyler Durden on 12/02/2015 - 10:50 "Finding customers" remained the dominant concern for euro area SMEs in the survey period, with 25% of euro area SMEs mentioning this as their main problem. "Access to finance” was considered the least important concern (unchanged at 11%)."
Crude Tumbles As Inventories Surge For 10th Week In A Row And Production Rises Despite Demand Drop
Submitted by Tyler Durden on 12/02/2015 - 10:38 Confirming last night's API report, DOE reports that total crude inventories rose for the 10th week in a row (up by 1.177mm barrels) This is a huge surprise relative to the 800k draw that analysts expected as total product demand dropped 1.6% relative to last year. Which all makes panicked cash-flow sense as production rose by 37k bpd.
Mario Draghi May "Under-Deliver" Tomorrow, MNI Warns
Submitted by Tyler Durden on 12/02/2015 - 10:33 With the EUR plunging and everyone primed for dramatic action by Draghi, especially following today's disappointing inflation data where November CPI rose just 0.1%, below the 0.2% expected, the former Goldmanite may still disappoint. According to Market News, "the high bar set by expectations, coupled with notable opposition against aggressive action on the Governing Council as economic data developed largely as expected, creates a risk that the ECB will under-deliver Thursday."
Oil Traders Punk'd By Schizophrenic Comments From OPEC
And so it begins...
Hedge Funds Have Never Been This Short Gold
Submitted by Tyler Durden on 12/02/2015 - 10:10 After the worst monthly performance since 2013 and the weakest close since February 2010, it appears "managed money" has piled in to the momentum trade. According to CFTC, hedge funds have never been more short gold (slashing long bets and increasing short beta by around 11 million ounces net in the last week). But gold is not alone as 15 of the 24 commodities tracked by CFTC showed sentiment swinging more bearish last week (with Brent and WTI also at their most-bearish positioning on record). And this is happening as November US Mint gold coin sales rose 86% YoY.
Saudis Prepared To Listen At OPEC Meeting
Submitted by Tyler Durden on 12/02/2015 - 09:52 “We will listen, and then decide,” he said on Tuesday upon his arrival in Vienna, trying to tamp down speculation that the outcome is preordained. When asked if OPEC’s strategy of pursuing market share was working, al-Naimi was coy. “What strategy?” he said. “Who said we’re keeping market share?” Despite al-Naimi’s assurances that the Saudi delegation won’t dictate policy to OPEC, his voice is the only one that counts.
The Five Reasons Why Credit Suisse Just Turned The Most Bearish On Stocks Since 2008
Submitted by Tyler Durden on 12/02/2015 - 09:35 Overnight, Credit Suisse became the latest bank to join Goldman, JPM and increasingly more banks in predicting that 2016 will be a year in which investors will want to rotate out of equities. Specifically, the second largest Swiss bank said that it is "we reduce our equity weightings to our most cautious strategic stance since 2008 and take our mid-2016 S&P 500 target down to 2,150, the same as our end-2016 target." Here are the five reasons why CS just looked at the mounting wall of worry... and began to worry.
The Lull Before The Storm - It's Getting Narrow At The Top, Part 2
Submitted by Tyler Durden on 12/02/2015 - 08:46 The third stock market collapse of this century is near at hand. The global economy is in the midst of an unprecedented commodity deflation and CapEx depression - the payback for 20 years of lunatic monetary stimulus and credit expansion. Yet the central banks are powerless to stop the payback. When the Fed announces a rate increase after 84 months of dithering next week in the face of GDP growth that has already decelerated to barely 1% this quarter the jig will be up. Monumental money printing has failed. Soon there will be no place to hide - not even in the Tremendous Ten.
ADP Employment Rises, Beats By Most In 2015, Fed Confirms Job Mandate Has Been Met
Submitted by Tyler Durden on 12/02/2015 - 08:23 From "pumping out lots of jobs" in September to "not slowing meaningfully" in October, and despite consistent job losses in manufacturing (which is odd because auto sales are so awesome, right?), ADP reports November a jump to 217k (against expectations of 190k and October's 182k). ADP has missed expectations 8 months so far in 2015, but November's beat is the biggest since 2014 which one could argue was just catch up from ADP's big miss relative to BLS data (182 ADP with an upward revision to 196K now, vs 271k BLS). Of course, none of this "data" matters apparently as Fed's Lockhart said just this morning that the Fed's "criterion of job market improvement has been met."
US Is "In Cahoots With ISIS," Iraqis Swear: "It Is Not In Doubt"
Submitted by Tyler Durden on 12/02/2015 - 08:15 “It is not in doubt. ISIS is almost finished. They are weak. If only America would stop supporting them, we could defeat them in days.”
Turkey Gloats As Europe Threatens Greece With Schengen Expulsion Over Refugee Response
Submitted by Tyler Durden on 12/02/2015 - 08:07 The EU is warning Greece it faces suspension from the Schengen passport-free travel zone unless it overhauls its response to the migration crisis by mid-December, as frustration mounts over Athens’ reluctance to accept outside support. Meanwhile non-EU member Turkey gloats as it gets a soon to be embezzled wire transfer of €3.0 billion for its "proactive" refugee response.
Ackman's Pershing Square Down 20.8% Through End Of November
Submitted by Tyler Durden on 12/02/2015 - 07:12 As previously noted, it has been a bad year for some of the marquee hedge fund names, with Einhorn's Greenlight Capital down 21% YTD, and as reported last night, Ackman's Pershing Square is not doing much better and as of November 30, was down 20.8%. On the weekly table one can clearly see when Pershing's fortunes turned in mid August when the fund dropped from being up 11% for the year to going negative for the year on the heels of the collapse in Valeant shares.
Greeks Told To Declare Cash "Under The Mattress", Jewelry And Precious Stones
Submitted by Tyler Durden on 12/01/2015 - 23:26 When earlier today we read a report in the Greek Enikonomia, according to which Greek taxpayers would be forced to declare all cash "under the mattress" (including inside) or boxes that contain more than 15,000 euros as well as jewelry and precious stones (including gold) worth over 30,000 euros, starting in 2016, we assumed this has to be some early April fools joke or some mistake. However, it was not a joke...
When the media howled for Republican presidential candidate Donald Trump’s head and an apology for claiming that Muslims in America celebrated as the Twin Towers burned, he stood tall and refused to back down.
New evidence shows he was right.
Amid silence from the media giants who claimed Trump was wrong, the truth emerges in the form of a New York Post article from September of 2011, in which writer Fred Siegel recalls the events of 9/11.
“Here in New York, it was easy to get angry listening to Egyptians, Palestinians and the Arabs of nearby Paterson, N.J., celebrate as they received word of the murderous attack in New York and Washington,” Siegel wrote.
Read More
by Michael Snyder, The Economic Collapse Blog:
One of the most important banks in the western world says that the 7th largest economy on the entire planet has entered a full-blown economic depression. Brazil’s economy has now contracted for three quarters in a row, and many analysts believe that things are going to get far worse before they have a chance to get any better. Earlier this year, I warned about “the South American financial crisis of 2015“, and now it is in full swing. The surging U.S. dollaris absolutely crushing emerging markets such as Brazil, and if the Fed raises interest rates this month that is going to make the pain even worse. The global financial system is more interconnected than ever before, and the decisions made by the Federal Reserve truly do have global consequences. So much of the “hot money” that was created by the Fed poured into emerging markets such as Brazil during the good times, but now the process is starting to reverse itself. At this point, it is hard to see how much of South America is going to avoid a complete and total economic disaster.
Read More…
One of the most important banks in the western world says that the 7th largest economy on the entire planet has entered a full-blown economic depression. Brazil’s economy has now contracted for three quarters in a row, and many analysts believe that things are going to get far worse before they have a chance to get any better. Earlier this year, I warned about “the South American financial crisis of 2015“, and now it is in full swing. The surging U.S. dollaris absolutely crushing emerging markets such as Brazil, and if the Fed raises interest rates this month that is going to make the pain even worse. The global financial system is more interconnected than ever before, and the decisions made by the Federal Reserve truly do have global consequences. So much of the “hot money” that was created by the Fed poured into emerging markets such as Brazil during the good times, but now the process is starting to reverse itself. At this point, it is hard to see how much of South America is going to avoid a complete and total economic disaster.
Read More…
by Andy Hoffman, Miles Franklin:
Frankly, Merriam and Webster need to create new adjectives to describe
the idiocy governments, Central banks, and corporations alike are
exhibiting – as at this point, moronic, suicidal, tragic, andcatastrophic are
starting to be overused. Not that their moronic, suicidal, tragic,
catastrophic actions are any different than those of the governments,
Central banks, and corporations of yore. However, never have such entities been exposed to such destructive “weapons of mass destruction” – financial and otherwise; and thus, never before have so many people been put in harm’s way. And never, of course, has a fiat Ponzi scheme been utilized not just locally, but globally.
Read More
Frankly, Merriam and Webster need to create new adjectives to describe
the idiocy governments, Central banks, and corporations alike are
exhibiting – as at this point, moronic, suicidal, tragic, andcatastrophic are
starting to be overused. Not that their moronic, suicidal, tragic,
catastrophic actions are any different than those of the governments,
Central banks, and corporations of yore. However, never have such entities been exposed to such destructive “weapons of mass destruction” – financial and otherwise; and thus, never before have so many people been put in harm’s way. And never, of course, has a fiat Ponzi scheme been utilized not just locally, but globally.Read More
from RT:
The BRICS New Development Bank (NDB) could start operations by
borrowing in the Chinese currency, according to the bank’s Vice
President Vladimir Kazbekov.
He says the bank will focus on loans in the national currencies of the bank’s potential customers.
“Considering the stability of the Chinese currency and the scale of the Chinese debt market, I think that one of the first steps in providing the New Development Bank with funds may be entering the Chinese market to borrow in yuan,” Kazbekov said on Tuesday at the opening of a BRICS media summit in Beijing.
Read More
The BRICS New Development Bank (NDB) could start operations by
borrowing in the Chinese currency, according to the bank’s Vice
President Vladimir Kazbekov.He says the bank will focus on loans in the national currencies of the bank’s potential customers.
“Considering the stability of the Chinese currency and the scale of the Chinese debt market, I think that one of the first steps in providing the New Development Bank with funds may be entering the Chinese market to borrow in yuan,” Kazbekov said on Tuesday at the opening of a BRICS media summit in Beijing.
Read More
from Greg Hunter:
Analyst/trader Karl Denninger predicted years ago that Obama Care would “kill the economy” and “eventually implode.” That is exactly what’s happening now. Denninger contends, “The majority of the money we spend in healthcare is jacked up due to these monopolist policies which raise the cost four or five times where it ought to be.
On top of that, we are being forced to pay for people who have made lifestyle choices that dramatically raise their cost of healthcare. . . . The health insurance people are faced with an untenable problem because if the only people who buy car insurance wreck one car a year, the cost of car insurance is $20,000 a year because that is the cost of the car.” Denninger goes on to point out, “The rate increases that are coming down this year are astronomical. I am seeing rate increases as high as 50% for inferior coverage. . . . Benefits come off your top line as an employer. So, all of this means much slower growth if any at all because all this money is being siphoned into the health insurance and healthcare system.”
Analyst/trader Karl Denninger predicted years ago that Obama Care would “kill the economy” and “eventually implode.” That is exactly what’s happening now. Denninger contends, “The majority of the money we spend in healthcare is jacked up due to these monopolist policies which raise the cost four or five times where it ought to be.
On top of that, we are being forced to pay for people who have made lifestyle choices that dramatically raise their cost of healthcare. . . . The health insurance people are faced with an untenable problem because if the only people who buy car insurance wreck one car a year, the cost of car insurance is $20,000 a year because that is the cost of the car.” Denninger goes on to point out, “The rate increases that are coming down this year are astronomical. I am seeing rate increases as high as 50% for inferior coverage. . . . Benefits come off your top line as an employer. So, all of this means much slower growth if any at all because all this money is being siphoned into the health insurance and healthcare system.”
by Harvey Organ, PressTV:
US President Barack Obama says everyone should know that Turkey is a
member of the NATO military alliance, after Ankara shot down a Russian
jet in Syria.
Obama made the remarks after holding a meeting with Turkish President Recep Tayyip Erdogan on the sidelines of a climate summit at Le Bourget on the outskirts of Paris on Tuesday.
“I want to be very clear: Turkey is a NATO ally. The US supports Turkish rights to defend itself and its airspace and its territory,” Obama said, referring to Article Five of the NATO treaty which “states that an attack on one ally shall be considered an attack on all allies.”
Read More
US President Barack Obama says everyone should know that Turkey is a
member of the NATO military alliance, after Ankara shot down a Russian
jet in Syria.Obama made the remarks after holding a meeting with Turkish President Recep Tayyip Erdogan on the sidelines of a climate summit at Le Bourget on the outskirts of Paris on Tuesday.
“I want to be very clear: Turkey is a NATO ally. The US supports Turkish rights to defend itself and its airspace and its territory,” Obama said, referring to Article Five of the NATO treaty which “states that an attack on one ally shall be considered an attack on all allies.”
Read More
from Wolf Street:
Emerging economies around the world are already feeling the first pangs of withdrawal as fast yield-chasing investors send their funds back to the U.S. in anticipation of higher Treasury yields and a further appreciating dollar.
In Mexico, the central bank has just published its balance of payments data for the third quarter, 2015. The results do not make for pretty reading.
Read More
Emerging economies around the world are already feeling the first pangs of withdrawal as fast yield-chasing investors send their funds back to the U.S. in anticipation of higher Treasury yields and a further appreciating dollar.
In Mexico, the central bank has just published its balance of payments data for the third quarter, 2015. The results do not make for pretty reading.
Early Signs of a Stampede
Net portfolio investment – the total amount of foreign money spent on Mexican financial assets – clocked in at a paltry $933 million, down from $4.47 billion during the same quarter last year.Read More
US Intervention: Before And After
Submitted by Tyler Durden on 12/01/2015 - 23:15
Dead, White, & Blue - The Great Die-Off Of America's Blue Collar Whites
Submitted by Tyler Durden on 12/01/2015 - 23:00 While the lifespan of affluent whites continues to lengthen, the lifespan of poor whites has been shrinking. As a result, in just the last four years, the gap between poor white men and wealthier ones has widened by up to four years. This was not supposed to happen. For almost a century, the comforting American narrative was that better nutrition and medical care would guarantee longer lives for all. So the great blue-collar die-off has come out of the blue and is, as the Wall Street Journal says, “startling.”
House Democrat Warns Obama's Actions Could Lead To "Devastating Nuclear War"
Submitted by Tyler Durden on 12/01/2015 - 22:45 “Russia’s installation of their anti-aircraft missile-defense system increases that possibility of — whether it’s intentional or even an accidental event — where one side may shoot down the other side’s plane. And that’s really where the potential is for this devastating nuclear war."
It's Official (Again): The Current "Recovery" Is Worse Than The Great Depression's
Submitted by Tyler Durden on 12/01/2015 - 22:30 In a perfectly timed update to his infamous April 2009 "worse then The Great Depression" chart, Kevin O'Rourke has unveiled his latest chart-du-poor. With US manufacturing collapsing, bond yields tumbling, and The Fed about to hike rates to prove they can, this so-called 'recovery' has fallen below that following The Great Depression. As O'Rourke sums up, "pretty dismal stuff. Let’s hope that we can at least avoid the famous 1937-38 double dip."
Murder And Mayhem In The Middle East (Why It Matters To Those Living In The West)
Submitted by Tyler Durden on 12/01/2015 - 22:00 While the populations of Europe and the US are fed raw propaganda about the regional aims involved, the reality is far different. While we might be tempted to sit in our Western environs, secure in the idea that at least we aren’t ‘over there’ where all the bad things are happening, it would be a mistake to think that this turmoil will not impact you./
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