Daily US Opening News And Market Re-Cap: February 27
From RanSquawkItaly sold EUR 6.5bln in 5y and 10y BTPs this morning, solid b/c and competitive yields, especially when considering the uncertain political situation in Italy.Moody's also said that...
View ArticleJamie Dimon: "That's Why I Am Richer Than You"
There's a reason why Wall Street is so "beloved" by 99% of the people, and that reason is today best summarized by Jamie Dimon's 'witty' retort to Mike Mayo, perhaps the most hated banking analyst, who...
View ArticleIf You Thought The European Crisis Was Over...
Via Mint Partners' Bill Blain,Today’s big event was Italy's 10% auction. Buyers can’t ignore yield, and I suspect many were “encouraged” to participate. But a decent Italy auction doesn't change the...
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Abenomics: Where the Rubber Hits the Road
On Thursday in Toyo, before the Prime Minister Abe has lunch, he will formally nominate the new Bank of Japan management team. Former MOF and now Asian Development Bank head Haruhiko Kuroda has now...
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Capital Goods "Split Decision" Points To Uncertain Economy
As expected, the January Durable Goods was a big miss to expectations, printing at -5.2% on an anticipated plunge in aircraft orders, worse than the expected -4.8%, and a plunge from the downward...
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Bill Gross Goes Searching For "Irrational Exuberance" Finds "Rational...
The underlying question in Bill Gross' latest monthly letter, built around Jeremy Stein's (in)famous speech earlier this month, is the following: "How do we know when irrational exuberance has unduly...
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Corker Vs Bernanke
There was an interesting exchange between Senator Bob Corker (R-TN) and Bernanke at the Senate confab yesterday. Corker was hostile, Bernanke didn't like it one bit.Corker said that Bernanke was,...
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The Starbucks Index - Coffee Price Parity
Despite Abe's protestations, it would appear - from WSJ's index of Starbucks coffee prices around the world - that Japan's currency 'value' is similar to the US while it is Mr. Hollande (in France)...
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Atmospheric Warfare: Japan Warns Its Citizens To Hide From China's Toxic Smog
In addition to currency, trade, and disputed islands, Japan can add one more form of covert warfare it is now engaged in with China: atmospheric. We first wrote about the relentless exports of...
View ArticleParty Like There's No Tomorrow
Via Mark J. Grant, author of Out of the Box,“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch...
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Negative Q4 GDP Revised To Barely Positive, Misses Expectations
From -0.1% to +0.1% (on expectations of a 0.5% print): the Q4 GDP revision was the smallest possible to make it seem that the US economy grew in the fourth quarter. A quick look at the components,...
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Extended Claims Jump 8.5% As Initial Claims Continue Sideways Crawl
Initial claims beat expectations but remain in a narrow 'flat' range for the last year. Non-seasonally-adjusted claims dropped notably to their lowest in 5 months. Since January we have seen multiple...
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Jack Lew on Social Security - Dump It!
So we have a new Treasury Secretary. Jack Lew got by a Senate vote last night. I wish Mr. Lew well, he will need all the help he can get. He's taking charge at exactly the wrong right time. The...
View ArticleGreeks Panic As Drug Firms Slash Medicine Supplies By 90% On Bad Debts
Greece is facing a serious shortage of medicines amid claims that pharmaceutical multinationals have halted shipments to the country because of the economic crisis and, as The Guardian reports,...
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Europe: An Intermediate Forecast Analysis
The following is a guest post by a very bright individual whom I've had the pleasure of building with on several occasions, Mr. Mordechai Grun. This is what he's had to say on the topic of Europe, with...
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Chicago PMI Offsets Chinese Weakness, Prints At 11 Month High
The Chinese PMI may be slowing down (first HSBC, official one coming out soon), but why bother when according to MarkIt it is now the US' turn to carry the torch of economic growth, reality...
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Ackman Down Over $180MM On JCPenney As CDS Crosses 1000 bps
While last night's earnings (and conference call) were anything but promising, credit markets appear to have grown even more concerned about JCP's future than the equity market. As Barclays notes that...
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Guest Post: Why Central States/Banks Inflate Asset Bubbles, And Why They Implode
Submitted by Charles Hugh-Smith of OfTwoMinds blog,Inflating phantom assets to collateralize expanding debt is failing due to diminishing returns on stimulus, zero-interest rates, money-printing and...
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Guest Post: The Downward Spiral
Submitted by John Aziz of Azizonomics blog,There was once a rough and logical correlation between the level of government borrowing, and the rate of interest on government debt. If the government...
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The No Worries Sequester Market
Incase you didn’t notice, the sequester is in place cutting the rise in government spending by all of 2%. I woke up this morning expecting the planet to have reversed its rotation, it was no...
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