By Fayen Wong and Jane Lee QINGDAO, China | Fri May 18, 2012 3:52am EDT QINGDAO, China (Reuters) - When metals warehouses in top consumer China are so full that workers start stockpiling iron ore in granaries and copper in car parks, you know the global economy could be in trouble. At Qingdao Port, home to one of China's largest iron ore terminals, hundreds of mounds of iron ore, each as tall as a three-storey building, spill over into an area signposted "grains storage" and almost to the street.Further south, some bonded warehouses in Shanghai are using carparks to store swollen copper stockpiles - another unusual phenomenon that bodes ill for global metal prices and raises questions about China's ability to sustain its economic growth ...
Continue reading →
Many thanks to Ben Walsh for putting this chart together for me. What you’re seeing is JP Morgan’s excess deposits — the size of the bank’s deposit base, minus the amount of its loans — both in absolute terms and as a ratio. Either way, it’s going up and to the right. JP Morgan clearly has a certain amount of control over the amount of deposits it takes in. What you’re looking at here isn’t entirely a flight-to-quality trade: JP Morgan’s total deposits actually fell in the two years following the financial crisis. They were just over $1 trillion at the end of 2008, they dropped to $940 billion at the end of 2009, and then they fell again to $930 billion at the end ... Continue reading →
Subscribe today and you will receive: • Full access to FX Week.com • Weekly issues of the FX Week newsletter Continue reading →
OK things bad, but record IMM spec EUR shorts + lowest AUD longs in 3 yrs suggest consolidation phase Continue reading →
