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Articles by Dominus Ludificatio
Wikileaks Reveals IMF Plan To "Cause A Credit Event In Greece And Destabilize Europe"
One of the recurring concerns involving Europe's seemingly perpetual economic, financial and social crises, is that these have been largely predetermined, "scripted" and deliberate acts. This is something the former head of the Bank of England admitted one month ago when Mervyn King said that Europe's economic depression "is the result of "deliberate" policy choices made by EU elites.
Why Bond Traders Have No Idea What's Going On
Draghi shot his ‘bazooka’ today and the initial reaction from investors is telling, according to BofA's Michael Contopoulos. The price action in markets (equities down, US rates higher, strength in the Euro) suggests that investors focused more on the signaling of no further interest rate cuts than on the reductions in three key interest rates and the additional bond purchases.
Halliburton Cuts 5,000 Jobs, 8% Of Workforce
It turns out oilfield services isn't a good place to be during epic crude downturns. Halliburton - which cut thousands upon thousands of jobs in 2015 - is back it, announcing an additional 5,000 layoffs on Thursdsay. The cuts amount to 8% of the company's remaining workforce.
After Record 10-Day Devaluation Streak China Fixes Yuan Stronger
Since The IMF 'blessed' the Yuan with the same ambivalence-to-currency-manipulation as the rest of the world's competitive devaluers, China weakened the currency for 10 straight days (a record streak). But the streak is over as tonight PBOC has decided to strengthen the Yuan fix (although admittedly by a small amount) to 6.4753 (barely off the 4 year lows). It appears a pattern is developing... 10 days down and 1 day up... is the new "stability' Chart: Bloomberg
The Great Disconnect Is Palpable
The Fed’s industrial production series also includes estimates on total motor vehicle assemblies. Auto sales in general have been one of the only bright spots in the economy, especially since the 2012 slowdown (even though it has been boosted artificially via credit far, far more than income gains). Given that trend, it is still difficult to assess whether activity in recent months is meaningful.
Asset Protection? Silver Has Held Its Value For 23 Centuries
Thousands of years ago in ancient city of Babylon, specially trained scribes gathered each day in the Temple of Marduk to record the day’s events. They used cuneiform writing instruments and clay tablets, over 1200 of which still survive today. These scribes kept excellent records, detailing astronomical observances and water levels of the Euphrates River, as well as market prices for the most popular commodities like wheat, barley, and wool.
Dow Drops 170 Points From Open As 2Y Yield Surges To Highest Since May 2010
But... "priced in"? "Non-Event"? 2Y yields are within a smidge of 1.00% for the first time since May 2010... As The Dow dumps off opening highs into the red for the day... But what do Treasuries know that stocks don't... Charts: Bloomberg
Stocks, Bonds, Commodities Tumble After Yellen's Hawkish December Hike Comments
Janet Yellen, testifying on The Hill, just dropped the largest hint that December is "on like donkey kong" no matter what. When askd if missed inflation mandates would hold her back from liftoff, she explaiend... Which roughly translated means - we are raising rates in Decmber no matter what happens!!!! Short-end of the yield curve is underperforming the long-end, stocks gave back most of their openig ramp gains, and crude contionued to slide. 2Y Yields are at their highest since 2011...
Interbank Credit Risk Soars To 3 Year Highs - Is This Why Janet Folded?
Last week we warned of the ominously rising risks evident under the surface in US financials. Following Yellen's decision to chicken-out yesterday, it appears interbank counterparty risk is even ominous-er. With bank stocks prices tumbling, catching down to credit market's concerns, the TED Spread - implicitly measuring interbank credit risk - jumped over 21% yesterday - to its highest in 3 years. Is this the real reason The Fed did not hike? and now financial stocks tumble back to credit reality...
What Happens When Central Banks Hike Rates In The "New Normal"
Ten days ago, using Bank of America data, we summarized what it means to live in the New Normal: "In the 110 months [since the last Fed hike] global central banks have cut interest rates 697 times, central banks have bought $15 trillion of financial assets, zero [or negative] interest rates policies have been adopted in the US, Europe & Japan.
Dow Spikes 170 Points "Off The Lows"
Greece has no future, so long as it clings to the euro. The dollar won't servce you much better. A drachma will only harm the Greek people. That leaves one other option.
Crude Carnage Continues - WTI Hits $55 Handle, Brent Tests $60
Trading at its lowest since early April, WTI Crude has re-tumbled again today to a $55 handle as Greferendum deleveraging and Iran chatter send futures down 2.5%... Brent crude neared a break below the crucial $60 level in early trading.
Are Stocks Due For A Big Move?
With last month’s failed (so far) breakout in the U.S. equity market, stocks are relegated once again to range-bound status. Essentially the market has gone nowhere since the beginning of the year and, by some measures, 2015 has been the quietest start to a year in over a century. One characteristic of the stagnant action has been a lack of out-sized daily moves in the market, up or down.
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