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Thursday, March 28, 2024

Evening News, 4-12-15

From Bloomberg:

GOP Hopefuls Ready for Hillary With Video and Tweet Attacks

After Hillary Clinton kicked off her presidential campaign with a Web video Sunday, Republican candidates and possible candidates quickly answered back with videos of their own.  (Read more)

Dollar’s Rise Reshuffles Global Economy Into Winners and Losers

The rising U.S. dollar is redistributing growth throughout the global economy.

The greenback’s ascent to the highest in a dozen years on a trade-weighted basis is eroding the competitiveness of the U.S. and countries whose exchange rates track the dollar, including China. It’s also pushing down commodity prices, hurting producers such as Brazil, and threatening other emerging markets where companies borrowed in the U.S. currency when it was cheaper.

Dollar in Third Bull Run Since the 1980s

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The $9 Trillion Short That’s Seen Sending the Dollar Even Higher

Investors speculating the dollar rally is fizzling out may be overlooking trillions of reasons why it will keep on going.

There’s pent-up demand for the U.S. currency that will underpin years of appreciation because the world is “structurally short” the dollar, according to investor and former International Monetary Fund economist Stephen Jen. (More)

Hillary Clinton's 2016 Launch Tweet Nabbed 3 Million Views In One Hour

Within an hour of her campaign's digital launch, the tweet Hillary Clinton posted to announce her second bid for the presidency had been viewed 3 million times.

That eye-popping number comes from Twitter's analytics team, which often briefs reporters on what kind of chatter has erupted on social media. There's more: From right before her 3 p.m. Eastern time announcement, to right after 5 p.m., there were more than 420,000 tweets mentioning Hillary Clinton. A half an an hour after the announcement, there were 7,000 tweets about Clinton per minute. (Continue here)

Anti-Euro Party Fixing to Rule as Malaise Incites Finland Switch Finns Party Leader Timo Soini

The anti-euro The Finns party, which eight years ago got just 4 percent of the vote, is now dressing itself up for Cabinet seats as Finnish voters are set to oust the government after four years of economic failure. (Read more)

 

Saudi Arabia’s Plan to Extend the Age of Oil http://media.gotraffic.net/images/iA79KIV7Kox4/v1/-1x-1.jpg

Last fall, as oil prices crashed, Ali al-Naimi, Saudi Arabia’s petroleum minister and the world’s de facto energy czar, went mum. He still popped up, as is his habit, at industry conferences on three continents. Yet from mid-September to the middle of November, while benchmark crude prices plunged 21 percent to a four-year low, Naimi didn’t utter a word in public. (More)

 

From BusinessInsider:

JAMIE DIMON: 'There will be another crisis' jamie dimon

In his annual letter to JPMorgan Chase shareholders, CEO Jamie Dimon has a clear warning:

Some things never change — there will be another crisis, and its impact will be felt by the financial markets. (Read more)

 

Tesla's new gigafactory will highlight the two biggest labor trends in America gigafactory

Tesla is building a massive gigafactory in northern Nevada

At the gigafactory, Tesla will build the batteries for its electric cars, and while the factory is still years away from being operational, a report in the Reno Gazette-Journal on Sunday discusses the impact the factory is already having on the region's economy. (Continue)

Greek banks are stuck on life support — and time is running out

With the situation in Greece looking increasingly grim, the European Central Bank has been repeatedly raising its emergency lending to the country's shattered banks.

But the one thing it wanted to avoid was allowing emergency liquidity assistance (ELA) to fund deposit flight from the ailing institutions. As negotiations drag on over Greece's bailout, however, that fear is increasingly becoming a reality. (More here)

Greece Eurozone

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More doubts about the U.S. and China than the euro zone European Central Bank ECB President Mario Draghi Flags

FRANKFURT (Reuters) – Investors will cast a wary eye on the latest gauges of the United States' economic health this week, while troubled Europe shows early signs of turning the corner. (Continue)

 

Liquidity in the Treasury market is low. Is that a problem?

…Before the crisis, monthly volumes in Treasury trading for primary dealers was 10% to 12% of the total stock of Treasuries outstanding, see the blue line in the chart below. Today, volumes have fallen to just 4%. (More here)

liquidity

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Here's your complete preview of this week's big economic events

This week will come with new readings on retail sales, inflation, manufacturing, housing, and consumer sentiment.

Some of the numbers may be economists' expectations and some will miss. (Read more)

 

Apple Watch hasn't even launched and it's already crushed its first rival christy turlington apple watch

Apple Watch hasn't even launched yet, but it has already claimed its first victim: Garmin.

Garmin, which makes a popular GPS for cars, is also a leader in the GPS fitness-watch business. However, with increased competition from Apple, Fitbit, and TomTom, analysts at Citi say the company's "stronghold" in this business will likely erode. (Continue reading)

 

From Around the Web:

Japanese Court Orders Google To Delete Critical Reviews From Google Maps (TechCrunch)

There’s troubling news in Japan today, after Google was told to delete two critical customer reviews from its Google Maps service.

The Chiba District Court today issued a preliminary injunction forcing the U.S. internet company to remove two anonymous reviews for an undisclosed medical clinic in the country. While they document negative customer experiences at the clinic, neither review violates the policies that Google has in place for user generated content within the Maps service. (More)

UK Housing Bubble Bursts: Sales Of Luxury Homes Crash By 80% As "Waves Of Wealthy People Are Leaving"  (ZH, Tyler Durden)

About a year ago, when the Chinese housing bubble had just begun to burst (as a reminder Chinese house prices are now crashing at a faster pace than in the US after Lehman) and forcing the real estate bubble blowers to consider a different venue, namely the stock market, another housing bubble several thousand miles away was in full blown escape velocity mode – that of the UK. In fact, as we showed in the following table from last June, the appreciation in UK home prices had surpassed that of China as recently as 10 months ago. (Full article)

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The global economy’s bizarre problem: Too much money (QZ)

If you’ve seen The Wolf of Wall Street, you know having too much money can be a problem. And too much money is part of the predicament that the world economy finds itself in right now. (More here)

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7 Years Later The "Very Serious People" Finally Ask: Was QE Worth It? (ZH, Tyler Durden)

By now, the QE narrative is abundantly clear and it’s no longer just the “permabears,” conspiracy theorists, and “fringe” bloggers who understand it. At a broad level, there’s evidence to suggest that large scale asset purchases are only marginally effective at driving demand and relieving disinflationary pressures (the fact that the latter is an explicit goal of monetary authorities rests on the a priori assumption that lower prices are everywhere and always a bad thing) and to the extent that they achieve those goals at all, the effect dissipates with each successive round of monetary madness. In the mean time, the effect on the middle class, savers, and financial market stability is catastrophic and unlike the purported benefits of QE, the negative effects grow (in some cases exponentially) with each iteration. (Full article)
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Feds to look into bottled-water permit during drought  (USAToday)http://www.gannett-cdn.com/-mm-/4953429d256a0838f644b308c1abe7f801ccb163/c=361-195-3729-2727&r=x513&c=680x510/local/-/media/2015/04/09/USATODAY/USATODAY/635641680269287742-droughtxVVVx001.jpg

SAN BERNARDINO, Calif. — Federal officials are examining long-expired permits that Nestle has been using to pipe water out of a national forest to sell as bottled water, a U.S. Forest Service supervisor said.

Nestle Waters North America has long drawn water from wells that tap into springs in Strawberry Canyon north of here. The water flows through a pipeline across the national forest and is hauled by trucks to a plant to be bottled as Arrowhead 100 percent Mountain Spring Water. (More here)

GE Tears Down The House That Jack Built (Forbes)

General Electric GE +10.8% is finally getting over Jack Welch.

CEO Jeffrey Immelt’s decision to begin dismantling the finance and real estate facade that his predecessor and mentor erected over GE’s core manufacturing business is a good strategic decision made all the better by Friday’s announcement that Blackstone, Wells Fargo WFC +0.24% and other buyers will pay the company $26.5 billion for the bulk of its commercial property holdings. (Continue reading)

Portrait Of American Oligarchy: The Very Troubling Income & Wealth Trends Since 1989 (ZH,Tyler Durden) Screen Shot 2015-04-10 at 10.38.46 AM

One of the primary purposes of Liberty Blitzkrieg is to dispel the myth that America is politically a democracy and economically a free market, and prove that it is in fact a centrally planned oligarchy. If the people were well aware of this and fine with it, that’s one thing, but my contention is that the vast majority of the public is merely buying into the myth. This is why the population is so passive and easily controlled. They simply don’t understand what is happening to them. The proverbial frog slowing boiling to death. (More here)

The Week Ahead: Will Stocks Survive Earning's Season? (Forbes)

The stock market grinded higher most of last week as the Spyder Trust (SPY) closed higher four out of five days. The lack of any sharply higher days has kept the bullish enthusiasm at relatively low levels. The higher weekly close has helped improve the weekly technical studies as I pointed out last week. (Full aricle)

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Many Big Guns Still Betting On Oil Comeback In 2015 (ZH,Tyler Durden) GreatestStakesInUCO

Surprisingly, the flow of crude oil is still accelerating, much like the money going into crude oil funds. Three of the largest crude oil funds include USO, OIL, and UCO. UCO is unique due to the fact that it’s an exchange-traded fund that uses leverage, mostly in the form of derivatives, to correspond to twice (200%) the daily performance of its underlying benchmark, the Bloomberg WTI Crude Oil Sub-index. Since the fund corresponds to 2X the daily performance rather than total performance of its underlying index, mainly day traders, hedge funds, and speculators predicting an oil rebound would invest in such a risky investment. (More)

One Last Look At The Real Economy Before It Implodes – Part 4 (ZH, Tyler Durden)

In the first three installments of this series, we examined the realities behind supply and demand, unemployment and personal debt, and national debt. As has been proven in each consecutive article with ample evidence, mainstream establishment numbers are, for the most part, utter garbage. They are not legitimate. They are meaningless. (More)

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