Moments ago the market jeered the announcement of DB’s 10% equity dilution, promptly followed by cheering its early earnings announcement which was a “beat” on the topline, despite some weakness in sales and trading and an increase in bad debt provisions (which at €354MM on total loans of €399.9 BN net of a tiny €4.863 BN in loan loss allowance will have to go higher. Much higher). Ironically both events are complete noise in the grand [...]
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They were down as much as 8 percent Monday to $6.40, hitting lows not seen since last June. Here’s the chart:
Investing.com Read more: http://www.businessinsider.com/corn-prices-hit-10-month-low-2013-4#ixzz2PJL4dzcR
Deepest 1-day drop since 9 years! @The_Domino: Chart of corn futures on CBOT…down 20+% since high on Aug 21, 2012 https://twitter.com/thedomino/status/318807143987937282 by Phoenix Capital Research
The big news out of Europe is whether or not Cyprus will be a template for future bailouts.
Having seen that issues like personal property, rule of law, and democracy got thrown out of the window in Cyprus as soon as things got hairy, investors and depositors throughout Europe are panicked as to whether they will be targeted next when the next European Domino starts to fall.
EU politicians [...] These Charts Suggest A Major Currency Crisis Could Be Underway As many of you who have read my work in the past know, I expect this whole Keynesian monetary experiment that has been going on since World War II to finally terminate in a global currency crisis. I’m starting to wonder if we aren’t seeing the first domino start to topple. I’m talking about the Japanese Yen… I think everyone assumes that the [...] By Toby Connor As many of you who have read my work in the past know, I expect the eventual endgame to this whole Keynesian monetary experiment that has been going on ever since World War II, to finally terminate in a global currency crisis. I’m starting to wonder if we aren’t seeing the first domino start to topple. I’m talking about the Japanese Yen of course. I think everyone just naturally assumes that [...] by George Dorgan, Testosterone Pit.com: After Moody’s downgraded France, we are waiting the next major sovereign to suffer the same fate. According to the must-read interactive graph on the BBC, France now has a medium risk of default, but the UK is still in risk status “low”. According to the BBC, each citizen of the United Kingdom has €117580 of foreign debt. 436% (BBC data) of a total of 507% GDP total debt (see [...] Andrew Haldane said protestors were correct to focus on inequality as the chief reason for 2008 economic crash The Occupy Movement has found an unlikely ally in a senior Bank of England official, Andrew Haldane, who has praised protesters for their role in triggering an overhaul of the financial services sector. Haldane, who oversees the City for the central bank, said Occupy acted as a lever on policymakers despite criticism that its aims were too vague. [...] Italian GDP contracted for the last 12 months and the country is now looking at a longer and deeper recession than was previously expected. With Spain already expected to request a sovereign bailout, investors are worried that the giant Italian economy might be the next domino to fall. So the big question on everyone’s mind: Is Italian debt sustainable? i.e. can Italy meet its debt without debt relief and avoid default. In [...] A Tennessee man who this week confessed his role in the robbery of a Domino’s delivery man told cops that he served as a lookout man in return for three slices of pizza, according to court records. During questioning Monday by Memphis Police Department officers, Tony Hamer, 19, admitted that he was “present during the planning” of the July 10 robbery, which was carried out by a cohort. Domino’s worker Jose Reyes told [...] This has been our theme of the past few weeks: The German economy is finally beginning to crack. Throughout the crisis the strength of the German economy has been remarkable, especially given that it’s an export nation watching all of its peers fall all around it. But that could only last so long. Latest evidence: The latest services PMI report unexpectedly fell from 51.8 in May to 49.9 in June, signifying worsening conditions. Here’s the main [...] KWN Today Egon von Greyerz told King World News, “There will be a massive, worldwide package coming out between the Fed, the ECB, the IMF and other central banks.” Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said the money printing is “imminent.” Here is what Greyerz had to say about the unfolding crisis: “As I see things we are on the road [...] By Mac Slavo If you’ve wondered what investment banks have been doing with those hard earned bail-out tax dollars lent to them by the Federal Reserve and US government at nearly zero percent interest, here’s your answer and a demonstration in how to vaporize the GDP of a small nation in just a few weeks’ time. In an unexpected after hours call with investors CEO Jamie Dimon saidJPMorgan was facing massive losses – [...] Mac Slavo If you’ve wondered what investment banks have been doing with those hard earned bail-out tax dollars lent to them by the Federal Reserve and US government at nearly zero percent interest, here’s your answer and a demonstration in how to vaporize the GDP of a small nation in just a few weeks’ time. In an unexpected after hours call with investors CEO Jamie Dimon said JPMorgan was facing massive losses [...] This morning, a vastly expansive essay by Lew Spellman of the University of Texas in Austin titled “Warren Buffett And The New Calculus Of Gold” is making the rounds, and while the narrative is largely defensive of gold, and its role as the only true safe collateral in a world rapidly depleted of the latter (as we have been arguing for the past 2 years) as proven over and over [...] Sunday, January 15, 2012 With the S&P Massively Downgrading The Eurozone Nations Friday, The Doc interviewed Jim Willie of Goldenjackass.Comtoday regarding his thoughts on the Euro crisis and the implications to gold and silver. Timing questions are the hardest- definitely the hardest. I don’t know, it could be [...] (First posted here in February 2010) - it was our #1 clue that Dexia was going under. Also incidentally, it was in February 2010 that we said: “The question which pundits should be focusing on is once the Greek crisis flares up and takes down several peripheral non-hosted banks, just what the interplay of a “falling domino” scenario will be not only on neighboring European countries, but also on the holdings of their domestic banks.Because [...] by ZH The European desperation is palpable ahead of the EURUSD open in a few hours, which has to deal with the aftermath of the Friday afternoon downgrade of Belgium, the junking of Portugal and Hungary, and the prospect of an imminent downgrade of AAA-stalwarts Austria and France. So what does Europe do instead of actually proposing the inevitable debt repudiation that is the only and final outcome? Why more rumors [...] Zero Hedge Editor’s note: See Slovenian Government May Collapse Amid European Debt Crisis As expected earlier, the next domino in the European contagion cascade, has just tumbled after the local government has collapsed following loss of parliamentary confidence vote. SLOVENIAN GOVT LOSES PARLIAMENTARY CONFIDENCE VOTE – BBG This means that the pan-European EFSF vote, originally scheduled to be completed by the end of this month, will [...] In June of this year we published our first on the ground report from Greece provided to us by long-time SHTFplan.com contributor Manos. As Greece continues to deteriorate it is no doubt foreshadowing what’s to come for the rest of the world’s developed nations in the near future, Manos is keeping us updated and he is very concerned about the future of his country, as well as the [...] The future of the euro is hanging by a thread at the moment. The massive debt problems of nations such as Greece, Italy and Portugal are dragging down the rest of the Europe, and the political will in northern Europe to continue to bail out these debt-ridden countries is rapidly failing. Could the end of the euro actually be in sight? The euro was really [...] Gold continues to decouple from metrics that have dominated the price action in recent months: dollar up, oil down are no longer an issue. I suspect that trend will continue and pick up steam. That’s because gold is reclaiming its top-of-the-food-chain status in the face of full-on global currency uncertainty that, yes, even reaches the dear old dollar. US sovereign debt issues are now on full display and the politics [...] From Peter Tchir Of TF Market Advisors The big question is how many people are long stocks because they played the 200 day moving average bounce? We have had at least 3 chances in the last week for investors to buy the moving average. It seems like a lot of people had stopped buying the dip during the relentless march down for stocks, but everyone seemed [...] From Peter Tchir of TF Market Advisors Time to Cut High Yield Exposure – Again Back on June 3rd I came out bearish high yield with a recommendation to short HYG or JNK or to buy SJB That was based on several factors I was seeing in the market at the time: 1) CDX indices were trading very cheap to intrinsic value by ZH Here is how one offsets the aftereffects of concerns there may be a liquidity crisis in Europe: just make a few completely impossible statements about hiking interest rates and presto: your currency is back to unchanged. The EURUSD has surged by 60 pips in seconds following reports that the ECB’s Bini Smaghi was quoted as saying that ECB may raise rates as price pressures [...] by zh A week ago spreads on Irish debt got pushed to levels where a bailout is required. On paper they do not need a bailout this week. They have minimal borrowing requirements and technically could just ride out the storm. But Irish yields could not stay at 9% for long. It just adds to the cost of the next guy in line. The next up in [...] Housing is just the tip of the proverbial iceberg. The Gulf Coast is just beginning to feel the economic effects of the Deepwater spill. It will get worse. Consider the effects of a hurricane blowing through, which is a very real possibility. The media is doing it’s best to downplay the problems, but that doesn’t mean they are not there! All it takes is one domino to fall and then they [...] If I can give you one reminder that should make you nervous, think about this (and going from memory, I may be off a little): If one country defaults, the CDS market starts to payout, and there will be more AIG’s pop up than can be bailed out. The dominoes will start to fall, and the US will not be exempt. Total foreign [...] |
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