from Zero Hedge:
The biggest news of the day comes from the official Buba announcement that, in its official capacity as a prudent central bank, it – as first of many – is looking to repatriate some 300 tons of gold from the New York Fed. That, however, is not today’s news – that was Monday’s news. What is news is that courtesy of the supplied calendar of events in the Buba statement, it will [...]
In light of the just announced huge 8-K which has JPM admitting it was mismarking hundreds of billions in CDS, in effect destroying the CDS market for everyone (as we predicted 2 months ago would happen), the firm’s earnings (and CIO losses) are very much irrelevant. But here they are regardless: $5 billion in Net Income, which includes a $4.4 billion in CIO losses offset by $1.0 billion from “securities [...]
By Peter Brimelow, MarketWatch
NEW YORK (MarketWatch) — When a top letter says that the “similarities to 2008 are becoming almost eerie, you just have to pay attention.
First the good news — sort of.
Last Thursday night, the Aden Forecast commented: “The stock market bounced up today and it could rise further in the short term. The Dow Jones Industrial Average DJIA +0.91% , for instance, [...]
Easily the best news of the day:
GEITHNER SAYS OBAMA WOULDN’T ASK HIM TO STAY FOR A SECOND TERM – BBG
Oh well, life is tough. Surely that basement office at Goldman Sachs will have some daylight and a TruboTax manual to make post-administrative life bearable for Geithner.
More from Bloomberg:
“He’s not going to ask me to stay on, I’m pretty confident,” Geithner says in an interview with Bloomberg Television.
“Confident” Obama will win [...]
As we discussed earlier, the bigger news of the day (as opposed to the ratings actions which are well-discounted) is the new reality that PSI talks are going nowhere. The lack of incentives for an increasingly ‘hedged’ community of GGB holders as the banks reduce exposure and shoot themselves in the foot leaves a glaring hole in the dis-union that is the EMU. Barclays Capital is out with a very [...]
Did he decide to just take a vacation? Has the news of the day finally made his head explode? Has he decided to move his show to a new time? No, he just threw his back out while jumping onto a coffee table* on the new GBTV set. Apparently, he was just a little too enthusiastic about all the changes that were happening in Texas. Don’t worry – he’s [...]
It appears that the key news of the day was not the fluff about the IMF which as we said was total non-news, but adverse news from the Fed which just announced that it is launching its 2012 bank stess test which unlike previous iterations may actually demand capital raises from US banks. Reuters reports: “The U.S. Federal Reserve plans to stress test six large U.S. banks against a [...]
Good evening Ladies and Gentlemen:
Today the price of gold fell by $22.00 to $1724.20 as the bankers decided to raid in concert with an intervention by the Japanese to lower their Yen. The price of silver followed suit down by 93 cents to $34.34. The big news of the day is the bankruptcy filing by MFGlobal a huge trading firm under the direction of former [...]
As usual, the most surreal news of the day, perhaps week, is saved for Friday night, when we learn that Germany has magically raised over a quarter of its total EFSF obligation of €211 billion by way of what is essentially magic. The Telegraph reports that “Germany is €55bn richer than it previously thought because of an accounting error at state-owned bank Hypo Real Estate Holding. The mistake at [...]
The surprise good news of the day: Not horrendous September retail sales from the UK.
From the Office of National Statistics:
Headline: Value of retail sales in September 2011 showed an increase of 5.4 per cent compared with September 2010.
Headline: Sales volumes in September 2011 increased by 0.6 per cent compared to September 2010.
Non-store retailing and automotive fuel both saw sales volumes increase compared to September 2010 by 15.5 and 2.8 respectively.
Textile, clothing and footwear [...]
It is probably not too surprising that the negative news of the day, namely that the US has decided against expanding the IMF and thus leaving the European bailout to the Europeans (at least for now), was released quietly long after happy hour started on Friday. Yet that is precisely what happened after Reuters dropped a Friday night bomb that with hours before a [...]
From Harvey Organ and GATA:
At 2:30 pm today, we got news that the judge wants to see the documentation from the Fed on the gold trading, gold swaps etc.Â If you thought that the bankers were upset with the high open interest, this news is devastating to the Fed, JPMorgan and all bankers.