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While the topic of the Japanese purchase of the contested [Senkaku|Diaoyu] Islands may have receded from the front pages of global media for lack of any major recent developments, the issue is still quite ripe in the minds of over 1 billion Chinese (and several hundred million Japanese, not to mention the executives of Japanese car and electronics makers who have seen a cliff-like collapse in purchases of their products [...] (CBS News) Mitt Romney is out with a foreign-policy focused op-ed where he criticizes President Obama’s strategy in the Middle East for lacking coherence and resolve. In his prescription for success, Romney connects success overseas with economic success domestically “President Obama has allowed our leadership to atrophy,” Romney wrote in the Wall Street Journal. …. http://www.cbsnews.com/8301-250_162-57523435/romney-obama-has-led-america-to-atrophy/ Back in early May we noted that the ‘strength’ of EURUSD (at the time around 1.30) implied an expectation of a $700bn Fed NEW QE is on its way very soon – in fact, as recent developments by the two central banks have demonstrated, it was the ECB that added assets (and liabilities) over the past two months, even as the Fed has shed some excess weight. In those following six weeks, [...] Today is the “unofficial” start to earnings season, as major aluminum player Alcoa will report after the bell. Obviously, the question on everyone’s mind is: How bad has it gotten? Expectations are very low. BTIG’s Dan Greenhaus excellently sets the stage: Get ready for the end of record corporate profits says the Associated Press while Reuters is noting that the corporate outlook is the most negative in roughly four years. What we’ve seen from companies that have either already reported [...] From the WSJ article:
“A bailout loan could stretch the resources of both the IMF and the euro zone “Neither the IMF, nor the euro zone, can shoulder this bill with three other Alas don’t worry Spain is going a begging: Spanish government officials are [...] via Telegraph: The chief executive of the multi-billion pound Lloyd’s of London has publicly admitted that the world’s leading insurance market is prepared for a collapse in the single currency and has reduced its exposure “as much as possible” to the crisis-ridden continent. Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro. In an interview with The Sunday [...] via Bloomberg: Euler Hermes SA (ELE), a French-German trade-credit insurer, said it may reduce its coverage of exports to Greece because of the risk of the country exiting the euro. A decision is planned before the end of May. “In light of the recent developments, Euler Hermes will most probably have to switch to a more prudent approach, also in the interest of its customers,” spokeswoman Bettina Sattler said in an e-mailed response to [...] Two weeks ago, we showed that when it comes to parabolic charts, Europe sure has a variety to choose from. Yet none are quite as parabolic as the chart enabling it all: the Bundesbank’s TARGET2 claims toward the rest of the Eurosystem, or as we have repeatedly explained (and as Jens Wiedmann confirmed), the sunk cost that Germany will have to foot once the Euro experiment ends, and the EMU falls apart.. which judging by [...] New satellite photographs appear to show that unusual activity has taken place in recent weeks at the Parchin site outside Tehran, according to the Institute for Science and International Security (ISIS). A large stream of water pictured flowing from the building, said to feature an “explosive chamber” for testing, “raises concerns that Iran may have been washing inside the building”, according to the group. A series of unidentified items were also shown [...] …………. As an example, the first two sentences in March might be changed slightly. From the March statement: Guardian.co.uk The government’s controversial plans to allow intelligence agencies to monitor the internet use and digital communications of every person in the UK suffered a fresh blow on Tuesday when the inventor of the world wide web warned that the measures were dangerous and should be dropped. Sir Tim Berners-Lee, who serves as an adviser to the government on how to make public data more accessible, says the extension of the state’s surveillance powers would be a [...] From Acting Man: Below is a selection from our usual credit market chart update — CDS on various sovereign debtors and banks, bond yields, euro basis swaps. Charts and price scales are color coded (readers should keep the different scales in mind when assessing 4-in-1 charts). Prices are as of Friday’s close – European markets are closed today on account of the Easter Monday holiday. We decided to post this selection to [...] kingworldnews.com With gold and silver surging higher recently, today King World News interviewed 40 year veteran, Robert Fitzwilson. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the Unites States. He told King World News that countries are engaging in currency swaps out of fear of being cutoff from international transfers. Fitzwilson also said gold and silver are getting ready for a major move. But first, [...] Chicago’s city clerk on Tuesday said she would mull over what to do about the upcoming vehicle sticker design that purportedly contains symbolism tied to the Maniac Latin Disciples. “My office is investigating the facts and will look further into the allegations before I determine what action to take regarding the 2012 – 2013 city sticker design,” said Susana Mendoza. More than 18,000 people voted for the 2012-2013 design, [...] Had a quick piece of news I wanted to call attention to, in light of the recent developments at Zuccotti Park. For all of those who say the protesters have it wrong, and don’t really have a cause worth causing public unrest over, consider this story, sent to me by a friend on the Hill. Last week, a federal judge in Mississippi sentenced a mother of two named Anita McLemore to three [...] Erste Group’s Ronald Stoeferle has released another must read report on gold, recapping all the recent developments in the space, and more importantly putting the recent price moves in context. While there are numerous key observations which we leave to readers to uncover on their own, arguably the key fact is the following: “The possession of gold is tantamount to pure ownership without liabilities. This [...] Speech highlights: BERNANKE SAYS ACCOMMODATIVE MONETARY POLICIES ARE STILL NEEDED BERNANKE SAYS THE US ECONOMY IS GROWING WELL BELOW POTENTIAL Speech word cloud: Full speech below: The U.S. Economic Outlook I [...] by ZH It’s another day, which means the probability of a Mohamed El-Erian op-ed is 99%. However, while in the past we may have ridiculed these now almost daily missives which lead many an LP to wonder just which media double of the real El-Erian is managing Pimco’s $1.4 trillion in AUM, this one is actually worth reading as it ties in the recent developments out [...] by ZH While over the past week we finally got confirmation that while the Swiss franc reserved its place at the top of the foreign exchange pantheon as the last flight to safety currency (with dollar concerns expressing themselves in the form of accelerating DXY selloffs predicated by fears of QE3 should oil continue rising higher or the world economy deteriorating), the one surprising discovery has [...] As recent developments out of Libya have demonstrated, when geopolitics and oil production mix, the resultant product is quite explosive. And as more protests are sure to spread to other countries in the region (with Saudi of course being the key domino whose potential fall would send crude well over $200), below we present a summary atlas of the key production capacities in both [...] by ZH The small country of Bahrain has promptly been displaced in the docket of revolutionary news, by recent developments in Iran. Yet the peace on the Saudi island neighbor is deteriorating as demonstrations escalate. According to ABNA.ir, “Tens of Bahraini Army jeeps surrounded the main square and attacked the protesters. Thousands of Anti-Government protesters filled a main square in the Bahrain capital due to discriminations posed [...] The bears are back summarizing the most recent developments in the silver market including backwardation, some insider “conspiracy theories”, the Comex’ paper to physical imbalance, the coming endgame, and what all this means in terms of options for one Kamakayz [sic] Bernank. By Theodore Butler Those who keep up with business news will have no doubt read about the recent developments in the category of minerals known as rare earth elements (REE’s). These are minerals that are vital to modern industrial applications, ranging from lasers, batteries, alternative energy, and superconductors to all sorts of important high-tech applications. There are 17 minerals classified as REE’s with exotic names like [...] quote |
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