<Click on chart for larger image> Zero Hedge (blog) – Goldman Reports 10 Trading Loss Days In Q2, Morgan Stanley: 11 So much for trading perfection. After posting a flawless, and statistically impossible without cheating, trading record in Q1, Goldman followed in Bank of America’s footsteps and posted 10 trading day losses in the quarter… Continue reading Goldman’s Perfection Ends
The Wall Street Journal – Fear of a Jolt in Thin August Markets Stocks Tend to Drift Up in the Month, but Lower Volume Can Magnify the Impact of Unexpected News August is quirky because so many business, financial and government leaders are on vacation. If there is no unsettling news, stocks tend to drift… Continue reading Beware of August
The Wall Street Journal – Treasury Lover Bets on Disinflation Forget China. For the past 20 years, the U.S. government has had no more loyal buyer of its Treasury debt than Van Hoisington. The 69-year-old Mr. Hoisington is the founder, president and chief investment officer of Hoisington Investment Management, a boutique investment firm in Austin,… Continue reading Van Hoisington
The New York Times – Battle Looms Over Huge Costs of Public Pensions At stake is at least $1 trillion. That’s trillion, with a “t,” as in titanic and terrifying. The figure comes from a study by the Pew Center on the States that came out in February. Pew estimated a $1 trillion gap as… Continue reading Public Pensions
<Click on chart for larger image> Bloomberg.com – Wheat Speculators Slow Bets on Gain After Best Month Since 1973 Wheat speculators slowed their bets on higher prices after the biggest monthly gain in Chicago Board of Trade futures in 37 years, a sign the rally may be peaking, according to Grain Service Corp. Speculators including… Continue reading Rain Makes Grain
Bloomberg.com – Crash of 2015 Won’t Wait for Regulators to Rein in Wall Street The financial system experiences a crisis “every five to seven years,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told the Financial Crisis Inquiry Commission in January. By that measure, the next crash could come by 2015 — years before… Continue reading Tomorrow’s Headlines Today
The Financial Times – US to pay big sums for Wall St tip-offs New US whistleblowing incentives within the Dodd-Frank financial reform act – that could net informants multimillion dollar pay-outs – are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say. The Securities and Exchange Commission is… Continue reading Talking About Crime Pays
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Zero Hedge (Blog) – Disappointing NFP: Private Up Just 71k On Consensus Of 90k, Total Down -131K on Consensus -64K July Non Farm Payrolls miss expectations, coming in at -131,000, way below the consensus of -65,000, yet the unemployment rate drops once again to 9.5% as even more people drop out of the labor force.… Continue reading Payroll Report Shows Large Downward Revisions
The Financial Times – Gillian Tett: Trading volumes retreat with investor trust But while the S&P 500, say, rose about 7 per cent last month, the mood is anything but euphoric. As my colleagues Francesco Guerrerra and Michael Mackenzie reported this week, one striking feature of this summer is that trading volumes in many asset classes… Continue reading Volume Is Still Following A Bearish Pattern
Zero Hedge (Blog) – Euribor And Libor Jump Across The Board As ECB Decides To Keep Rate At 1% Another day, another tightening in European interbank liquidity. The Euribor rate fixing jumped across the board: 1 week went up from 0.564% to 0.565%, 3 Month rose from 0.9% to 0.904% on its resolute ascent to… Continue reading Euro LIBOR Continues Its March Higher
The Financial Times – Even bondholders have deflation doubts The bears are growling louder than ever, with worries about deflation spreading as far as the US Federal Reserve. Yet, pessimism seems to be confined to the government bond markets – and now it is being disputed even there. Equities, investment grade corporate bonds, junk bonds… Continue reading Is Deflation Coming?