Another headache for $JPM.
Comments »Monthly Archives: May 2012
Manufacturing Celebrates Growth as Wages Stagnate
Wages at manufacturing are not keeping up with inflation, but that fact is over shadowed by growth in the industry. Should we celebrate or just grin and bear it?
Comments »Dewey & Lebouf LLP Files for Bankruptcy
An extremely large law firm files for chapter 11 marking one of the largest law firm bankruptcies in U.S. history.
Comments »Will the Market Help Spain ?
Spain will try to tap the markets to raise money for Bankia. According the the ECB, roughly $100 billion will be needed to stabilize the bank. So far in the past week Spain has gotten state and country bailouts to the tune of $28 billion.
Comments »$JPM Sells $25 Billion in Assets to Offset London Whale Derivatives Loss
$JPM took a profit on some assets to help smooth out the losses announced two weeks ago in a derivatives position gone wrong. The $25 billion seems like overkill compared to the losses, but perhaps they are trying to get ahead of volatile markets.
Comments »Stock Buy Backs for U.S. Companies Begin to Take a Back Seat to Cap Ex
“Stock buybacks are falling to a three-year low just as U.S. chief executive officers boost spending on plants and equipment to a record.
Companies announced $1.1 billion of repurchases a day on average during the earnings season in April and May, the lowest level since mid-2009, according to data compiled by Bloomberg and TrimTabs Investment Research Inc. Capital spending in the U.S. has risen since 2010 and reached $63.6 billion in March. Devon Energy Corp. (DVN) eliminated buybacks and boosted exploration and production spending 18 percent. United Parcel Service Inc. (UPS) cut repurchases in order to buy TNT Express NV.”
Comments »The Euro Gives Up Early Gains Again
The Euro popped yesterday and today only to give it all back and go negative. The Euro is hovering in the 1.25 area where there seems to be either support or short covering…
Comments »China’s Xinhua News Agency States China Has No Intention of Rolling Out Stimulus Programs
Asian markets have rallied on hopes of a stimulus program as of late. Xinhua news agency is reporting that the Chinese government has no plans for a large scale stimulus package despite. Piemier Wen Jiabao stated last week he would like to boost growth, but markets are speculating on stimulus.
“The Chinese government’s intention is very clear: it will not roll out another massive stimulus plan to seek high economic growth,” Xinhua said in the seventh paragraph of a Chinese- language article on economic policy. “The current efforts for stabilizing growth will not repeat the old way of three years ago.”
Comments »The Dollar Rises 12% Since the Fed Started Printing in 2008
As the world navigates an uncertain time of can kicking, the dollar becomes a scarce asset for safe heaven bets.
Comments »Oil Rises On Speculation Growth Will Come Back Via Stimulus and Bailout Measures
ECB Council Member Tells Reporters There are No Discussions of Further Bond Purchases
Last week the shit hit the fan with Bankia needing over $28 billion in bailouts. Sapin requested the ECB help them through bond purchases. The ECB did not commit to any such requests and today a council memeber said it is time to wait to see how previous measures have worked out.
Essentially, this was not a confidence booster statement for equities.
Comments »Asia Has a Nice Rally While Europe and U.S. Futures Reach Higher With Uncertainty
Euro Falls, Set For Monthly Drop Before Italy Auctions
Comments »The euro was poised for the biggest monthly decline since September, before a sale of Italian debt tomorrow and data this week forecast to confirm that the prolonged debt crisis is hurting the region’s economy.
The 17-nation currency was 0.2 percent from the lowest since July 2010 after yield premiums on Spain’s securities over Germany’s rose to the most in 17 years. The Australian and New Zealand dollars slid versus the majority of their major peers as concern Europe’s fiscal turmoil is spreading and hurting economic growth curbed demand for higher-yielding assets.
Japan Stocks Fall As Spain Struggles To Fund Bank Bailout
Comments »Japanese stocks fell, with the Nikkei 225 Stock Average snapping a three-day rally, amid concern Europe’s debt crisis is worsening as Spain struggles to avoid tapping markets to rescue its third-biggest lender.
Kyocera Corp. (6971), an electronics maker that gets almost 20 percent of its sales in Europe, slid 1.7 percent. Nomura Holdings Inc. (8604) fell 1.2 percent on a report the country’s financial watchdog will recommend penalties for the brokerage’s suspected involvement in insider-trading cases. Panasonic Corp. (6752) gained 1.2 percent on a report the electronics maker will cut its headquarters staff by half.
Treasuries Not Meeting Demand As AAA Debt More Expensive
Comments »While Treasury 10-year note yields approach record lows, they’re cheap compared with AAA debt of other nations, helping trigger record demand at U.S. bond auctions even in a fourth year of $1 trillion budget deficits.
Dollar Scarce As Top-Quality Assets Shrink 42%
Comments »The dollar is proving scarce, even after the Federal Reserve flooded the financial system with an extra $2.3 trillion, as the amount of the highest-quality assets available worldwide shrinks.
From last year’s low on July 27, the greenback has risen against all 16 of its major peers. Intercontinental Exchange Inc.’s Dollar Index surged 12 percent, higher now than when the Fed began creating dollars to buy bonds under its extraordinary stimulus measures at the end of 2008.
Wall Street Titans Outearned by Media Czars
Comments »Think Wall Street is the land of plenty when it comes to compensation? Think again. If 2011 pay to top executives is a window into the Wall Street compensation machine, then compared with other industries — the entertainment media, for instance — the bloom is definitely off the rose.
European Firms Plan for Greek Unrest and Euro Exit
Comments »British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot.
Myrtle Beach police charge N.C. man in stabbing after victim interrupts photo
Comments »A 29-year-old North Carolina man remains jailed in Myrtle Beach after police charged him in connection with a stabbing that occurred early Sunday where the victim allegedly walked in front of him taking a photo, according to authorities.
You’re a war criminal!
Comments »Protester bursts into courtroom as Tony Blair gives evidence at Leveson Inquiry (and former PM’s car is egged as he leaves)
- Intruder was filmmaker and veteran Iraq War protester David Lawley-Wakelin
- He burst in from behind Lord Justice Leveson through security-coded entrance reserved for the judge alone
- Police arrest 49-year-old man over incident
- He yells that Blair had been ‘bought’ by JP Morgan in build up to Iraq War
- Lord Leveson orders investigation into how he got into courtroom
- It echoed ‘custard pie’ incident when Rupert Murdoch was attacked at a Commons committee provoking wife Wendi Deng to leap to his defence
- Second protester held after egg was thrown at Mr Blair’s Range Rover as he left the High Court
