DEFLATION SCARE: Turmoil Has Led to Dollar Scarcity

“The pool of high-rated assets has been shrinking, not just in the euro zone but elsewhere as well,” Ian Stannard, Morgan Stanley’s head of Europe currency strategy, said in a May 22 telephone interview. “With the core of Europe shrinking, and the available assets for reserve purposes shrinking, it makes the euro zone less attractive.”

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Poverty awaits.

Down another 0.5%+

US 10 yr hit 1.67% and UK 10 yr hit 1.65%, both record lows.

Fuck you Margin Stanley.

This is bullshit. Someone is trying to fuck with people here. I’d ignore the “crisis” reaction in Asian trade tonight. The Heng Seng went “ex-dividend”, which is exaggerating the move lower.

“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.”

Premier Wen Jiabao’s call last week to focus more on boosting economic growth has spurred speculation the nation will step up measures to boost expansion that’s set to slow for a sixth straight quarter. Economists at Credit Suisse Group AG and Standard Chartered Plc said yesterday that stimulus is likely to be smaller than the 4 trillion yuan ($630 billion at today’s exchange rate) package announced in 2008.

Credit Suisse economists said spending on investment will probably range from 1 trillion yuan to 2 trillion yuan. Standard Chartered said China is starting a “mini-me” version of the prior stimulus.

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http://www.youtube.com/watch?v=kGAkNNhstsE&feature=g-all-u

Related:

Splendid job, Facebook. Splendid job.

CVR Energy: Icahn Capital discloses 80.5% stake in amended 13D filing

I think it’s fair to say Icahn is about to own CVI, whether they like it or not.

Research In Motion provides business update says ‘financial performance will continue to be challenging for the next few quarters’; sees Q1 operating loss; hires JP Morgan & RBC to assist the company in reviewing RIM’s business and financial performance (11.23 +0.23)
Co’s CEO Thorsten Heins stated “In terms of challenges, as I mentioned on the March financial results conference call, RIM is going through a significant transformation as we move towards the BlackBerry 10 launch, and our financial performance will continue to be challenging for the next few quarters. The on-going competitive environment is impacting our business in the form of lower volumes and highly competitive pricing dynamics in the marketplace, and we expect our Q1 results to reflect this, and likely result in an operating loss for the quarter. We are continuing to be aggressive as we compete for our customers’ business – both enterprise and consumer – around the world, and our teams are working hard to provide cost-competitive, feature-rich solutions to our global customer base. On the positive side, we expect to further increase our cash position in Q1 from the approximately $2.1 billion we had at the end of fiscal 2012.”

“The CORE (cost optimization and resource efficiency) program we told you about previously is focused on delivering key operational savings through various initiatives. The financial objectives for the CORE program are targeted to drive $1 billion in savings by the end of fiscal 2013, based on our Q4 run rate…While there will be significant spending reductions and headcount reductions in some areas throughout the remainder of the fiscal year, we will continue to spend and hire in key areas such as those associated with the launch of BlackBerry 10, and those tied to the growth of our application developer community. We will share more details regarding our progress throughout the year as programs are implemented or changes are completed.”

“To further enhance our commitment to successfully completing our transformation, after the release of our year-end financial results, we engaged J.P. Morgan Securities LLC and RBC Capital Markets to assist the Company and our Board of Directors in reviewing RIM’s business and financial performance.”

Every dead cat bounces.

This DAX chart sums up the pitiful trading action.

Carl is asking for 4 seats on the CHK board and has reported a 50.1 million share take or 7.6%.

With the new design of the site, the news and blogger network sections have seen a dramatic boost in traffic. I set a quota for traffic views on a daily basis. Since the redesign, we’ve been blowing past estimates.

Have a look.