China’s “shadow banking” system is masking the rise in indebtedness in China, Moody’s Investors Service said in a report Wednesday.
“The growth in overall leverage may be understated, because some of the fastest growing components of shadow banking are not included in TSF (total social financing),” said Michael Taylor, Moody’s chief credit officer for Asia Pacific.
We estimate the potential understatement to be significant, amounting to at least RMB16 trillion ($2.4 trillion) or 23 percent of GDP at end-2015, equivalent to around one-third of shadow banking,” Taylor added.
Moody’s said TSF flows were being sustained by formal bank credit flows supported by accommodative monetary policy.
The increasing leverage was worrying.
“The rise in overall leverage and further expansion of shadow banking activity are pushing up financial risks,” said Stephen Schwartz, a Moody’s senior vice president.
Moody’s had a Aa3 rating on China but lowered the outlook on the country’s credit rating from stable to negative in March.
Mon Jul 25, 2016 8:01am ESTComments Off on Bloomberg: Oil Demand Is Headed Over a Cliff Just as Refinery Shutdowns Loom459
The outlook for crude oil has not been this gloomy since January.
Beware, oil bulls: Just as U.S. oil production sinks low enough to drain supplies, demand is about to fall off a cliff.
With weekly Energy Information Administration data showing U.S. gasoline stockpiles at the highest seasonal level since at least 1990, refiners may shut sooner and for longer ahead of the Labor Day holiday in early September, the end of the driving season.
“With gasoline supplies the highest since April, refiners may pull some projects forward,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “This will take more support away from the market and add to the broader problem of excess supply.”
Hedge funds’ net-long position in WTI fell by 23,665 futures and options combined to 156,804, CFTC data showed. Shorts surged 24 percent, while longs, or bets on rising prices, increased 1.4 percent.
In other markets, net-bullish bets on Nymex gasoline dropped 18 percent to 1,020 contracts, the lowest since November. Gasoline futures fell 3.8 percent. Net-long wagers on U.S. ultra low sulfur diesel decreased 19 percent to 16,640 contracts. Futures slipped 5.4 percent.
“If we’ve gone through the bulk of the summer driving season and haven’t done much damage to gasoline supply, refiners are going to react,” said Michael D. Cohen, an analyst at Barclays Plc in New York. “It will be hard to find investors that are willing to go long.”
Sun Jul 24, 2016 2:44pm ESTComments Off on Ireland May Just Be Heaven On Earth647
Counties Clare and Galway certainly are the most picturesque places I have ever seen. The Emerald Isle is a treat for the eyes.
As are the Irish women. Especially the ones with blue or green eyes and jet-black hair.
I may buy a small home here in this area. The old ones are the best.
The golf is spectacular.
Did I mention the golf is spectacular?
Fresh Guinness on tap in Ireland is everything they say it is and more.
The people are the friendliest people you will ever meet and they love Americans.
The roads are ridiculous and were never meant to accommodate two motorized vehicles traveling in opposite directions. Rent the smallest car you possibly can. And they drive on the wrong side of the road, which is absurd. Speaking of absurd, this is a two way road:
My Amex Gold Card would not cover my insurance, forcing me to add the CDW at the Hertz counter. The aforementioned Friendly Folk turn into madmen when behind the wheel. Beware.
Aided and abetted by the Race-Baiter-In-Chief, the Presumptive Democratic Nominee and her faux-Cherokee lapdog.
Half an hour after the assassination of three more policemen and Bernie Sanders is Tweeting about Citizens United. Twice in the last month, both Elizabeth Warren and Hillary Clinton have invoked the memory of Michael Brown, the dead piece of shit thug who never had his hands up but rather attacked a policeman and was rightly shot multiple times by a hero cop who then lost his job and literally had to flee his home as our scumbag press crucified him.
This is utter bullshit. This is fucking OUTRAGEOUS. I will never, ever forget the cretin currently occupying the White House as he stood with the HIDEOUS FAILED PARENTS OF THUG MICHAEL BROWN after said thug was shown by a grand jury to be exactly the piece of vile shit that Darren Wilson, hero cop, said he was.
Today CNN said that this was not an ambush, but rather a drug deal gone wrong? In the morning? What kind of surreal assholery are we dealing with here?
What the fuck is going on here? Is this a race war developing? Because if that is the case, it certainly will not end well if the heavily armed white folks start shooting back at the slightest provocation.
Is Al Sharpton still in Baton Rouge? Does that stinking, lying piece of rat shit still have a show on MSNBC? For that matter, who gave the stinking, lying, race-baiting piece of shit a show on national TV in the first place? Is the suit and tie really a good disguise for this clown?
Find that motherfucker and hang him or her by the tongue in the town square and let We the People have our way with him.
I’m sitting in the airport lounge enjoying a margarita, en route to Shannon International Airport on the western coast of the Emerald Isle. I imagine it will be beer and whiskey from this point forward as I Am spending two weeks here. I understand that Shannon has a great way of welcoming visitors.
I can’t make sense of the liquid shit that is this week’s stock market, therefore I am off to Ireland to play some golf Amongst the Gorse. There is much more treachery involved in a round of the Auld Game than there is in the pits on Wall Street.Throw in the North Atlantic Coast and it’s winds and my handicap should balloon like the Dow Jones Industrial Average on a warm July afternoon.
This is golf the way it was meant to be played, on a links course where attempting to retrieve your errant tee shot can result in a fall to certain death from a 200-foot cliff. Yet certainly there is much to be said when playing on a hole with a castle on it. And a guy in a rowboat.
Verizon and TD Bank have been notified of my destination. Let’s hope neither fucks it up again as they did when I was in Cabo San Lucas and had to beg the proprietor of the fine establishment (where I had just enjoyed a phenomenal meal in an open-air Spanish garden setting) to allow me to go withdraw some pesos from the nearby ATM (with my Amex Gold Card) as TD completely sucked ass on my notification that I would be in another country – and my Visa card was refused.
Imagine trying that in the States, heh. I did leave three of my golfing buddies at the bar as hostages, and I am thankful that the Amex card worked as advertised and that they were not handed over to the Policia for interrogatorio robusto.
Anyway, The Plan is to hang out in a few pubs (in-between rounds, ancestor sleuthing and castle-hopping) and ingratiate meself with the local Micks to get a feeler on their sentiments re Brexit and other things.
I need some perspective, and if my 5/8 Irish blood has a bit o’ luck in it, perhaps some old gaffer in the local Guinness Dispensary will impart some Wisdom of the Ancients to flesh out my golf game.
You cannot trust the media. Go straight to the source. I trust the British Open will be broadcast on all television sets in all pubs this week. Debating whether to have a round at Trump’s new course nearby as I hear it is a nice place, maybe the Greatest Golf Course EVAH!
When CEO’s start saying things like “Top Secret Master Plan”, it is time to question your investment.
Tesla Motors Inc (TSLA.O) CEO Elon Musk on Sunday tweeted his intention to soon publish part two of his “top secret Tesla masterplan” following an embattled several weeks for the Silicon Valley heavyweight.
Way, way back in April 2016 I posted about the looming gasoline glut due to overproduction in China.. If you click the link at bottom you will open an interactive chart on the EIA website, but here is a visual as well. What you see here is imported gasoline from China and elsewhere, seeking a place to be stored. Go out and buy that F-250. You know you want to. Link to interactive chart is below.