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Comments »Monthly Archives: July 2012
Geithner Said to Have Pressed British Regulators Over LIBOR in 2008
“WASHINGTON (Reuters) – U.S. Treasury Secretary Timothy Geithner pressed the Bank of England in June 2008 to make changes in the way that Libor, a key interest rate benchmark, was set, according to documents obtained by Reuters.
Geithner, who was the head of the New York Federal Reserve Bankat the time, sent a private email to BoE Governor Mervyn Kingrecommending six ways to enhance the credibility of the London interbank offered rate.
More than a dozen banks are under investigation by authorities in Europe, Japan and the United States over suspected rigging of the global borrowing cost benchmark, which is used in contracts worth trillions of dollars globally.”
Comments »Mortgage Applications and Falling Delinquencies Help to Boost Wells Fargo’s Earnings
“Wells Fargo is reporting higher earnings for the second quarter thanks to a pickup in lending and a decline in the amount of bad loans.
The San Francisco-based bank’s net income rose 18 percent to $4.4 billion, compared to $3.7 billion in the same period a year ago.
On a per-share basis, the bank earned 82 cents, in line with estimates of analysts polled by FactSet. Revenue of $21.3 billion was also in line with analysts’ expectations.”
Comments »Lexmark Cuts Q2 Guidance, Stock Plummets in Pre-Market Trade – $LXK
$JPM Reports a $4.4 Billion Dollar Loss
Second quarter profits were shaved by 9% and Dimon says the trade is not closed and that the bank could lose an additional $1.7 billion as a worse case scenario.
Comments »PPI: Prior +0.2%, Market Expects -0.6%, Actual +0.1%…Core +0.2%…Headline +0.7%
Spanish Bank Borrowing From the ECB Hits Record Highs Amid Crisis
“Spanish lenders’ net borrowings from the European Central Bank jumped to a record 337 billion euros ($411 billion) in June as the European bailout agreement failed to ease their access to funding.
Net average ECB borrowings climbed from 288 billion euros in May, the Bank of Spain in Madrid said today. Gross borrowing was 365 billion euros, up from 325 billion euros in May, accounting for 30 percent of borrowing in the euro region.”
Comments »Italian Bond Yields Rise Above 6% on Moody’s Downgrade
Italian bond yields rose on a Moody’s downgrade as investors took money from Italy and stuffed it into Germany, France, and the U.K.
Comments »European Markets Said to Rally on China Stimulus Speculation
Europe is currently in a relief rally and the rally is attributed to bets that China will provide economic stimulus. Asia markets rallied on the same bet, but pared gains into the close.
Comments »Copper, Oil, and Gold Rise on Stimulus Bets
Growth Pressures in China are Creating Hopium for Stimulus
“China’s growth slowed for a sixth quarter to the weakest pace since the global financial crisis, putting pressure on Premier Wen Jiabao to boost stimulus to secure a second-half economic rebound.
Gross domestic product expanded 7.6 percent last quarter from a year earlier, the National Bureau of Statistics said today in Beijing. The pace, a three-year low, compares with an 8.1 percent gain in the previous period and the 7.7 percent median forecast of economists. Industrial production increased at a slower pace in June while retail sales growth decelerated.”
Comments »The Aussie and Kiwi Dollars Rally on China’s Economic Data
China reported economic data that showed growth. Despite it being the slowest growth in years and a sixth consecutive quarter of downside data the Aussie and Kiwi dollars were bot on speculation that growth will pick up.
Comments »China’s GDP & Manufacturing Grew at the Slowest Pace in Three Years
Stocks in Asia and especially in China circle jerked on slowing growth in China. The whipsaw action is said to be a indicator that stocks have priced in the weakness. Some emerging markets rallied on the news.
Comments »Asia Pares Gains, Europe is Currently in a Relief Rally, and U.S. Futures are Flat
Shares Jump on Relief after China GDP, Caution Stays
Manipulated to perfection?
TOKYO (Reuters) – Asian shares and the Australian dollar jumped on Friday after China’s second-quarter gross domestic product data landed in line with forecasts.
But market relief could be short-lived as Moody’s downgrade of Italy’s credit rating to near-junk status just ahead of a bond auction threatens to reinforce fears over Europe’s debt crisis.
Read the rest here.
Comments »Market Savior? Stocks Might Be 50% Lower Without Fed
A report from the Federal Reserve Bank of New York suggests that the bulk of equity returns for more than a decade are due to actions by the US central bank.
Read the scandalous article and see the chart here.
Comments »32 Reasons Why We Need To End The War On Drugs
Expect the legalization/decriminalization drumbeat to grow steadily louder throughout the media as it is widely known that Obama will pursue legalization of marijuana in his second term.
A new organization, Count the Costs, has decided it’s time for an assessment. To this end, they have compiled a comprehensive report detailing the death and destruction the war on drugs has directly caused around the world over the past 50 years.
Unfortunately, as Count the Costs points out, the saddest effect of the war on drugs is that “the centrality of criminalizing users means that in reality a war on drugs is to a significant degree, a war on drug users – a war on people.”
Read the article here.
Comments »The Drowning Pool
This guy’s first paragraph was Flyesque and worthy of promotion in the hallowed halls of iBC news…
News that that a swarm of termites deep inside the British banking system have been fiddling the interbank interest rates (LIBOR) for years in order to systematically vacuum a few billion pence off the exchange floors for themselves is the latest blow to the credibility of the global money system – and probably a fine overture to a looming climactic implosion of the gigantic, creaking, smoldering, reeking, duck-taped edifice of broken promises, booby-trapped hedge obligations, counterparty follies, central bank euchres, sovereign flim-flams, and countless chicanes too various, dark, and deep to smoke out. Next, we’ll probably hear that Lloyd Blankfein over at Goldman Sachs has been tinkering with the rotation of the earth in order to gain a few micro-milliseconds of advantage in his firm’s high frequency trading rackets. After all, back in 2008 Lloyd himself claimed to be “doing God’s work.”James Howard Kunstler
Read the rest of the article here.
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So Much for the 401(k). Now What?
Given the wipe-out of years of savings, are there ways to make retirement nest eggs safer? What might replace the 401(k) as the dominant savings vehicle?
7 experts way in on what might replace the 401(k).
Read the article here.
Comments »KEY FIGURES FROM CHINA GDP REPORT
While the year-on-year figure missed expectations, sequential data showed some strength, beating projections by 20 basis points at a 1.8 percent gain.
Here are the key figures:
Real GDP (YoY): +7.6%
Real GDP (QoQ): +1.8%
Industrial Production (YoY): +10.5%
Retail Sales (YoY): +13.7%
Read more: http://www.businessinsider.com/chinese-q2-gdp-2012-7#ixzz20SqzsF8A
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