Bloomberg:
- ISIL Extends Gains in Iraq, Takes Turk Diplomats Hostage. Militants
from a breakaway al-Qaeda group took control of more Iraqi towns today,
including the birthplace of Saddam Hussein, as the prime minister
signaled he’ll deploy militias to halt their advance. After seizing
Mosul, Iraq’s second city, yesterday, fighters from the Islamic
State in Iraq and the Levant advanced into Tikrit, Saddam’s hometown,
Noureddin Qablan, vice chairman of Nineveh provincial council, said by
phone. In Mosul, ISIL took dozens of people hostage at the Turkish
consulate.
- Iraq Bonds Slump on Mosul Seizure as Stocks Drop Most Since 2012. Iraqi
bonds plunged and stocks fell the most in two years after fighters from
a breakaway al-Qaeda group took control of Mosul in a move highlighting
Prime Minister Nouri al-Maliki’s weakening grip on the country. The
yield on the nation’s $2.7 billion of bonds due in January 2028 climbed
41 basis points to 6.91 percent at 12:13 p.m. in New York, the biggest
jump in a year on a closing basis, according to data compiled by
Bloomberg. The ISX General Index lost 4.6 percent in Baghdad, the
most since June 3, 2012. Mosul, Iraq’s second-biggest city, is entirely
in the hands of the Islamic State in Iraq and the Levant, or ISIL, with
no army or police presence remaining, Noureddin Qablan, the vice
chairman of Nineveh provincial council, said
by phone late yesterday. Tribal gunmen allied to al-Qaeda were close to
capturing Baiji, north of Baghdad and home to Iraq’s biggest petroleum
refinery, Al-Jazeera television reported today.
- Ukraine Rejects Gas Offer as Talks End Without Deal. Ukraine rejected a Russian proposal
for the price of future natural-gas deliveries as European
Union-brokered talks in Brussels ended without an agreement. Russia
offered to supply gas for about 20 percent below the
current price, a level Ukraine said was still more than it’s willing to
pay, EU Energy Commissioner Guenther Oettinger said at a press
conference after the three-way meeting. Russia’s energy minister said
the country also wants $1.95 billion for
past fuel supplies before June 16 or it may cut shipments.
- RBC Among Canada Banks With Outlook Cut by Moody’s. Royal Bank
of Canada and Bank of Nova Scotia (BNS) had their outlooks cut to
negative along with the five other largest Canadian lenders by Moody’s
Investors Service, which cited rules that would limit government support. Moody’s decision to reduce the outlook from stable reflects
its view that the risk for the banks’ debt holders and uninsured
depositors “has shifted to the downside,” the New York-based
ratings company said today in a statement.
- Apple(AAPL), Starbucks(SBUX) Tax Deals With Irish, Dutch Probed by EU. Tax
breaks for Apple Inc. (AAPL), Starbucks Corp. (SBUX) and Fiat Finance
& Trade SA in three European Union countries are under
investigation by EU competition regulators
in a clampdown on special treatment for companies. The EU is checking whether the tax deals in Ireland, the
Netherlands and Luxembourg are illegal state aid, according to
an e-mailed statement today. Governments can be ordered by the
European Commission to claw back unfair aid.
- Europe Stocks Drop as Lufthansa, Vallourec Cut Forecasts. European stocks fell from a six-year high as companies including Deutsche Lufthansa AG and Vallourec
SA cut their profit forecasts. Lufthansa slid the most since September 2001 after lowering
operating-profit estimates for this year and next. Vallourec SA
plunged the most in two years after predicting earnings will
drop 10 percent in 2014. Airbus NV lost 3.1 percent after saying
Emirates canceled its order for A350 wide-bodied aircraft.
Inditex SA rose 1.1 percent after posting first-quarter profit
that beat analyst estimates, and saying it plans a share split.
The Stoxx Europe 600 Index fell 0.6 percent to 347.74 at
the close of trading, its biggest loss since May 15.
- Wheat Enters Bear Market as Corn Drops on Supply Outlook.
World wheat inventories by the end of May will reach 188.61 million
metric tons, the U.S. Department of Agriculture said today in a report.
That compares with last month’s estimate of 187.4 million and 188.08
million forecast by analysts in a Bloomberg survey. The agency also increased its estimate for domestic reserves and said global corn stockpiles will rise to a 15-year high.
- Take Junk Loans, Add Leverage, Slice ’Em Up, Sell, Repeat. Here’s a brain twister: Some
investors have grown tired of junk-rated loans, but others are
more eager than ever to buy the same debt bundled together and
sliced into pieces. Buyers are particularly hungry for the riskiest tiers of
these collateralized loan obligations, investments that are the
first to lose out if borrowers fail to make interest and principal
payments. They also stand to reap bigger returns when companies pay back
their loans. Principals at the private-equity firm Stone Point Capital
LLC are seeking to capitalize on this boom in demand by starting
a new closed-end firm focused mainly on buying the lowest-ranked
tranches of CLOs. The proposed Eagle Point Credit Co. can use
borrowed money to juice returns on speculative-grade securities
backed by junk-rated loans, according to a June 6 filing with
the U.S. Securities and Exchange Commission.
- Condo Towers Rise From Boston to L.A. in U.S. Rebound.
For the first time since the U.S. housing crash, new condominium towers
are sprouting in downtown Boston, Seattle and Los Angeles as developers bet on the return of the riskiest type of residential real estate.
Wall Street Journal:
- More Than 1 in 5 Homes in Chinese Cities Are Empty, Survey Says. Southwestern University of Finance and Economics Analysis Finds 49 Million Sold but Vacant Units. The vacancy rate of sold residential homes in urban areas reached 22.4%
in 2013, or 49 million homes, up from 20.6% in 2011, according to the
Survey and Research Center for China Household Finance, which conducted
the analysis.
MarketWatch.com:
- Tensions grow in Hong Kong as China asserts control. White paper has territory worried about its freedoms. Seventeen years after Hong Kong’s transfer to Chinese sovereignty,
concerns are growing in the former British colony about democratic
rights and freedoms.
Fox News:
- Why Cantor lost. Cantor lost his race because he was running for Speaker of the House of
Representatives while his constituents wanted a congressman.
- FBI director confirms criminal probe of VA. FBI Director James Comey confirmed Wednesday that the bureau's Phoenix
branch has opened a criminal investigation of the Veterans Affairs
Department, amid mounting calls on Capitol Hill for the Justice
Department to get more involved.
CNBC:
ZeroHedge:
- Will Spain Default?
- One Overlooked Reason Why The Middle Class Is in Decline. No wonder the
wealth of the middle class keeps declining: every temporary gain from
joining the investing feeding frenzy sets up staggering losses when the
bubble du jour pops and there's nobody left to sell to. Meanwhile,
those who bought early have long since sold out and are now buying
outlier assets that are viewed as "risky" by the majority who happily
accept high risk in return for temporary gains in the asset bubble of
the day, guaranteeing a steady progression of losses and an erosion of
real wealth.
Business Insider:
Washington Post:
- The Return of al-Qaeda. The capture Tuesday of Mosul, the hub of northern Iraq, by
al-Qaeda-linked militants is an alarm bell that violent extremists are
on the rise again in the Middle East. And it's a good time for President
Obama to explain more about how he plans to fight this menace without
making the mistakes of the past.
Reuters:
- Merkel says latest ECB moves show euro crisis is not over. Germany's Angela
Merkel said on Wednesday the European Central Bank's decisions to cut
interest rates to record lows and pump money into the sluggish euro zone
economy showed that the crisis in the European Union's single
currency area was not yet over.
Financial Times:
- IMF sounds global housing alarm. The
world must act to contain the risk of another devastating housing
crash, the International Monetary Fund warned on Wednesday, as it
published new data showing house prices are well above their historical
average in many countries.
Telegraph:
Style Underperformer:
Sector Underperformers:
- 1) Airlines -2.02% 2) Homebuilders -1.82% 3) I-Banks -1.34%
Stocks Falling on Unusual Volume:
- TBBK, SC, CQP, UNFI, AUXL, OXM, HLT, CXDC, GGAL, CBSO, PSXP, DAL, E, JCOM, BCR, COH, STAY, PPL, LULU, ARLP, RLYP, PCP, PKI, BMA and EQM
Stocks With Unusual Put Option Activity:
- 1) XHB 2) XLU 3) ACHN 4) MU 5) FDX
Stocks With Most Negative News Mentions:
- 1) GM 2) JPM 3) TBBK 4) TSN 5) UPS
Charts:
Style Outperformer:
Sector Outperformers:
- 1) Gold & Silver +1.55% 2) Gaming +1.04% 3) Energy +.53%
Stocks Rising on Unusual Volume:
- MONT, SYNA, ULTA, RDEN, APC, WBAI, RMBS, BDSI, INFY, MU, MPEL, SGEN, BYD and PSEC
Stocks With Unusual Call Option Activity:
- 1) AVNR 2) ATML 3) AMKR 4) TAP 5) GALE
Stocks With Most Positive News Mentions:
- 1) SYNA 2) MONT 3) APC 4) MRVL 5) ANGI
Charts:
Evening Headlines
Bloomberg:
- World Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start. The
World Bank cut its global growth forecast amid weaker outlooks for the
U.S., Russia and China, while calling on emerging markets to strengthen
their economies before the Federal Reserve raises interest rates. The
Washington-based lender predicts the world economy will expand 2.8
percent this year, compared with a January projection of 3.2 percent. The
U.S. forecast was reduced to 2.1 percent from 2.8 percent while
outlooks for Brazil, Russia, India and China were also lowered.
- Ukraine Crisis Chokes East Europe Growth, World Bank Says. Economic
growth in eastern Europe will slow “sharply” this year because of
dwindling demand from Russia, which may face wider sanctions from the
U.S. and the European Union if it fails to help end violence in Ukraine. Expansion will slow to 1.7 percent this year in the post-communist east from 2.2 percent last year, the Washington-based
lender said on its website. The forecast includes the Czech
Republic, Poland and Russia, which are considered high income by
the World Bank.
- China Building Dubai-Style Fake Islands in South China Sea. Sand,
cement, wood and steel are the latest tools in China’s territorial
arsenal as it seeks to literally reshape the South China Sea.
Chinese ships carrying construction materials regularly ply the waters
near the disputed Spratly Islands, carrying out work that will see new
islands
rise from the sea, according to Philippine fishermen and officials in
the area. China’s efforts are reminiscent of Dubai’s Palm resort-style
land reclamation, they say.
- Euro Drops as Aussie Yields Track Treasuries; Topix Rises.
The euro slipped against most major peers and Australian bonds followed
Treasuries lower before a sale of 10-year U.S. notes. Japanese stocks
rose, with the Asian benchmark equity gauge near a one-year high, and
nickel fell. The euro weakened 0.2 percent versus the dollar by 11:06
a.m. in Tokyo, falling against 15 of 16 peers. The yield on 10-year
Australian notes climbed six basis points after the rate on equivalent
U.S. Treasuries hit a four-week high. Japan’s Topix (TPX) added 0.4 percent as the MSCI Asia Pacific Index extended its highest close since May 21 last year.
- China’s Record Oil Hoarding Seen Keeping Crude Above $100. China is hoarding crude at the
fastest pace in at least a decade, shielding itself from supply
disruptions and helping keep prices above $100 a barrel. The country
imported a record volume in April as it
emulates steps taken by the U.S. in the 1970s to create a strategic
petroleum reserve, government data show. Chinese President Xi Jinping is
building stockpiles as his nation clashes with Vietnam over resources
in the South China Sea and faces potential risks to oil sales from
Russia, Africa and the Middle East because of sanctions and violence.
- Al-Qaeda Offshoot Seizes Iraq’s Second City in Threat to Maliki. Fighters
from a breakaway al-Qaeda group seized control of Mosul, Iraq’s
second-biggest city, driving out government forces and highlighting
Prime Minister
Nouri al-Maliki weakening grip on the country. The city is entirely in the hands of the Islamic State of
Iraq and Levant, or ISIL, with no army or police presence
remaining, Noureddin Qablan, the vice chairman of Nineveh
provincial council, said by phone late yesterday. Maliki called
for parliament to declare a state of emergency, and pledged
swift action to recapture the city in a televised speech.
- Obama Popularity Hits Low in Poll After Prisoner Exchange. President
Barack Obama’s favorability ratings hit the lowest point of his
presidency in a Bloomberg National Poll, with just 44 percent of
Americans saying they have positive feelings about him. That drop in
personal popularity has become a broader drag on the public’s perception
of his performance in office. Obama, already given poor marks on the
economy and health care, also gets low ratings on two recent political
firestorms: the management of the Department of Veterans Affairs and
the deal that freed the last U.S. prisoner of war in Afghanistan,
according to the poll. His
job-approval rating fell to 43 percent -- near the level at the end of
2013 after the botched rollout of the Affordable Care Act, his signature
health-care law.
- Even Toilets Aren’t Safe as Hackers Target Home Devices. Come home to a hot iron and
smoldering clothes this afternoon? Soon, it may not be a sign of
forgetfulness, but rather evidence that you’ve been hacked. In coming years, your smartphone will be able to lock your
house, turn on the air conditioning, check whether the milk is
out of date, or even heat up your iron. Great news, except that
all that convenience could also let criminals open your doors,
spy on your family or drive your connected car to their lair.
Wall Street Journal:
- Officials Predicted Detainees in Bowe Bergdahl Swap Would Rejoin Taliban. Classified Assessment Says Two of the Men Would Return to Senior Positions. Before the U.S. transferred five Afghan Taliban detainees to secure
the freedom of Sgt. Bowe Bergdahl, American intelligence officials
predicted that two of the men would return to senior positions with the
militant group, according to U.S. officials. The classified
assessment, a consensus of spy agencies compiled during the
prisoner-swap deliberations, said two others of the five were likely to
assume active roles within the Taliban, while only one of the five
released detainees was considered likely to end...
- U.S. Tax Enforcement Plans Put Korean Banks in Spotlight. The Foreign Account Tax Compliance Act, or FATCA, is causing a stir in
South Korea—particularly among those who hold American citizenship or
permanent residency, and those within the Korean financial institutions
that manage money for this group.
- Volatility Traders Have More to Fear than Fear Itself. The latest big worry to hit markets is an unusual one: calm. With
stock prices high and various gauges of risk low, investors appear to
have thrown caution to the wind. That isn't entirely true,
though. Exchange-traded notes that profit handsomely from market-shaking
events have boomed since the financial crisis. But they have two big
shortcomings: They may not work as designed in another financial crisis
since their value depends on...
- The Short Unhappy Life of ObamaCare. By 2024 there will be more than 40 million uninsured, roughly 10% more than today.
President Obama claims the debate over the Affordable Care Act is
"over," but in coming weeks and months expect it to intensify.
Health-insurance companies will soon begin releasing preliminary rate
estimates for next year's plans. Industry experts say consumers should
once again brace for significantly higher premiums. Fearing the
political fallout before November's elections, the administration last
month quietly...
- The Fall of Mosul. A strategic disaster assisted by Obama's withdrawal from Iraq. So much for al Qaeda being on a path to defeat, as President Obama
used to be fond of boasting. On Tuesday fighters for the Islamic State
of Iraq and al-Sham, an al Qaeda affiliate known as ISIS, seized total
control of the northern city of Mosul—with nearly two million
people—after four days of fighting. Thousands of civilians have fled for
their lives, including the governor of Nineveh province, who spoke of
the "massive collapse" of the Iraqi army. This could also describe the
state of U.S. policy in Iraq. ...
Fox News:
MarketWatch.com:
- Fed needs to start raising rates, top forecaster says. The Federal Reserve needs to start raising interest rates pretty soon or find itself staring at another financial crisis, said
Joseph LaVorgna, chief U.S. economist for Deutsche Bank and the winner
of the MarketWatch Forecaster of the Month award for May.
Zero Hedge:
Business Insider:
Reuters:
- MSCI says will not add China A shares to emerging index, to remain on review. Equity
index provider MSCI on Tuesday said it will not add China's
mainland-based A shares to its benchmark emerging markets index but that
the shares will remain on review for a possible move in 2015. China, the world's largest emerging market, is already the
biggest component of the MSCI emerging market index,
which is benchmarked by more than $1.3 trillion global assets
under management.
South China Morning Post:
- China Property Collapse Would Shave 1% Off GDP, Fitch Says.
Bursting of real estate bubble would also cause "serious problems" for
the nation's banks, citing Jonathan Cornish, Fitch's head of north Asia
banks.
- Hong Kong Retailers Cut Size of Shops as Spending
Drops. Luxury retailers are taking smaller shop space of 300 square
feet, down from 500 square feet, as Chinese shoppers focus on daily
necessities, citing property brokers. Leasing activity had
declined by 20% to 30% in the past two months, with increasing number of
empty shops: Pat Wong, senior regional sales director at Centaline
Property Agency's retail department. Retail rents may fall as much as
15% this year.
Evening Recommendations
Night Trading
- Asian equity indices are -.25% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 100.50 +1.0 basis point.
- Asia Pacific Sovereign CDS Index 74.5 -.5 basis point.
- NASDAQ 100 futures -.07%.
Morning Preview Links
Earnings of Note
Company/Estimate
Economic Releases
10:30 am EST
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-1,654,550 barrels versus a -3,431,000 barrel decline the prior week.
Gasoline supplies are estimated to rise by +745,450 barrels versus a
+210,000 barrel gain the prior week. Distillate inventories are
estimated to rise by +1,090,910 barrels versus a +2,012,000 barrel gain
the prior week. Finally, Refinery Utilization is estimated to rise by
+.16% versus a +.9% gain prior.
2:00 pm EST
- The Monthly Budget Deficit is estimated to come in at -$131.0B.
Upcoming Splits
Other Potential Market Movers
- The $21B 10Y T-Note auction, weekly MBA mortgage applications report and the USDA's WASDE report could impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
Broad Equity Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Most Sectors Declining
- Market Leading Stocks: Performing In Line
Equity Investor Angst:
- Volatility(VIX) 10.97 -1.61%
- Euro/Yen Carry Return Index 144.69 -.51%
- Emerging Markets Currency Volatility(VXY) 6.51 -1.21%
- S&P 500 Implied Correlation 50.10 -4.04%
- ISE Sentiment Index 121.0 +.83%
- Total Put/Call .72 -13.25%
Credit Investor Angst:
- North American Investment Grade CDS Index 57.51 +.35%
- European Financial Sector CDS Index 59.49 +3.26%
- Western Europe Sovereign Debt CDS Index 28.55 +1.67%
- Asia Pacific Sovereign Debt CDS Index 74.36 -.92%
- Emerging Market CDS Index 237.51 +1.02%
- China Blended Corporate Spread Index 313.20 -.62%
- 2-Year Swap Spread 13.75 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -7.25 +1.0 basis point
Economic Gauges:
- 3-Month T-Bill Yield .03% unch.
- Yield Curve 220.0 +1.0 basis point
- China Import Iron Ore Spot $93.60/Metric Tonne -.74%
- Citi US Economic Surprise Index -13.20 unch.
- Citi Emerging Markets Economic Surprise Index -11.90 +1.3 points
- 10-Year TIPS Spread 2.20 unch.
Overseas Futures:
- Nikkei Futures: Indicating -5 open in Japan
- DAX Futures: Indicating -2 open in Germany
Portfolio:
- Slightly Lower: On losses in my medical sector longs and emerging markets shorts
- Market Exposure: 50% Net Long
Bloomberg:
- Merkel Warns on Threats as Cameron Steps Up EU Exit Talk. German
Chancellor Angela Merkel warned that threats aren’t the way to win
arguments in the European Union as Prime Minister David Cameron
suggested that failing to get his way may increase the chances of a U.K.
exit. After an overnight meeting hosted by Swedish Prime Minister
Fredrik Reinfeldt at his country residence in Harpsund, Merkel and
Cameron were still at loggerheads over the candidacy of Jean-Claude
Juncker to head the European Commission. Merkel urged her fellow leaders
to proceed in the “European spirit” to enable compromise.
- Ukraine Peace Talks Progress as Evacuation Route Set Up. Russian,
German and Polish officials met in St. Petersburg to advance Ukraine
peace talks after President Petro Poroshenko called for an evacuation
corridor so civilians can flee fighting in the country’s battle-torn
east.
- China Commodity Financing Seen Declining by Goldman Sachs. Foreign
banks are projected by Goldman Sachs Group Inc. to lend less money
against commodity inventories in China amid a probe into metals
stockpiles in the biggest consumer of raw materials. Claims that single batches of copper and aluminum at Qingdao Port were pledged as collateral for multiple loans risks
undermining a broader practice in which traders use everything
from iron ore to rubber to get funding. The investigation is
already weighing down copper prices and may curb foreign
exchange inflows to China, according to a report by Goldman.
- European Stocks Extend Six-Year High Amid Draghi Optimism.
European stocks rose, extending their highest level in more than six years, amid optimism that measures announced by the European Central Bank last week to increase inflation will help propel equities higher. Gemalto NV (GTO) rose 2 percent after saying China Telecom Corp. chose it to supply software for chips that can be used for contactless payments by mobile phone. Bank of Ireland Plc dropped 3.2 percent after U.S. billionaire Wilbur Ross put on sale his remaining shares in the country’s largest lender by assets. Booker Group (BOK) Plc slid 2.2 percent after Goldman Sachs Group Inc. removed the stock from its conviction-buy list. The Stoxx Europe 600 Index gained 0.3 percent to 349.71 at
the close of trading, its highest level since January 2008.
- Trampling Democracy to Fight Climate Change. Republicans
are calling President Barack Obama's new coal-plant regulations a
"power grab." The truth is more complicated, and ominous, than that. This isn't a case where the executive branch has simply gone beyond its
authority. It's a case where officials in all three branches of
government have found a way to achieve their policy goals while
shielding themselves from accountability.
- Higher P/E, Lower VIX Cause U.S. Stock Caution. (graph) Rising valuations and falling
volatility suggest the next 5 percent move in stocks will be
lower, according to David Bianco, chief U.S. equity strategist
at Deutsche Bank AG.
The CHART OF THE DAY depicts an indicator that Bianco used
to support this conclusion in a June 6 report.
- Inflation Signs Amid Froth Top Sonders’ Stock Worries. In diagnosing U.S. stocks, Liz Ann Sonders generally has
given the all-clear sign during the rally in equities over the
past five years. So while she continues to believe the U.S. is
still in the “middle innings” of a secular bull market, it’s
worth listening when the chief investment strategist at Charles
Schwab Corp. talks about a few results in the bloodwork that may
signal some short-term sickness.
Wall Street Journal:
- Militants Overrun Iraq's Second-Largest City As Government Forces Flee. Mosul Strike Is Serious Blow to Baghdad's Efforts to Control Widening Insurgency. Al Qaeda-inspired militants seized control
of Iraq's second-largest city on Tuesday in a brazen military operation
that underscored the weakness of the Baghdad government across vast
swaths of the country. Hours after
government forces fled Mosul in disarray following four days of
fighting, Prime Minister
Nouri al-Maliki
declared a nationwide "state of maximum preparedness" but didn't
indicate whether government forces were mobilizing to retake the Iraqi
city, 220 miles north of the capital Baghdad.
Fox News:
- ‘Just Admit It’: Administration privately concedes risk of Taliban swap, despite Kerry comments. Secretary of State John Kerry's dismissive "baloney" response to
whether five Taliban members released from Guantanamo pose a risk to
American troops is receiving pushback from, of all places, Obama
administration officials. Despite Kerry brushing off such concerns in an interview on Sunday,
Fox News is told that administration officials who briefed members of
the House on Monday evening were not ready to rule out the possibility
that the freed inmates could endanger Americans. Several lawmakers said administration officials admitted Monday there
could be some additional risk to Afghan civilians and Americans because
the five hardened Taliban members have been freed, in exchange for Sgt.
Bowe Bergdahl. Republican Rep. Adam Kinzinger told Fox News that Kerry's claims were
"absolutely bewildering," particularly in light of the Monday
briefing. He said administration officials told lawmakers that the release "could potentially endanger American soldiers." The
administration, he said, has "got to get their message straight." To
Kinzinger, there's no question the release poses a risk. "This is putting Americans in danger, it is putting the Afghan people
in danger, and just come out and admit it," he told Fox News. "I mean,
just admit it and say that you thought this was worth it, but don't try
to pretend like it's not an issue."
CNBC:
ZeroHedge:
ValueWalk:
Business Insider:
- POLL: Fox Is The Most Trusted TV News Source In America. In response to the question, "Which of the following television news
sources do you trust the most to provide accurate information about
politics and current events?," 25% of survey respondents answered Fox
News: MSNBC netted an embarrassing 5% of the vote, including only 10% of Democrats saying it's the most trustworthy.
Market News International:
- China
System-Wide Reserve Requirement Cut Unlikely. The probability for China
to cut reserve requirements for all institutions seems very small,
citing an official with the NDRC.
Telegraph:
